Law360, New York (January 26, 2011, 6:56 PM ET) -- The U.S. Securities and Exchange Commission's new say-on-pay rule fails to establish a vital conversation between companies and their shareholders, potentially robbing the system of meaningful input on executive compensation and well-informed shareholder votes, attorneys say.
The rule, passed by a narrow 3-2 SEC vote on Tuesday pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act, requires large public companies to give shareholders a vote on executive compensation at least every three years, and will become final after a 60-day public comment period....
Lack Of Communication May Cripple Say-On-Pay
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