Category Archives: Corporate Governance and Executive Compensation Practices

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Federal Government Fires More Salvos At Executive Compensation

The federal government’s extraordinary multi-pronged attack against executive compensation practices took another step forward, this time with the Federal Reserve Board of Governors (“FRB”) taking aim. On October 22, 2009, the FRB proposed new guidance that will dramatically affect incentive compensation arrangements for the banking industry. The proposed guidance is consistent with and largely patterned … Continue Reading

House Quickly Passes Legislation to Control Executive Compensation Practices

Acting in rapid fashion, on July 31, 2009, the House of Representatives passed legislation that, if enacted, would further advance the federal government’s efforts to realign executive compensation practices. As we reported in our July 22, 2009 blog, the Treasury Department released draft legislation just two weeks earlier to require (i) an annual shareholder vote … Continue Reading

New Draft Legislation Continues the Assault on Executive Compensation

As a part of the federal government’s on-going efforts to reform executive compensation practices and to rein in excessive compensation, the Treasury Department drafted and released new legislation (known as the “Investor Protection Act of 2009”) on July 16, 2009 concerning shareholder Say-on-Pay and the independence of compensation committees (see also the Treasury’s fact sheets … Continue Reading

Changes in Store for 2010 Proxy Season as SEC Proposes Significant Expansion of Executive Compensation and Corporate Governance Rules and Treasury Releases Draft New Legislation

As anticipated and in response to the “turmoil in the markets during the past 18 months”, on July 10, 2009 the Securities and Exchange Commission (“SEC”) proposed substantial amendments to the executive compensation and corporate governance disclosure requirements for publicly held companies.… Continue Reading

New TARP Executive Compensation Guidance and a Call for Further Reform in Executive Compensation Practices

June 10,2009 marked an extraordinary day of announcements affecting executive compensation for both recipients of financial assistance from the Troubled Asset Relief Program (“TARP”) and other publicly held companies, including: The U.S. Department of the Treasury (“Treasury”) issued a statement outlining the Administration’s expectations and planned legislative proposals for executive compensation reform for publicly held … Continue Reading

Impact of the Emergency Economic Stabilization Act of 2008 on Executive Compensation Issues

The Emergency Economic Stabilization Act of 2008 (“EESA”), which President Bush signed into law on October 3, 2008, created the Troubled Asset Relief Program (“TARP”) under which the United States Treasury (the “Treasury”) is generally authorized to purchase troubled assets from certain financial institutions.  EESA establishes different sets of restrictions for financial institutions based on … Continue Reading
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