Client Alert
| August 3, 2009
House of Representatives Passes Corporate and Financial Institution Compensation Fairness Act of 2009
On July 31, 2009, the House of Representatives passed the Corporate and Financial Institution Compensation Fairness Act of 2009. The bill would:
- amend the Securities Exchange Act of 1934 to give shareholders of public companies a non-binding vote on executive compensation;
- impose enhanced independence and other requirements on listed companies' compensation committees;
- impose independence requirements on the compensation committee's consultants and other similar advisers; and
- require federal regulators to adopt rules for covered financial institutions prohibiting certain incentive compensation arrangements and requiring additional compensation disclosure.
For more information, please contact your Dewey & LeBoeuf relationship partner, or one of the following:
This memorandum is intended only as a general discussion of these issues. It is not considered to be legal advice. We would be pleased to provide additional details or advice about specific situations. For additional information on this important topic, please feel free to call upon your Dewey & LeBoeuf relationship partner. No part of this publication may be reproduced, in whole or in part, in any form, without our prior written consent.
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