January 12, 2010
SEC Adopts Amendment to Proxy Rule on Shareholder Approval of Executive Compensation of TARP RecipientsThe SEC published as a final rule amendments to the proxy rules to set forth certain requirements for U.S. registrants subject to Section 111(e) of the Emergency Economic Stabilization Act of 2008. Section 111(e) of the Emergency Economic Stabilization Act of 2008 requires companies that have received financial assistance under the Troubled Asset Relief Program (“TARP”) to permit a separate shareholder advisory vote to approve the compensation of executives, as disclosed pursuant to the compensation disclosure rules of the Commission, during the period in which any obligation arising from financial assistance provided under the TARP remains outstanding. The amendments are intended to help implement this requirement by specifying and clarifying it in the context of the federal proxy rules.
SHAREHOLDER APPROVAL OF EXECUTIVE COMPENSATION OF TARP
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