S.2822 - Prevention of Stock Option Abuse Act107th Congress (2001-2002)
|Sponsor:||Sen. Wyden, Ron [D-OR] (Introduced 07/30/2002)|
|Committees:||Senate - Banking, Housing, and Urban Affairs|
|Latest Action:||07/30/2002 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (All Actions)|
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Summary: S.2822 — 107th Congress (2001-2002)All Bill Information (Except Text)
Prevention of Stock Option Abuse Act - Instructs the Securities and Exchange Commission to promulgate stock option rules requiring a publicly traded corporation to: (1) obtain prior shareholder approval of stock option compensation plans; and (2) issue to directors or executive officers stock options that have a minimum five-year vesting period.
Introduced in Senate (07/30/2002)
Mandates that such rules also: (1) stagger both the percentage of company stock sold by a director or executive officer and the time periods within which it may be sold; and (2) require quarterly corporate filings to include the total quantity of outstanding stock options held by senior management and staff, as well as a stock option status report.