InfoAnda - Bill Would Allow Stockholders To Vote On Pay Limits

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Home | News Briefs | U.S. | World | Celeb Buzz | Entertainment | Sports | Business | Health | Sci / Tech | Politics | Weird & Offbeat --- Advertisment --- Bill Would Allow Stockholders To Vote On Pay Limits July 31, 2009 5:07 p.m. EST --- Advertisment --- Melvin Baker - AHN Reporter Washington, D.C. (AHN) - Company shareholders could gain some control over executives' wallets after the House of Representatives on Friday passed a measure that would place controls on executive pay. The 237-185 vote would give those who own stock in a company the right to cast non-binding votes on pay for top executives of that firm. In addition, financial regulators could limit pay they consider inappropriate. Introduced by Rep. Barney Frank (D-MA), the bill would require that individuals from outside management and who have no relationship to company management have a seat on compensation committees. The Senate is not expected to act on the bill until returning from the August recess. The vote comes on the heels of a report Thursday by New York Attorney General Andrew Cuomo that nine banks paid bonuses of more than $1 million apiece to nearly 5,000 employees even thought the firms had received billions in federal bailout money. Copyright © 2003 - 2009 AHN - All rights reserved.Redistribution, republication. syndication, rewriting or broadcast is prohibited without the prior written consent of AHN.License AHN news for your website, business, digital signage network or publication. Home | News Briefs | U.S. | World | Entertainment | Sports | Business | Health | Sci / Tech | Politics | Weird / Offbeat © 2009 AHN Client Login | Submit News | Privacy Policy | Terms of Use | Contact | Content Services All Rights Reserved

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