Friday, March 23, 2007

Exec pay measure near House nod

The legislation, expected to pass out of the House Financial Services Committee, would require all public companies to submit their executives' salaries, bonuses and pensions to a nonbinding vote of their shareholders. Companies would also be required to allow nonbinding votes when golden-parachute packages for executives are negotiated as part of a merger or sale of the business.
The bill, introduced by House Financial Services Committee chairman Barney Frank, D-Mass., would result in more behind-the-scenes discussions between executives and shareholders over CEO pay packages.

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