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SEC Gives Shareholders Vote on Pay for Companies’ Top Executives

 The U.S. Securities and Exchange Commission gave shareholders the right to weigh in on pay packages for top executives to increase scrutiny of compensation practices blamed for fueling Wall Street risk-taking.

SEC commissioners voted 3-2 today to enact the say-on-pay measure that will subject compensation plans to non-binding shareholder votes as often as once a year. The proposal is part of the agency’s rulemaking under the Dodd-Frank Act.

Dodd-Frank, the regulatory overhaul enacted in response to the 2008 credit crisis, directed the SEC to let investors vote their views on executive pay amid public furor over incentives that rewarded the kind of risky trading that toppled Lehman Brothers Holdings Inc. and Bear Stearns Cos.

The SEC amended the rule proposed in October to “specify that a say-on-pay vote is required at least once every three years, beginning with the first annual shareholders’ meeting taking place on or after Jan. 21,” Chairman Mary Schapiro said in comments prepared for the meeting. The rule will also require companies to disclose whether the votes are binding and how they have considered the results of previous votes, she said.

The rule will also require 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.

Republican Opposition

Republican Commissioners Kathleen Casey and Troy Paredes voted against the rule, saying smaller companies should’ve been given a permanent exemption instead of the temporary exclusion that would force them to hold votes at annual meetings held after Jan. 21, 2013.

“I do not believe it is appropriate to subject them to the say-on-pay requirements at all,” Casey said before the vote. She and Paredes also said newly public companies should have been given a grace period before having to conduct votes.

The rule seems to pressure companies to conduct votes every year, which “doesn’t work for everybody,” especially smaller companies, said Sanjay M. Shirodkar, a former SEC lawyer with DLA Piper LLP in Baltimore.

Commissioners voted 5-0 to seek comment on a measure that would change the definition of an “accredited investor” permitted to hold stakes in riskier instruments and as well as a proposal that would require investment advisers to report information as part of a broader effort to assess systemic risk.

The accredited-investor proposal would disallow use of a primary residence in calculating the $1 million minimum for net worth. Dodd-Frank called for the SEC to review the standard at a minimum of every four years after that and gave the agency authority to make future adjustments.

www.bloomberg.com/news/2011-01-25/...packages-for-top-executives.html

Tapfer bleiben,
union

Politiker und Banker versagten in Finanzkrise - ist doch keine Überraschung!!

Diese "Versager" kümmern sich viel zu oft um andere belanglose "Probleme".

Dabei geht es um Themen wie "Rauchverbote vor öffentlichen Gebäuden" oder ähnlichen sinnlosen Dingen, wo sie sich den Kopf zerbrechen, anstatt sich mit wirklich sinnvollen Problemlösungen wie zum Beispiel Korruptionsbekämpfung, Bürokratieabbau oder mehr Transparenz und Bekämfung von Arm-Reich-Verhältnis...

Sie versagen nur in den Augen der Bürger! 

Kein Politiker oder bankster wird zugeben, dass Fehler gemacht wurden, weil es ja keine Rolle spielt, da die Konsequenzen von den Bürgern übernommen werden müssen. Die gleichen Gestalten sitzen nach wie vor an den gleichen Stellen und machen wie immer ihren job mit vollstem Einsatz (Geldsammeln in die eigene Tasche).

Woher kommen nun die 1,06mrd bei der Clearingstelle?

Ich sag's mal so. Würde heute wieder so eine Liste erstellt, wären SÄMTLICHE Aktien, die Ihr haltet, unter Cede&Co verzeichnet. Ihr würdet nicht namentlich aufscheinen. Wie soll das denn auch gehen?

Namentlich scheinen nur diejenigen auf, die ihre Aktien nicht "in streets name" halten. Wobei auch die anderen Namen keineswegs immer ident sind mit denen der "beneficial holder".

Übrigens wurde während des confirmation hearings von dem KCCLLC-Typ unter anderem gesagt, dass alle (alle!) preferred unter Cede&Co eingetragen sind. Und das ist durchaus nichts ungewöhnliches.