Source:
Associated PressShareholder bill targets executive payBy 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.
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