Posted on 20/04/07
White House opposes bill that would give shareholders 'say on pay'
WASHINGTON -- The Bush administration is opposing a bill before the House, pushed by Democrats, to give shareholders at public companies a formal say in executives' compensation packages.The legislation, written by Massachusetts Democrat Barney Frank, D-Mass., chairman of the House Financial Services Committee, comes at a time of growing public and shareholder anger over lavish compensation for executives unrelated to their performance. It would give shareholders a chance to cast an advisory vote on executive pay plans, allowing them to show their approval or disapproval of them.
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