'Say On Pay' Rises Again With Support Of SEC Chair

Law360, New York (January 26, 2009, 12:00 AM EST) -- The movement to include “say-on-pay” provisions allowing shareholders to vote on executive compensation gained new life when U.S. Securities and Exchange Commission Chairwoman Mary L. Schapiro voiced her support for the idea in written testimony during her confirmation process.

The Senate confirmed Schapiro unanimously on Thursday.

Sen. Carl Levin, D-Mich., asked Schapiro in written testimony whether she supported the idea of say-on-pay provisions, which allow shareholders to take a nonbinding and advisory vote on a company’s executive pay plans, but would not impose limits on compensation...
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