Treasury issues draft say-on-pay legislation to Congress.
Document Excerpt
Today, as part of its push for comprehensive regulatory reform, Treasury delivered draft “say-on-pay” legislation to Congress that would require all publicly traded companies to give shareholders a non-binding vote on executive compensation packages. Say-on-pay legislation – which was co-sponsored by then-Senator Obama in 2007 and also passed the House that year – would encourage greater accountability and better disclosure in setting compensation.
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