House Approves Legislation Requiring Say-on-Pay and Compensation Committee Independence


On July 31, 2009, the U.S. House of Representatives approved the Corporate and Financial Institution Compensation Fairness Act of 2009, which would require a non-binding say-on-pay vote on executive compensation packages for all publicly traded companies, and would enhance the compensation committee independence standards for all companies listed on a national securities exchange.

Pryor Cashman Corporate Associate Michael T. Campoli has written an informative Legal Update about the legislation entitled "House Approves Legislation Requiring Say-on-Pay and Compensation Committee Independence."

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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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