Say-On-Pay Lawsuits Losing Steam

Law360, New York (July 10, 2012, 12:47 PM EDT) -- The year 2011 brought the U.S. Securities and Exchange Commission’s final rules on “say on pay” advisory votes under the Dodd-Frank Wall Street Reform and Consumer Protection Act — and a slew of say-on-pay lawsuits to go with them. Under the SEC’s rules, companies are directed to hold periodic shareholder votes approving or disapproving of executive compensation.[1]

Despite the Dodd-Frank’s Act’s statements that say-on-pay votes are nonbinding, and that the say-on-pay requirement should not be construed “as overruling a decision by such issuer or board of...
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