H.R.4291 - Protection Against Executive Compensation Abuse Act109th Congress (2005-2006)
|Sponsor:||Rep. Frank, Barney [D-MA-4] (Introduced 11/10/2005)|
|Committees:||House - Financial Services|
|Latest Action:||01/05/2006 Referred to the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises. (All Actions)|
This bill has the status Introduced
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Summary: H.R.4291 — 109th Congress (2005-2006)All Bill Information (Except Text)
Protection Against Executive Compensation Abuse Act - Amends the Securities Exchange Act of 1934 to set forth additional compensation disclosure requirements, including: (1) a comprehensive statement of the issuer's compensation plan for its principal executive officers; (2) any type of compensation (whether present, deferred, or contingent) paid or to be paid to such principal executive officers; (3) an estimate of the present value of any accrued pension of such officers; (4) the estimated market value of any other benefits received by such officers; (5) any agreements or understandings concerning compensation; and (6) the short- and long-term performance measures that the issuer uses for determining the compensation of such principal executive officers, and whether such measures were met by such officers during the preceding year.
Introduced in House (11/10/2005)
Requires a separate shareholder vote to approve such compensation plan.
Requires proxy solicitation material concerning an acquisition, merger, consolidation, or proposed sale or other disposition of substantially all the assets of an issuer to disclose any agreements or understandings with any of its principal executive officers regarding any compensation (whether present, deferred, or contingent) based on or otherwise relating to the acquisition, merger, consolidation, sale, or other disposition (golden parachute compensation).
Requires mandatory electronic filings to appear in a clear, simple, and readily accessible format.