Investors, Take Note: New Bill to Target Boards, ‘Say on Pay’

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Published in The Wall Street Journal April 25, 2009 by Phred Dvorak and Kara Scannell

Sen. Charles Schumer plans to introduce next week a corporate-governance bill that would give investors an advisory vote on executive pay and require companies to name independent chairmen and elect directors annually.

The move is the latest and most comprehensive push to alter governance practices in the wake of Wall Street’s meltdown. Some provisions in the proposed bill respond to criticism that shoddy oversight and warped executive-pay practices allowed banks to engage in risky businesses that later imploded.

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