Chamber, SEC May Sow the Seeds for Corporate Governance Compromise

by Gary Larkin for The Conference Board – Governance Center Blog, March 8th, 2011.

For those of you who spend a great deal of time preparing the myriad of filings for regulators and/or board meetings there were two news events worth noting last week.

The U.S. Chamber of Commerce called for new corporate governance standards that promote investment and aid economic growth and the SEC proposed a new Dodd-Frank rule that requires financial institutions to disclose the structure of incentive-based compensation practices (or bonuses) [Read the New York Times article here.]

The reason I point them out is that they signify where the U.S. regulatory regime may be headed in a very crucial proxy season. With the House Republicans making it clear they want to cut the size of the federal government (including the SEC) and the U.S. Chamber of Commerce continuing to fight proxy access in the federal courts, the SEC is following through with the parts of the Dodd-Frank Wall Street Reform and Consumer Protection Act that don’t directly cost the agency funds. (continue reading… )

 

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