Jan
20th
Fri
20th
Public companies will be required to provide their shareholders with a non-binding vote: (i) at least once every three years on the compensation paid to executive officers, and (ii) at least once every six years on whether they should have a “say on pay” vote every one, two or three years.
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One of the things Dodd-Frank did was require banks to ask shareholders, every once in a while, how they feel about the boatloads of cash the company dumps on upper management. (A similar polite non-binding vote applies to golden parachutes.) Companies will then take shareholders’ opinion under advisement, then do whatever they want.
*From Bank of Internet’s 2011 10-K, probably pretty boilerplate stuff for the bankeroonies.
