SEC May Give Shareholders in TARP Banks a Vote on Pay

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Published in Bloomberg, July 1, 2009 by Jesse Westbrook

Bank of America Corp., Citigroup Inc. and other companies that haven’t repaid government aid may have to let shareholders weigh in on executive pay for top managers under rules proposed by U.S. regulators.

The Securities and Exchange Commission voted 5-0 today to seek feedback from investors and the banking industry on whether companies with outstanding debts should be required to give shareholders a vote on compensation. The rule would apply to banks that haven’t repaid funds received under the Troubled Asset Relief Program.

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