SEC Unveils New Say-On-Pay, Golden Parachute Rules

By Megan Stride (October 18, 2010, 7:12 PM EDT) -- The U.S. Securities and Exchange Commission has proposed new say-on-pay rules, as directed by the Dodd-Frank Wall Street Reform and Consumer Protection Act, that would force public companies to provide shareholders with information and advisory votes regarding executive compensation.

The rules would also require companies to give shareholders an advisory vote on the so-called golden parachute pay deals that executives receive in merger transactions and to provide information on those arrangements in merger proxy statements, the SEC said Monday.

The SEC is seeking comment on the rules until Nov. 18.

As prescribed by the Dodd-Frank Act, which President Obama signed into...

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