USA: 'say on pay' and compensation committee independence legislation published

The US Treasury has published a draft of the legislation that will introduce [1] a non-binding vote on executive compensation for shareholders in all publicly traded companies and [2] new independence requirements for compensation committee members. Two factsheets have been published - TG218 (compensation committee independence) and TG219 (say on pay) - explaining these changes. TG219 make reference to the UK's experience of 'say on pay' in order to address some of the criticisms that have been made concerning the introduction of advisory votes in the USA.