WASHINGTON, July 16 (Reuters) - Representative Barney Frank, chairman of
the U.S. House of Representatives Financial Services Committee, told
reporters on Thursday that his panel will write and possibly vote in the
last week of July on legislation concerning executive compensation.
"We're going to be marking it up in July, in the last week," Frank, a
Democrat, said, adding that a discussion draft of the bill will be
circulating soon on Capitol Hill.
He said, "It's 'say on pay,' and it's instruction to the SEC to not allow
compensation schemes that do perverse incentives, or too much risk-taking."
'Say on pay' is a corporate governance reform long sought by investor
advocates that would give shareholders more influence in setting corporate
managers' pay packages.
The U.S. Securities and Exchange Commission on July 1 proposed giving
shareholders more say on pay at more than 500 large companies that have
received taxpayer funds under the government's recent financial industry
(Reporting by Kevin Drawbaugh; Editing by Andrea Ricci)