BNA reports:
A divided Securities and Exchange Commission Jan. 25 voted 3-2 to adopt rules to require companies to provide shareholders with advisory votes on executive compensation, on how often the say-on-pay vote should take place, and on compensation arrangements known as “golden parachutes.”Commissioners Kathleen Casey and Troy Paredes dissented. Among other concerns, Casey and Paredes questioned the rules' effect on smaller issuers and on companies that have recently gone public. The final rules, required under the Dodd-Frank Wall Street Reform and Consumer Protection Act, do provide a temporary exemption for smaller issuers—those with a public float of less than $75 million. Those companies do not have to comply with the requirements for two years.
