S. 1181 (110th): Shareholder Vote on Executive Compensation Act

Introduced:
Apr 20, 2007 (110th Congress, 2007–2009)
Sponsor:
Sen. Barack Obama [D-IL]
Status:
Died (Referred to Committee)

The bill’s title was written by the bill’s sponsor. S. stands for Senate bill.

(About Ads | Go Ad-Free for $5)
Status

This bill was introduced on April 20, 2007, in a previous session of Congress, but was not enacted.

Progress
Introduced Apr 20, 2007
Referred to Committee Apr 20, 2007
Cosponsors
8 cosponsors (8D) (show)
Committees

Senate Banking, Housing, and Urban Affairs

The committee chair determines whether a bill will move past the committee stage.

Full Title

A bill to amend the Securities Exchange Act of 1934 to provide shareholders with an advisory vote on executive compensation.

Summary

No summaries available.

Text

Read Bill Text »

Last updated Apr 20, 2007.
4 pages

Primary Source

View on THOMAS (The Library of Congress)

GovTrack gets most information from THOMAS, which is updated generally one day after events occur. Activity since the last update may not be reflected here.

Citation

Click a format for a citation suggestion:

GovTrack’s Bill Summary

We don’t have a summary available yet.

Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

4/20/2007--Introduced.
Shareholder Vote on Executive Compensation Act - Amends the Securities Exchange Act of 1934 to require a proxy, consent, or authorization for a shareholder meeting occurring on or after January 1, 2009, to permit a separate shareholder vote to approve executive compensation.
States that such shareholder vote shall not be binding on the board of directors, nor construed:
(1) as overruling a board decision;
(2) to create or imply additional fiduciary duty by such board; and
(3) to restrict or limit shareholder ability to make proposals for inclusion in proxy materials related to executive compensation.
Requires proxy solicitation material for a shareholder meeting occurring on or after January 1, 2009, concerning disposition of substantially all of an issuer's assets, to disclose compensation agreements or understandings with the principal executive officers of either the issuer or acquiring issuer regarding any type of (golden parachute) compensation which:
(1) relates to such disposition; and
(2) has not been subject to a shareholder vote.
Provides that proxy solicitation material containing such executive compensation disclosures shall require a separate shareholder vote to approve such agreements or understandings.
States that such shareholder vote shall not be binding on the board of directors, nor construed:
(1) as overruling a board decision;
(2) to create or imply additional fiduciary duty by such board; and
(3) to constrain shareholder ability to make proposals for inclusion in proxy materials related to executive compensation.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.

No summary available.

House Democratic Caucus Summary

The House Democratic Caucus does not provide summaries of bills.

So, yes, we display the House Republican Conference’s summaries when available even if we do not have a Democratic summary available. That’s because we feel it is better to give you as much information as possible, even if we cannot provide every viewpoint.

We’ll be looking for a source of summaries from the other side in the meanwhile.

The bill contains the following citations to other parts of U.S. law:

United States Code

The United States Code is the compilation of permanent laws enacted by Congress. Temporary and other non-permanent laws do not appear in the United States Code. (About half of the United States Code is the law itself, called positive law. The other half is merely a compilation of the laws but has no legal significance.)