'Say On Pay' sends message

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Since Jan. 21, many public companies have started feeling yet another impact from last year's enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Annual public company shareholder meetings must now include nonbinding shareholder votes on "Say on Pay" and "Say on Frequency."

"Say on Pay" allows the shareholder of public companies a vote on whether to approve or disapprove a company's compensation of its management. "Say on Frequency" allows the shareholders of public companies a vote on how frequently they would like to revisit the issue - every three years, every two years of every year.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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