US quoted companies are not required to provide shareholders with an advisory vote on directors' remuneration. Such a vote is mandatory in the UK (see Section 439 of the Companies Act 2006). Some American companies are, however, providing shareholders with an advisory vote. Hewlett-Packard has recently announced that at its 2010 annual meeting a proposal will be tabled for the adoption of an annual advisory vote on executive compensation and procedures. If this is accepted, the advisory vote will commence in 2011. The company also stated that it supports the introduction through legislation of a mandatory advisory vote, a proposal that President Obama supported during his presidential campaign.
Friday, 23 January 2009
USA: say on pay
US quoted companies are not required to provide shareholders with an advisory vote on directors' remuneration. Such a vote is mandatory in the UK (see Section 439 of the Companies Act 2006). Some American companies are, however, providing shareholders with an advisory vote. Hewlett-Packard has recently announced that at its 2010 annual meeting a proposal will be tabled for the adoption of an annual advisory vote on executive compensation and procedures. If this is accepted, the advisory vote will commence in 2011. The company also stated that it supports the introduction through legislation of a mandatory advisory vote, a proposal that President Obama supported during his presidential campaign.
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