Durbin Bill Seeks To Curb 'Excessive' Exec Pay

Law360, New York (May 8, 2009, 12:00 AM EDT) -- Sen. Dick Durbin, D-Ill., has introduced a bill to require a supermajority shareholder vote to greenlight “excessive compensation” for employees of publicly traded companies, amid a recession that has stirred up populist protest over high executive pay.

Durbin, the assistant senate majority leader, on Thursday introduced S. 1006, or the Excessive Pay Shareholder Approval Act, which several securities law experts told Law360 won't likely pass.

The bill would amend the Securities and Exchange Act of 1934 to mandate shareholder approval of executive pay under certain circumstances....
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