U.S. Senate Passes Consumer Financial Protection Act of 2010
The Consumer Financial Protection Act of 2010 must be reconciled with the House legislation before anything final is enacted, but here are a few of its key provisions:
On Corporate Governance
- Companies listed on a national securities exchange would have to adopt majority voting in uncontested director elections.
- The SEC would have the authority to institute mandatory proxy access for director nominations submitted by shareholders.
On Executive Compensation
- Listed companies would be required to give shareholders a non-binding “say-on-pay” vote on executive compensation.
- All compensation committee members at listed companies would have to be independent.
- Listed companies would have to adopt and disclose clawback policies for taking back up to three-years’ worth of incentive compensation.
For more on the Consumer Financial Protection Act of 2010 and how it compares to the House legislation, please see our recently-published Advisory on this subject.
Topics
- Rule 14a-11
- Rule 14a-8
- Public Company Transition Rules
- Performance-Based Compensation
- IRS
- Code Section 162(m)
- Corporate Law
- Proxy Access Rules
- Wall Street Reform
- Executive Compensation
- Corporate Governance
- Consumer Protection Act
- Tax Credit
- Qualifying Therapeutic Discovery Project
- Patient Protection and Affordable Care Act
- Health Care Act
- Corporate Tax
- Employment Incentives
- HIRE Act
- Social Security Tax
- Securities Law
- NYSE Rule 452
Contributors
Subscribe to RSS
Recent Posts
- ISS Announces GRId 2.0 and Publishes 2012 Pay-for-Performance Whitepaper
- S.E.C. Will Not Appeal Decision on Mandatory Proxy Access; Proxy Access on a Company-by-Company Basis Still a Possibility
- D.C. Circuit Vacates Stayed Proxy Access Rule
- IRS Issues Proposed Regulations Under Code Section 162(m)
- SEC Adopts Final Rules on Whistleblower Incentives and Protection
- SEC Proposes Revised Accredited Investor Definition
- Securities and Exchange Commission Adopts Say-on-Pay
- FASB Revises Timeline for Adoption of New Exposure Draft on Disclosure of Certain Loss Contingencies
- SEC Releases Proposed Rules on Say-on-Pay, Say-on-Frequency and Say-on-Parachutes
- Proxy Access on Hold - For Now
Other KMK Blogs
- Complex Litigation
- Electronic Discovery Road Map
- Management Rights
- Real Estate Blog
- The Cutting Edge of IP
IRS Circular 230 Disclosure: Unless we have specifically stated to the contrary in writing, any discussion of federal tax issues or submissions in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (1) avoiding penalties under the United States federal tax laws or (2) promoting, marketing, or recommending to anyone any transaction or matter addressed herein.