While the provisions of the recently enacted Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act or the act) are principally focused on reforming the business practices of financial institutions, employers should be mindful that many of the provisions in the act concerning executive compensation apply to almost all publicly traded companies, and are not limited to financial institutions.
In this article, we discuss the requirement that public companies listed on a stock exchange develop and implement a policy to recoup incentive compensation from current or former executive officers after a material financial restatement that would not otherwise have been paid under the restated financials.
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