Give it up already. The Brits already have a number of examples this year alone where these non-binding voters voted against pay raises and take a guess what has happened? Yep, the executives thumbed their nose at the voters and did what they damned well please. Obama is pathetically out of touch with this proposal. Wall Street business owns this White House. Say on pay only gives a few other suckers hope that something might change. It won't. Period. Not going to happen. Take a stand or do nothing but not this. At least his other proposal about compensation committees is OK but say on pay only makes Obama look like a fool and a big one at that.
The Obama administration proposed legislation today to empower shareholders and the Securities and Exchange Commission to exercise more oversight over executive compensation at all publicly traded firms.
Under a so-called "say-on-pay" proposal, shareholders would be given the right to vote each year on whether an executive compensation package should be approved. While the results would be non-binding, administration officials say they hope the effort would pressure firms to rein in lavish pay. Companies would also be required to submit vote tallies in a filing with the SEC.
A second proposal would authorize the SEC to ensure that compensation committees at companies act independently in setting executive pay. Members of these committees would not be able to take any fees from their respective firms other than what they make for serving on the panels. Attorneys or consultants that help members in their work must be hired by and report to the committee rather than the chief executive of a firm.
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