S. 1006 · 111th Congress
Excessive Pay Shareholder Approval Act
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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
DurbinSponsorNo cosponsors.
Excessive Pay Shareholder Approval Act - Amends the Securities Exchange Act of 1934 to prohibit the compensation for an employee of an issuer of securities in any single taxable year from exceeding 100 times the average compensation for services performed by all the issuer's employees during such taxable year.
What it does: CRS summary · Introduced in Senate · May 7, 2009
Excessive Pay Shareholder Approval Act - Amends the Securities Exchange Act of 1934 to prohibit the compensation for an employee of an issuer of securities in any single taxable year from exceeding 100 times the average compensation for services performed by all the issuer's employees during such taxable year.
Allows higher compensation only if at least 60% of the shareholders have voted to approve it (through a proxy or consent or authorization for an annual or other meeting of the shareholders, occurring within the preceding 18 months).
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Excessive Pay Shareholder Approval Act
Latest action (May 7, 2009): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S5291)
Policy area: Finance and Financial Sector · Origin: Senate · Introduced: May 7, 2009
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.