Our Gov't Hard At Work
The Dodd-Frank Wall Street Reform and Consumer Protection Act was signed into effect on July 21, 2010. It WILL affect equity compensation. Catch the free webinars from a number of experts starting with Baker & McKenzie, ISS (Institutional Shareholder Services), and Towers Watson, Live Webinar - July 27, 2010 - 1:00 PM EST. Go to: http://bakerxchange.com/ve/ZZqV709731o81SjYFn
Say-on-Pay carries a "non-binding" clause which will certainly allow visibility and lots of discussion - yes, and a shareholder vote - into CEO pay packages but may have little effect on actually aligning executive pay to ensure the executive steers the company with a thought for the best interests of the company and its shareholders, with a thought for the best interests of the environment, and running the company under honest and ethical business practices. The UK has had Say-on-Pay, the non-binding type, in place for 4 years and according to several recent articles - not a lot has changed. Greed still runs the business. (For a quick overview about what is say-on-pay go to http://en.wikipedia.org/wiki/Say_on_pay.)
There are several aspects of this Act that may require action items with a short window. It will be very interesting to see how much work needs to be done by a corporation in order to comply with the new law.
One article quoted Mary Shapiro, the SEC Chairman, as saying that the commission may need to hire 800 new employees to implement the legislation. She said she expects the upcoming rule-writing process to be "logistically challenging and extremely labor intensive." (T. Allen, RiskMetrics)
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Thanks for the posting Marianne. I HAVE ONE MORE WEBINAR TO ADD TO THE MIX.
Ed Hauder from Exequity, Robert McCormick from Glass Lewlis and I are doing a free webinar Friday July 23, 2010, (10AM ET/7AM PT.)
The event is being hosted by the NY-NJ NASPP but is open to all.
You can register by clicking here:
The Real Impact of Say on Pay and a brief update from the
Dodd-Frank Bill --- a New York/New Jersey NASPP Chapter Webinar Event
Please register for this meeting.
Meeting Description:
Wouldn't you like to know the future? Now you can get a prediction based on expert evidence.
Say on Pay (MSOP) is being touted as a great change-maker in
compensation. The word on the street is that this will fundamentally
change pay levels, frequency and plan design. Surveys show that most
companies have not started planning for this change in transparency and
shareholder interaction.
The presenters will discuss the real impact of MSOP
based on evidence from Europe, Australia and the US. Attendees will
learn what changes to expect in plan design and disclosure and how MSOP
may change certain aspects of things we have done for years.
An added feature of this presentation will be a review of the other ways Dodd-Frank Wall Street Reform and Consumer Protection Act may impact compensation.
Don't miss out on this chance to get prepared for one of the biggest changes to our industry since FAS123R.
Register for this Meeting:
First Name
*
Last Name
*
Email
*
Phone
Job Title
Company
Are you an NASPP Member?
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Required Field
Date & Time
Date:
Fri, Jul 23, 2010
Time:
10:00 AM EDT
Duration:
2 hours
Host(s):
NY-NJ NASPP
Presenter Information
Dan
Walter, CEP, is the President and CEO of Performensation. Dan has more
than 15 years of experience assisting companies with both executive and
broad-based compensation programs. He provides end-to-end solutions for
private and public companies in both the United States and abroad. His
clients have ranged from entrepreneurial start-ups to established
Fortune 100 companies providing his clients with a unique perspective on
compensation issues. Dan’s expertise includes equity compensation,
executive programs, performance-based pay and talent management issues.
His experience with these programs includes: diagnosis, design,
communication, administration and reporting. Dan has experience with all
forms of equity including stock options, restricted shares and units,
stock purchase and performance-based programs. Dan has been the
architect of software solutions and has significant experience in the
administrative and technological best practices for these programs.
Ed is a senior advisor at Exequity. Ed
has consulted with hundreds of companies in all areas of executive and
director compensation. Ed focuses on keeping public companies out of the
penalty box with shareholders and the media and helps companies
understand and find practical solutions for technical matters impacting
compensation, e.g., financial accounting, securities, tax, and corporate
governance issues. His expertise includes RiskMetrics Group (formerly
ISS) compensation modeling and policies, which enabled him to create the
Flexible Share Authorization to maximize equity plan flexibility.
Prior
to joining Glass Lewis, Bob McCormick was the Director of Investment
Proxy Research at Fidelity Management & Research Co., which he
joined in 1997. At Fidelity, he managed the proxy voting of more than
700 retail and mutual fund accounts, holding 4,000 domestic and
international securities worth in excess of $1 trillion. Prior to
joining Fidelity, McCormick was a staff attorney at Keenan, Powers &
Andrews and Prudential Securities Incorporated, both in New York City.
McCormick is an attorney who earned his law degree from Quinnipiac
University School of Law after graduating with honors from Providence
College. He serves on the International Corporate Governance Network’s
Cross-Border Voting Practices and Securities Lending committees.