Center On Executive Compensation CEO Tim Bartl testified this week before Congress in support of legislation requiring proxy advisory firms to register with the SEC and address conflicts of interest, stating that "where the Commission has provided effective oversight, it has had a substantial impact on proxy advisory firm diligence and conduct."
Breaking weeks of Democrat-led stasis, the Senate Banking Committee in a surprise vote on Thursday held off the Senate floor, approved the nominations of two individuals for the open SEC Commissioner slots, ending the nominations to the full Senate, where a vote is not yet certain.
After over five years, the six agencies charged with implementing Dodd-Frank Section 956 rolled out a much more stringent re-proposal reflecting the regulators' experiences since the original 2011 version of the rule and aimed at decreasing risk-taking by financial services employees.
The Commissioner of the SEC sets the agency's rulemaking agenda and can prioritize certain items over others.
In 2015, no company with Summary Compensation Table CEO Pay which was less than $15M failed their Say on Pay vote.