I just received an email from my Congressman, Gary Ackerman, telling me that the House of Representatives has now passed the Corporate and Financial Institution Compensation Fairness Act, H.R. 3269. This Act would require that any public company with assets greater than $1 billion must hold an advisory shareholder vote on the compensation packages of the company’s top executives at least once per year. It would also empower federal regulators to limit inappropriate or imprudently risky executive compensation packages. Acccording to the email, the Act is intended to help end the now all-too-familiar practice of executives taking excessive risk at the expense of their shareholders and, ultimately, the American taxpayer.
Published By Stanley D. Baum, New York ERISA attorney. Handling matters in ERISA, employee benefits, executive compensation, disability, and employment law for employers, individuals and unions.