To amend the Securities Exchange Act of 1934 to provide shareholders with an advisory vote on executive compensation.
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.
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Motion to reconsider laid on the table Agreed to without objection.
Committee of the Whole House on the state of the Union rises leaving H.R. 1257 as unfinished business.
Considered as unfinished business. (consideration: CR H3699-3714)
The House resolved into Committee of the Whole House on the state of the Union for further consideration.
DEBATE - The Committee of the Whole proceeded with debate on the Price of Georgia amendment under the five-minute rule.
POSTPONED PROCEEDINGS - At the conclusion of debate on the Price of Georgia amendment, the Chair put the question on adoption of the amendment and by voice vote, announced that the noes had prevailed. Mr. Price of Georgia demanded a recorded vote and the Chair postponed further proceedings on the question of adoption of the amendment until a later time.
DEBATE - The Committee of the Whole proceeded with debate on the Putnam amendment under the five-minute rule.
POSTPONED PROCEEDINGS - At the conclusion of debate on the Putnam amendment, the Chair put the question on adoption of the amendment and by voice vote, announced that the noes had prevailed. Mr. Putnam demanded a recorded vote and the Chair postponed further proceedings on the question of adoption of the amendment until a later time.
DEBATE - The Committee of the Whole proceeded with debate on the Price of Georgia amendment under the five-minute rule.
POSTPONED PROCEEDINGS - At the conclusion of debate on the Price of Georgia amendment, the Chair put the question on adoption of the amendment and by voice vote, announced that the ayes had prevailed. Mr. Frank demanded a recorded vote and the Chair postponed further proceedings on the question of adoption of the amendment until a later time.
checking server…
Ask anything about this bill. The AI reads the full text to answer.
Enter to send · Shift+Enter for new line
The House rose from the Committee of the Whole House on the state of the Union to report H.R. 1257.
The previous question was ordered pursuant to the rule.
The House adopted the amendment in the nature of a substitute as agreed to by the Committee of the Whole House on the state of the Union.
Mr. Feeney moved to recommit with instructions to Financial Services.
DEBATE - The House proceeded with ten minutes of debate on the motion to recommit with instructions on H.R. 1257. The instructions contained in the motion seek to require the bill to be reported back to the House with an amendment inserting a new paragraph providing a clarification on the non-binding nature of the vote.
The previous question on the motion to recommit with instructions was ordered without objection. (consideration: CR H3712-3713)
On motion to recommit with instructions Failed by the Yeas and Nays: 184 - 222 (Roll no. 243). (consideration: CR H3712-3713; text: CR H3712)
Roll Call #243 (House)Passed/agreed to in House: On passage Passed by recorded vote: 269 - 134 (Roll no. 244).
Roll Call #244 (House)On passage Passed by recorded vote: 269 - 134 (Roll no. 244).
Roll Call #244 (House)Motion to reconsider laid on the table Agreed to without objection.
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.