UPDATE 2-US SEC moves to shake up corporate governance Industries Financial Services & Real Estate Reuters
Wed Jul 1, 2009 3:53pm EDT
By Rachelle Younglai
Excerpts:
* SEC limits broker-dealer votes on corporate directors
* SEC proposes disclosing directors' qualifications
* Proposal would detail fees for exec pay consultants
* Advisory vote on executive pay at TARP recipients (Recasts; adds broker-dealer vote, say on pay, industry comment, detail on director disclosures)
WASHINGTON, July 1 (Reuters) - U.S. securities regulators moved to change how companies elect board members and govern themselves, tilting the corporate playing field toward investors who have complained of weak boards and lavish pay for top executives.
The Securities and Exchange Commission on Wednesday proposed requiring companies to tell shareholders more about pay policies, board members' qualifications and why they chose a certain leadership structure.
The SEC also voted, 3-2, to adopt a long-standing proposal that would bar broker-dealers from voting for corporate directors on behalf of their clients unless told to do so.
Read Full Article: http://www.reuters.com/article/rbssFinancialServicesAndRealEstateNews/idUSN0150814920090701
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This posting was made my Jim Jacobs, President & CEO of Jacobs Executive Advisors. Jim also serves as Leader of Jacobs Advisors' Insurance Practice.
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