Last week, on Jan. 25, 2011, the SEC adopted rules concerning shareholder approval of executive compensation and "golden parachute" compensation arrangements as required under the Dodd-Frank Wall Street Reform and Consumer Protection Act. More specifically, the SEC voted 3-2 (along party lines) to enact the say-on-pay measure that will subject compensation plans to non-binding shareholder votes as often as once a year and at the very least once every three years. In addition, the new rule also requires enhanced disclosure on so-called golden parachute payments for executives whose companies are acquired, subjecting them to shareholder advisory votes along with the takeover agreements. For further information see SEC Press Release, dated Jan. 25, 2011, entitled "SEC Adopts Rules for Say-on-Pay and Golden Parachute Compensation as Required Under Dodd-Frank Act" and Bloomberg.com article, dated Jan. 25, 2011, entitled "SEC Gives Shareholders Vote on Pay for Companies' Top Executives."
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