HealthSouth Revises Clawback, Proxy Access Policies

Law360, New York (October 26, 2009, 7:52 PM EDT) -- Recovering from an accounting scandal that plagued its highest ranks, HealthSouth Corp. announced Monday it would make two major bylaw changes to give shareholders more power in proxy elections and allow the company to recoup pay from errant executives.

HealthSouth’s board of directors gave the health care provider their blessing to amend the company’s bylaws to reflect the revisions, the general terms of which were approved at a regular board meeting on Oct. 22.

Under the first amendment, activist shareholders who wage campaigns to unseat or...
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