The Obama administration is to appoint a “pay tsar” with the power to vet the remuneration of the top 100 employees in each US company taking government bail-out funds, it emerged yesterday, as part of a raft of executive compensation reforms.
The administration is also expected to bring in “say on pay” legislation that would force public companies to hold non-binding shareholder votes on executive pay every year.
Kenneth Feinberg, the former head of the 9/11 compensation fund, is expected to be named as the “special master” empowered to reject the pay plans of companies getting “exceptional assistance” from the government.
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