The Magazine of Corporate Responsibility

Tag Archive for ‘Financial Reform Bill’

SEC Explores Changes to U.S. Shareholder Proxy System

The commission outlined a concept release seeking public comment on proposals to “promote greater efficiency and transparency in the U.S. proxy system and enhance the accuracy and integrity of the shareholder vote.” And SEC Commissioners, with no debate, unanimously approved issuing the concept release for a 90-day public comment period.

Financial Reform Bill Leaves Proxy Access Rules with SEC

After days of intense political drama, House and Senate negotiators on the financial reform bill agreed to toss a key shareholder governance issue — proxy access — back to the Securities and Exchange Commission.

Politicizing the Board: Directors Face Powerful Pressures

Serving as a corporate board director will soon become more similar to serving as a county commissioner or city assemblyman than serving on a traditional for-profit corporate board, and as a result some directors may choose not to serve, according to a leading U.S. corporate governance expert.

Senate Bill Changes Rules for Boards, Executive Pay

The bill, which passed the Senate by a vote of 59-39, requires directors to win by majority vote in uncontested elections, gives the SEC authority to grant shareholders proxy access to nominate directors and gives shareholders the right to a nonbinding vote on executive pay. The measure must be reconciled with a House bill.

Finance Reform Bill Could Increase Whistleblower Payouts

The legislation would require the Securities and Exchange Commission to award whistleblowers up to 30 percent of the fines collected by the government for providing “original information” regarding violations of securities laws. Based on some recent cases involving the U.S. Foreign Corrupt Practices Act, payouts could be in the tens of millions of dollars.

Financial Reform Bill Includes New Governance Measures

Among other things, the measure would give shareholders a say on pay by permitting a non-binding vote on executive pay. And it would give the SEC authority to grant shareholders proxy access to nominate directors.