Bill Summary
Corporate and Financial Institution Compensation Fairness Act
The Corporate and Financial Institution Compensation Fairness Act (H.R. 3269), which passed the House of Representatives on July 31, 2009, has four major components. A summary of the bill’s provisions follows: Say-on-Pay Applies to public companies. Requires annual shareholder advisory vote on compensation. Requires shareholder advisory vote on golden parachutes. The Securities and Exchange Commission (SEC) is allowed to exempt categories of public companies. In determining exemptions, the SEC shall take into account the potential impact on smaller companies. Requires at least annual reporting of annual say-on-pay and golden parachutes votes by all institutional investors, unless such votes are otherwise…
