Executive compensation is a hot topic. Congress entered the fray with the Dodd-Frank Act’s "say-on-pay" requirements and with Section 162 of the Internal Revenue Code’s limits on deductions for some executive compensation payments.
Yet, neither of those measures actually limits what companies may pay their top executives. To do so, stockholders have filed suits arguing it is a breach of fiduciary duty to not follow stockholder votes on say-on-pay resolutions or to not meet Section 162′s requirements to obtain a deduction for executive pay.
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