Legal Research

U.S. House Passes Executive Compensation Bill

By David Badertscher, PLL

Source: Lexology, August 10, 2009.

House passes executive compensation bill
Fenwick & West LLP
"On August 3, the House, led by Representative Barney Frank, passed the Corporate and Financial Institution Compensation Fairness Act of 2009 (H.R. 3269), which applies to public companies and would (i) give shareholders a 'say on pay' by providing a nonbinding, advisory vote on the company?s pay practices for top executives (ii) give shareholders a nonbinding, advisory vote on ?golden parachute? compensation in connection with a proxy filing for a change in control, (iii) provide for greater independence of compensation committees and their consultants and advisors and (iv) add additional reporting and compensation limitations to financial institutions with assets over $1 billion."

Full post as published by New York Supreme Court Criminal Term Library on August 10, 2009 (boomark / email).