If legal departments at private companies think the Dodd-Frank Wall Street Reform and Consumer Protection Act can’t apply to their affairs, they may want to get a second opinion. A recent DLA Piper publication explains how private companies can apply the 2010 legislation to implement similar controls in their governance structure—whether on their own volition or because of investor demand.
Here are some of DLA Piper’s suggestions on how public corporate responsibility can apply to private companies:
Advisory Votes
Advisory votes are the new proxy! Dodd-Frank’s Section 951 requires public companies to give shareholders periodic and nonbinding advisory votes on the compensation of company executives. They also must give shareholders an advisory vote regarding payments made to executive officers in regard to mergers or acquisitions.
Independence
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