The Securities and Exchange Commission today released a set of proposed rules for the "say on pay" votes that U.S. companies will be required to conduct at their first annual meeting after Jan. 21, 2011.
The rules also address the separate votes on advisory vote frequency that will be required at 2011 annual meetings. Investors will vote on whether to hold future pay votes every one, two, or three years. The SEC also proposed rules for shareholder votes on "golden parachute" arrangements.
Also today, the SEC released a set of draft rules concerning the disclosure of compensation-related proxy votes by large institutional investment managers.
The deadline for comments on both rulemakings will be Nov. 18.