The tax law-laden practices of executive compensation lawyers may appear mundane at first glance. But pending changes to federal regulations in the financial services industry, as well as recently publicized pay jumps for the CEO of one under-fire pharmaceutical company, serve to illustrate that those lawyers play an important role in the boardroom.
Indeed, it’s not only the board’s wishes that govern. One lawyer in executive compensation practice pointed to a proposed overhaul of federal regulations touching businesses overseen by the National Credit Union Administration, the U.S. Securities and Exchange Commission, the Federal Trade Commission, and others. The objective is to regulate incentive-based compensation that would unduly encourage executives to take risks with investor funds.
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