Employee Benefits Advisory: Treasury Issues Guidelines Concerning Executive Compensation for Recipients of Federal Assistance

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On February 4, 2009, President Obama announced his Administration’s intention to reform executive compensation practices in financial institutions accepting federal assistance. In response to the President’s remarks, the U.S. Department of the Treasury issued “guidelines” restricting, among other things, how recipients can compensate certain executives. The guidelines generally treat recipients of “exceptional” assistance differently from those receiving “generally available” assistance. However, they require all recipients’ CEOs to annually certify compliance with statutory, Treasury and contractual executive compensation restrictions, and also obligate such recipients’ compensation committees to explain how their senior executive compensation arrangements do not encourage excessive and unnecessary risk-taking.

Please see full advisory for more information.

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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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