S 1006
111th Congress
Senate
Finance and Financial Sector
Banking and financial institutions regulation
Corporate finance and management
Employee benefits and pensions
Securities
Wages and earnings
Excessive Pay Shareholder Approval Act
Everywhere this bill has been
3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 7, 2009
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S5291)
May 7, 2009
Sponsor introductory remarks on measure. (CR S5290-5291)
May 7, 2009
Introduced in Senate
Plain-English summary
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).
What's happening now
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S5291)
Committees of jurisdiction
1