
WASHINGTON, April 8 (UPI) -- Bailed out U.S corporations are pushing to put executive pay packages in front of shareholders for votes to comply with new federal guidelines.
Many are scrambling to do so. But, the Securities and Exchange Commission in late February clarified the order, saying the mandate applied to any firm with Troubled Asset Relief Program funds that filed proxy statements after Feb. 17, when the U.S. stimulus package was signed into law, The Washington Post reported Wednesday.
Compensation consulting firm Compensia reported 80 percent of the 211 banks that accepted TARP funds are preparing to put the issue to a vote at their next shareholders' meeting.
With the votes non-binding and a recent uproar concerning bonus pay given to executives at companies with huge losses still reverberating in Washington, however, legislatures are contemplating more substantial measures, the Post said.
"Say on pay might be too mild at this point," said Stephen Adamske, spokesman for U.S. Rep. Barney Frank, D-Mass., the chairman of the House of Representatives Financial Services Committee.
"Some say, 'we will take into consideration the outcome of the votes,'" said Mark Borges at Compensia.
But, "some companies are completely silent, which kind of leads you to wonder if they're going to do anything at all," he said to the Post.
|
|
|
| Additional Business News Stories | |
BOGOTA, Feb. 14 (UPI) --
Colombia's energy industry is heading toward a price fall because of oversupply of electricity, which could bodes ill for the expanding power generation sector.
|
SINGAPORE, Feb. 14 (UPI) --
Sikorsky plans to expand business operations in Asia and is opening an office in Malaysia to kick off the effort.
|
Compared to whites, greater shares of both black and Hispanic young adults say owning their own home is among their top priorities. While 25 percent of blacks and 26 percent of Hispanics say owning a home is of the highest importance in their lives,...
|
President Barack Obama has revealed a budget that, once again, will give the Republican party a chance to show that vitriol is more fun than compromise.
|
| Stories | Photos | People | Comments |
View Caption