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ARTICLE · 16 JUNE 2009

New Executive Compensation Guidance And Legislative Proposals

Fried Frank Harris Shriver & Jacobson
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On June 15, 2009, Treasury published an interim final rule (the “Rule”) that provides long-awaited guidance on the executive compensation and corporate governance standards imposed by the Emergency Economic Stabilization Act of 2008, as amended by the American Recovery and Reinvestment Act of 2009. Previously, on June 10, 2009, Treasury released a statement on compensation that sets forth five principles that are intended to be the basis for future guidelines to which all public companies, part

United StatesEmployment and HR
Laraine Rothenberg
Laraine Rothenberg
Amy Blackman
Amy Blackman
Donald Carleen
Donald Carleen
Todd McCafferty
Todd McCafferty
Jeffrey Ross
Jeffrey Ross
Michael Spataro
Michael Spataro

Introduction

Today, Treasury published an interim final rule (the "Rule") that provides long-awaited guidance on the executive compensation and corporate governance standards imposed by the Emergency Economic Stabilization Act of 2008 ("EESA"), as amended by the American Recovery and Reinvestment Act of 2009 ("ARRA"). For more information on ARRA, please refer to our previous memorandum " American Recovery and Reinvestment Act of 2009: New Limits on Executive Compensation and Corporate Governance." On June 10, 2009, Treasury released a statement on compensation that sets forth five principles that are intended to be the basis for future guidelines to which all public companies, particularly financial institutions, would be subject. Treasury also released two fact sheets that anticipate proposed legislation on "say-on-pay" and compensation committee independence.

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