SEC Adopts Final "Say on Pay" Rules Under the Dodd-Frank Act
February 25, 2011
By: Richard S. Smith, Jr. and Edward B. Whittemore
Since the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Pub. Law No. 111-203, July 21, 2010, the "Act"), the U.S. Securities and Exchange Commission ("SEC") has been busy writing rules to implement a significant number of mandates imposed by the Act that impact public companies, investores, financial intermediaries and our securities markets. On January 25th, the SEC approved final rules implementing Section 951 of the Act which generally requires public companies to seek shareholder advisory votes on certain executive compensation matters (frequently referred to as "say on pay" votes).
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