Administration opposes 'say on pay' bill (would give shareholders say on Exec. compensation)

[wicket]

LINK

The Bush administration is opposing a bill before the House, pushed by Democrats, to give shareholders at public companies a formal say in executives' compensation packages.

The legislation, written by Rep. Barney Frank (news, bio, voting record), D-Mass., chairman of the House Financial Services Committee, comes at a time of growing public and shareholder anger over lavish compensation for executives unrelated to their performance. It would give shareholders a chance to cast an advisory vote on executive pay plans, allowing them to show their approval or disapproval of them.

Investor advocates, union pension funds and shareholder groups have been pushing for such "say on pay" votes as the chasm between executives' salaries and the pay of rank-and-file employees continues to widen.

With Democrats in the majority in the chamber, the bill is expected to pass the House in a vote on Friday. No comparable measure has yet been put forward in the Senate.

Republican lawmakers criticized the legislation in House debate on Wednesday, and the White House registered its opposition.

"The administration does not believe that Congress should mandate the process by which executive compensation is approved," a statement from the White House said.

[hippiechick]

1. Oh no doubt!

How dare the little people have any input on what the Lords and Landholders grab for themselves and their kind!

:mad: :eyes:

[blondeatlast]

2. Well, at least they are consistent. They don't want a minimum wage increase either.

Assholes, assholes, assholes.

[blondeatlast]

3. That proves that democracy terrifies them.

Boards are democracies, albeit distorted ones. But if they can't handle shareholders having a say, it's no wonder they are scared shitless of the rest of us.

Kicking again since I used up my rec...

[wicket]

4. They are definitely scared shitess

They don't want their compensations left up to we plebs when they go back into the private sector. I'm hoping they'll be doing jail time instead :D

[wicket]

5. kick

:kick:

[hatrack]

6. Oh, well THERE'S a shocker

:eyes:

[blondeatlast]

7. Kick. nt