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SEC Adopts Final Executive Compensation Rule

Posted on February 8, 2011 by Littler Mendelson

Money Bag II.jpgThe Securities and Exchange Commission (SEC) has adopted a final rule governing shareholder approval of executive compensation and "golden parachute" compensation arrangements required under the Dodd-Frank Wall Street Reform and Consumer Protection Act. Among other things, the Dodd-Frank Act requires public companies subject to the federal proxy rules to provide their shareholders with a non-binding "say-on-pay" vote on executive compensation and a separate non-binding vote on how often such votes should occur. In addition, shareholders are entitled to an advisory vote on compensation arrangements and understandings in connection with merger transactions, commonly referred to as golden parachutes. To learn more about the final rule and its implications for employers, please continue reading at Littler's D.C. Employment Law Update blog.

Photo credit: MBPhoto, Inc.

Tags: Golden Parachutes, Publicly-traded Companies, Shareholder Say-on-Pay
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