'Say on pay' moves full speed ahead
NEW YORK (CNNMoney.com) - It may not be long before shareholders have more control over how much money top executives across the country make.
This week, both the Senate Banking Committee and the House Financial Services Committee are tackling the issue of "say on pay" - which would allow investors to vote on compensation packages.. Experts think Congress could soon pass such legislation and have it on President Obama's desk as early as this fall.
"Unless there is something that takes executive compensation out of the headlines, I think it is likely these provisions will become law," said Michael Melbinger, a lawyer at Winston & Strawn, who serves as chair of the firm's executive compensation practice.
From exorbitant salaries to outsized bonuses, corporate compensation practices have remained a lightning rod of criticism from lawmakers and taxpayers for much of this year.
Nail those crooks to the wall...if they fail their bonuses and salaries need to reflect it...