US pay czar Kenneth Feinberg has announced that a number of the highest-paid executives at bailed out companies will have their remuneration cut by an average of 15 percent this year. Cash salaries will be set at $500,000 or less for 82 percent of the executives named in the ruling which takes in the top […]
Read MoreUS pay czar Kenneth Feinberg has waded into the bankers’ bonus debate with a range of sweeping cuts and demands for corporate governance reforms. On the pay front the proposals are to cut the packages of the top 25 executives at the seven bailed out firms: Bank of America, Citigroup, AIG, General Motors, GMAC, Chrysler […]
Read MoreThe Securities and Exchange Commission has published its final rules which require a “say on pay” (SOP) for companies which have received financial assistance under the Troubled Asset Relief Program (TARP). The key points are that: The proxy will have to disclose that the company is providing a SOP vote Whether the vote is binding or not Smaller […]
Read MoreFollowing moves by US government last week to set pay limits at firms that have received TARP assistance, Mats Isaksson, OECD head of corporate affairs has given a public interview outlining the OECD’s view of the role of corporate governance and shareholders in the current financial crisis: What are the key corporate governance lessons from the financial […]
Read MoreUS Treasury Secretary Tim Geithner’s recently announced proposals for US recovery have attracted extreme criticism in many quarters for failing to address the issue of Fair Value Accounting. Alex Pollock of the Washington-based American Enterprise Institute and a long-standing critic of mark-to-market accounting rules sees a missed opportunity for a more radical overhaul, as outlined in a recent […]
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