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SEC Proposes Rules Implementing "Say-On-Pay" Requirement for TARP Recipients
July 1, 2009 Read the memo
On July 1, 2009, the SEC unanimously voted at its open meeting to propose for public comment changes to the proxy rules to comply with the provisions of the Emergency Economic Stabilization Act of 2008, as amended by the American Reinvestment and Recovery Act of 2009, requiring registrants receiving financial assistance under the Troubled Asset Relief Program to hold non-binding shareholder advisory votes on executive compensation (the so-called "say-on-pay" requirement).