Say-on-pay beyond banks

Author: | Published: 1 Mar 2009
US shareholders could gain voting rights on golden parachutes

New York City comptroller William Thompson told IFLR he will suggest say-on-pay legislation to senator Barney Frank, chairman of the US House Financial Services Committee.

"I believe in reaching out to some committees, but also going down to Washington and testifying so we can get some attention on these issues," he said.

"While we may not initiate legislation on our own we're working with legislative committees and state attorneys to make suggestions on shareholder rights."

On February 6, SEC Chairman Mary Schapiro said at the SEC Speaks programme that protections of shareholder rights are imminent.

"There is much we can do to accelerate that process, including giving shareholders a greater say on who...