The Dodd-Frank law took effect July 21, 2010.1 Subtitle E of Title IX of Dodd-Frank addresses “Accountability and Executive Compensation” (§§951-957). Since the enactment of the act, the Securities and Exchange Commission (SEC) has adopted final rules as to two of the provisions, proposed rules as to two others and has not yet proposed (but has announced it will be proposing) rules as to another three provisions. This column summarizes the current status of regulation projects under Dodd-Frank Sections 951 through 957.
Final Rules Adopted. The SEC has adopted final rules relating to “Shareholder Vote on Executive Compensation Disclosures” (including the so-called “Say-on-Pay” vote) (§951) and “Compensation Committee Independence” (§952) (and has approved listing rules relating to compensation committee independence adopted by the New York Stock Exchange (NYSE) and NASDAQ as noted below).
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