Financial Regulatory Forum

U.S. Congress gets Obama “say on pay” proposal

By John Manley
July 16, 2009
executive pay | Financial Regulatory Forum | USA

    WASHINGTON, July 16 (Reuters) – The U.S. Treasury on Thursday sent Congress a bill that would give corporate shareholders an annual non-binding vote on executive compensation and require more independence for boardroom compensation committees.
   The so-called “say-on-pay” legislation would be similar to rules adopted in Britain in 2002 and also would require a separate shareholder vote for golden parachutes or other special payments provided to executives in the event of a merger or acquisition, the Treasury said. (Reporting by David Lawder) ((david.lawder@thomsonreuters.com; +1 202 898 8395; Reuters Messaging: david.lawder.reuters.com@reuters.net)) Keywords: FINANCIAL/REGULATION PAY 
  
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 Thursday, 16 July 2009 19:00:00RTRS [nWEQ001212] {EN}ENDS

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