The SEC proposes that exchanges require listed issuers to have fully independent compensation committees with authority to engage, pay and oversee their own compensation advisers.
The U.S. Securities and Exchange Commission (SEC) recently proposed rules1:
- Directing national securities exchanges to adopt new listing standards that will require listed issuers to:
..have fully independent compensation committees under standards to be developed; and
..authorize the compensation committee to retain its own compensation advisers and to appoint, compensate and direct the efforts of these advisers.
- That would expand current disclosure requirements regarding compensation committee advisers and related conflicts of interest.
The rules will not be finalized until after the 2011 proxy season.
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