S.690 - Prevention of Stock Option Abuse Act of 2003 108th Congress (2003-2004)
|Sponsor:||Sen. Wyden, Ron [D-OR] (Introduced 03/21/2003)|
|Committees:||Senate - Banking, Housing, and Urban Affairs|
|Latest Action:||03/21/2003 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (All Actions)|
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Summary: S.690 — 108th Congress (2003-2004)All Bill Information (Except Text)
Introduced in Senate (03/21/2003)
Prevention of Stock Option Abuse Act of 2003 - 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.
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.