H.R. 1257 (110th): Shareholder Vote on Executive Compensation Act

Introduced:
Mar 01, 2007 (110th Congress, 2007–2009)
Status:
Died (Passed House)
Sponsor
Barney Frank
Representative for Massachusetts's 4th congressional district
Party
Democrat
Text
Read Text »
Last Updated
Apr 23, 2007
Length
4 pages
Related Bills
S. 1181 (Related)
Shareholder Vote on Executive Compensation Act

Referred to Committee
Last Action: Apr 20, 2007

H.Res. 301 (rule)

Agreed To (Simple Resolution)
Apr 18, 2007

 
Status

This bill was introduced in a previous session of Congress and was passed by the House on April 20, 2007 but was never passed by the Senate.

Progress
Introduced Mar 01, 2007
Referred to Committee Mar 01, 2007
Reported by Committee Mar 28, 2007
Passed House Apr 20, 2007
 
Full Title

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

Summary

No summaries available.

Votes
Apr 20, 2007 10:44 a.m.
Failed 177/222
Apr 20, 2007 10:52 a.m.
Failed 155/244
Apr 20, 2007 11:07 a.m.
Failed 164/236
Apr 20, 2007 11:14 a.m.
Failed 148/257
Apr 20, 2007 11:21 a.m.
Failed 160/240
Apr 20, 2007 11:27 a.m.
Failed 162/242
Apr 20, 2007 11:56 a.m.
Failed 184/222
Apr 20, 2007 12:05 p.m.
Passed 269/134

 
Primary Source

THOMAS.gov (The Library of Congress)

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Notes

H.R. stands for House of Representatives bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

The bill’s title was written by its sponsor.

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--Passed House amended.
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 corporation or board of directors, nor construed: (1) as overruling a board decision; (2) to create or imply additional fiduciary duty by such board; (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 principal executive officers of either the issuer, or acquiring issuer, regarding (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 such a shareholder vote shall not be binding on the corporation or the board of directors, nor construed: (1) as overruling a board decision; (2) to create or imply additional fiduciary duty by such board; (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.

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

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