Homepage > News > Biz > 

U.S. SEC approves rule on executive pay disclosure for TARP firms

2009-07-02 08:32 BJT

WASHINGTON, July 1 (Xinhua) -- The U.S. Securities and Exchange Commission (SEC) on Wednesday approved a rule giving shareholders a vote on executive pay of banks that have received government bailout money.

The rule, known as "say-on-pay," was aimed to create "better, more timely disclosure, not simply additional disclosure," said SEC Chairman Mary Schapiro at a meeting here, adding it would "enhance the quality of the system through which shareholders exercise their franchise."

The rule, which will apply to banks that haven't repaid funds received under the 700-billion-dollar Troubled Asset Relief Program (TARP), will go through a two-month public comment period before it can be enforced.

Editor: Du Xiaodan | Source: Xinhua