Geithner says shareholders need say in executive pay

[babylonsister]

Geithner says shareholders need say in executive pay
Wed Jun 10, 2009 1:54pm EDT

By Glenn Somerville and Karey Wutkowski


WASHINGTON (Reuters) - U.S. Treasury Secretary Timothy Geithner said on Wednesday the Obama administration wants Congress to pass new laws giving securities regulators power to force companies to let shareholders have more say in setting executive pay levels.

The administration also was expected to name a "pay czar" who would have authority to reject compensation plans for top employees at companies getting "exceptional" government aid, a administration official said.

Pay packets for executives that sometimes are several hundred times what average employees earn have angered the public since the U.S. Treasury began pumping hundreds of billions of taxpayers' dollars into banks to keep them afloat.

Geithner said Treasury wants Congress to pass two specific pieces of legislation. One would give the SEC authority to oblige companies to give shareholders a non-binding vote on pay packages for top executives.

The other legislative proposal that he said Treasury will offer is to give the SEC power to ensure that internal pay committees, which set pay levels and perks company leaders, are more independent from management.

more...

http://www.reuters.com/article/newsOne/idUSN1027275020090610?sp=true

[SpartanDem]

1. What no comments or thoughts

on this? Funny because it's about very same thing as the no pay caps article. The difference in reaction might lead one to believe that a lot people simply read the headline.