Say-On-Pay Proposals Lead Regulatory Reform

Law360, New York (August 18, 2009, 2:50 PM EDT) -- Under the Corporate and Financial Institution Compensation Fairness Act of 2009, which was passed by the House of Representatives on July 31, all public companies would be required to give shareholders a nonbinding vote on executive compensation and golden parachute packages.

Massachusetts Democrat Barney Frank’s legislation is substantially similar to the Investor Protection Act of 2009 proposed by the Obama administration. The legislation would also require all listed companies to have independent compensation committees, similar to the requirements for audit committees under the Sarbanes-Oxley Act....
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