Say-On-Pay Bill Passes House Along Party Lines

Law360, New York (July 31, 2009, 5:47 PM EDT) -- The U.S. House of Representatives approved a bill Friday afternoon that would give shareholders an advisory vote on executive compensation and allow regulators to ban incentive pay arrangements that could have serious negative effects on economic conditions.

The Corporate and Financial Institution Compensation Act of 2009, also known as H.R. 3269, passed by a vote of 237-185 that went largely along party lines, with only two Republicans voting in favor of the bill and 16 Democrats voting against it.

The legislation, which follows uproar over executive...
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