H.R. 3272 · 111th Congress
Corporate Governance Reform Act of 2009
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Never voted on. It didn't reach a floor vote before the 111th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
EllisonSponsorNo cosponsors.
Corporate Governance Reform Act of 2009 - Amends the Securities Exchange Act of 1934 to: (1) require the chairman of the board of directors of an issuer of securities to be independent; (2) prohibit simultaneous service as an executive officer and chairman of the board; (3) require each member of the risk management committee of an issuer to be independent;…
What it does: CRS summary · Introduced in House · Jul 21, 2009
Corporate Governance Reform Act of 2009 - Amends the Securities Exchange Act of 1934 to: (1) require the chairman of the board of directors of an issuer of securities to be independent; (2) prohibit simultaneous service as an executive officer and chairman of the board; (3) require each member of the risk management committee of an issuer to be independent; (4) require such risk management committee to review periodically the issuer's risk management policies; and (5) require each issuer to have a chief risk officer to establish, evaluate, and enforce risk management, and report directly to the risk management committee.
Requires: (1) each member of the compensation committee of an issuer to be independent; and (2) the compensation committee to review periodically all compensation practices and structures.
Requires any proxy, consent, or authorization for a shareholder meeting to include a separate resolution subject to shareholder approval on the compensation of executives, including compensation discussion, analysis, and compensation tables.
Directs the Securities and Exchange Commission (SEC) to study and report to certain congressional committees on the feasibility of requiring SEC certification of an individual as qualified to perform the functions of a member of the board of directors of an issuer.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Corporate Governance Reform Act of 2009
Latest action (Jul 21, 2009): Referred to the House Committee on Financial Services.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Jul 21, 2009
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.