lawmakers would toughen say on pay
lawmakers backed the idea of giving canada goose factory sale shareholders even more say on cheap canada goose uk executive compensation amid the furor over Wall Street excesses after taxpayers bailed out financial services firms.
American Canada Goose sale compensation structure is out of control, Democratic Representative Andre Carson said Friday at a buy canada goose jacket cheap House Financial Services Committee hearing.
The hearing comes as canadian goose jacket the White House ratchets up its criticism of Wall Street canada goose store banks with a proposal to rein in their risky activities and a plan to canada goose uk shop force the firms cheap Canada Goose to pay up to uk canada goose $117 billion Canada Goose online to reimburse taxpayers for the bailout.
The House of Representatives has passed a sweeping financial reform bill that gives shareholders an advisory vote on executive compensation. The Senate is now crafting its version of the bill to overhaul how the country financial system is regulated. president can https://www.canadagooseoutlete.com/ sign it into law.
Democratic Representative Brad Sherman agreed that shareholders should have a say on executive pay and said it should be a binding vote.
But committee chairman Barney Frank said the vote does not have to Canada Goose Parka be binding if the company is properly governed. think it would be hard for them (management) to uk canada goose outlet ignore a nonbinding vote, 2018 goose jackets Frank told reporters after the hearing.
A Canada Goose Jackets number canada goose coats on sale of publicly traded companies such as Microsoft Corp, Apple Inc and Verizon Communications have adopted on pay proposals to give shareholders a nonbinding vote on canada goose black friday sale executive compensation.
Nevertheless, Congress and the Obama administration are tapping into public outrage Canada Goose Outlet over Wall Street role in the financial crisis and have sought to hold bank executives more accountable.
Democratic Senator Robert Menendez canada goose uk outlet urged Goldman Sachs to reconsider its bonuses after the government used billions of dollars in taxpayer funds canada goose to prop up the bank.
On Thursday, the canada goose clearance sale bank said it set aside 36 buy canada goose jacket percent of its 2009 net revenue, or $16.2 billion, for compensation.
But in a surprise announcement on Thursday, it said it set aside nothing for compensation in the fourth quarter. Goldman has consulted with the Obama administration pay czar Kenneth Feinberg, about its pay practices.
Goldman has paid the government back with interest but Menendez said: us ask ourselves if Goldman Sachs would be in canada goose coats a position to award such large bonuses now without the lifebuoy of taxpayer dollars.
Lucian Bebchuk, a Harvard Law School professor, told Canada Goose Coats On Sale the committee that giving shareholders a say on pay was only one of the reforms of shareholder rights that was necessary.
The Financial Services Forum, which represents the chief executives of the largest financial firms, has said it agrees with the White House that canada goose uk black friday the personal incentives of canada goose clearance executives should be aligned with the firm long term Canada Goose Online performance, and safety and soundness.