Republicans and Democrats on the House Financial Services Committee marked up the Financial CHOICE Act 2.0 this week, which includes repeal of the Dodd-Frank pay ratio provision as well as greater SEC oversight of proxy advisory firms, on a contested 34-26 party-line vote.
Former Sullivan & Cromwell partner Jay Clayton was confirmed by the Senate to become the 32d Chairman of the Securities and Exchange Commission with a bipartisan 61 to 37 vote.
The Center On Executive Compensation submitted comments to the SEC in response to Acting Chair Piwowar's request for comments on pay ratio reconsideration, which provided extensive examples of compliance difficulties facing Center Subscribers as well as the shortcomings of the flexibility the SEC included in the final rule.
In 2015, 40 S&P 500 companies, close to 9% of companies, saw shareholder support for their say on pay proposals swing more than 20 percentage points.
In 2015, nearly four of five S&P 500 companies received shareholder support for their say on pay proposals which exceeded 90%. Nine of ten companies received support exceeding 80%.