AP: Shareholder bill targets executive pay (House passes it 269-134)

[Eugene]

Source: Associated Press

Shareholder bill targets executive pay

By JIM ABRAMS, Associated Press Writer
34 minutes ago

WASHINGTON - The House voted Friday to give shareholders
at public corporations a voice in executive pay packages that
typically equal 500 times the salaries of workers at those
companies.

The shareholder vote under the bill would be advisory only.
But Democratic backers of this provision said that investors
need a say when companies losing money or laying off workers
are paying executives eight- and nine-figure salaries and
retirement packages.

"This is not an aberration, and there is a hue and a cry from
the American people across the American landscape that is
saying something must be done," said Rep. David Scott , D-Ga.

The bill, which passed 269-134 and now goes to the Senate, was
opposed by the White House and most Republicans. They argued
that the Securities and Exchange Commission has recently taken
steps to make corporate pay packages more transparent and that
Congress should stay out of corporate affairs.

-snip-

Read more: http://news.yahoo.com/s/ap/20070420/ap_on_go_co/congress_executive_pay

[LisaM]

1. Why should Congress stay out of corporate affairs?

Corporations involve themselves pretty heavily in Congress' affairs.

[sabbat hunter]

4. one stock i own

had a shareholder proposal on the most recent proxy that would give shareholders the right to vote on executive compensation....of course the board of directors recommended we vote against this proposal. i went against the boards recommendations and voted for it.

[no_hypocrisy]

5. The SEC was created to protect the shareholders from their

corporations. An unregulated stock market and corporations making their own rules had some bearing on the Crash in 1929.

[youngdem]

2. I would LOVE this to be Bush's first veto!

How perfect would that be?

Wonder if we could override?

HA HA.

[PA Democrat]

3. I wonder how they define compensation.

Stock options and some of the ridiculous non-monetary perks need to be included. I am recalling some of the obscene benefits included in former GE CEO Jack Welch's retirement package that became public during the course of his divorce.

http://money.cnn.com/2002/09/06/news/companies/welch_ge/