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Report Link Treasury Proposes Legislation on "Say-on-Pay" and Compensation Committee Independence.Baker, Donelson, Bearman, Caldwell & Berkowitz, PC - July 23, 2009 On July 16, 2009, the U.S. Department of the Treasury (Treasury) presented to Congress two separate pieces of proposed legislation related to executive compensation: a shareholder "say-on-pay" proposal and a proposal designed to ensure that compensation committees of corporate boards of directors are independent. These two proposals are part of the Investor Protection Act of 2009 and if adopted would be implemented through rulemaking by the Securities and Exchange Commission (SEC). We will monitor this as it proceeds through Congress and present the following summary of Treasury's proposals Report Link TARP and Executive Compensation: Decisions and Next Steps.Vedder Price - July 20, 2009 Tom Desmond, Shareholder and Co-Chair, Executive Compensation Practice Group of Vedder Price, joined Todd Leone, President & Founder of Amalfi Consulting, Inc. to discuss TARP and Executive Compensation: Decisions and Next Steps Report Link Executive Bonus Tax Proposals.Baker Hostetler LLP - March 25, 2009 House Passes Bill Levying 90% Tax on Bonuses Handed Out by TARP Recipients;
Similar Senate Bill Forthcoming; Challenges Certain if Legislation Proceeds Report Link TARP and Executive Compensation Limits.Vedder Price - March 13, 2009 Tom Desmond, Shareholder and Co-Chair, Executive Compensation Practice Group of Vedder Price, joined Todd Leone, President & Founder of Amalfi Consulting, Inc. to discuss TARP & Executive Compensation Limits. Report Link TARP Companies Must "Stop, Look and Listen" Before Making Executive Compensation Decisions (pdf).Vedder Price - February 18, 2009 The American Recovery and Reinvestment Act of 2009 (the “Act”), enacted today, provides the following rules applicable to any company
receiving past or future TARP funds (“TARP Companies”) for certain employees (usually the “Top 5 Executive Offi cers,” but also, in some
cases, other highly paid employees and not just executives) during the period the federal government holds preferred stock of the TARP
Company. There are many issues and questions to address over the next few weeks. We highlight below the Act’s most signifi cant
provisions requiring TARP Companies to “stop” the operation of their executive compensation programs, to “look” at how the Act
impacts those programs, and to “listen” for expected guidance from the Treasury Department implementing this new law. Report Link The American Recovery and Reinvestment Act of 2009.Baker, Donelson, Bearman, Caldwell & Berkowitz, PC - February 18, 2009 President Obama signed the American Recovery and Reinvestment Act of 2009 (the Act) on February 17, 2009. The Act implements several broad economic stimulus, spending and related provisions, including various tax incentives for businesses and individuals. This Tax Alert summarizes some of the important tax provisions in the Act. Report Link Executive Compensation under the Emergency Economic Stabilization Act of 2008 - Executive Summary.Ford & Harrison LLP - October 22, 2008 Financial institutions electing to participate in Congress's recently enacted efforts to stabilize this industry, the Troubled Asset Relief Program (TARP), must agree to four specific restrictions on executive compensation. Report Link Executive Compensation Rules Under EESA (pdf).Jones Walker - October 16, 2008 The Emergency Economic Stabilization Act of 2008 includes important requirements
with respect to the executive compensation and corporate governance practices of
participating financial institutions. The U.S. Department of the Treasury issued additional
guidance with respect to these requirements. We have included links in the summary
below to the newly issued Treasury guidance. Report Link The Emergency Economic Stabilization Act of 2008 Extensively Regulates Executive Compensation, but Leaves Many Unanswered Questions.Littler Mendelson, P.C. - October 09, 2008 The Emergency Economic Stabilization Act of 2008 (the "Act"), signed into law by President Bush on October 3, 2008, contains several provisions affecting executive compensation. Ambiguities in the Act, however, create questions as to the scope of the Act's provisions and permissible avenues of compliance. Report Link Emergency Economic Act Implements Major Tax Changes and Tax Relief.Baker, Donelson, Bearman, Caldwell & Berkowitz, PC - October 08, 2008 On October 3, 2008, the President signed The Emergency Economic Stabilization Act of 2008 (the Act) into law. The Act contains three distinct divisions: Division A, which addresses the current economic crisis, provides for a troubled assets relief program to stabilize the economy, and contains tax reform and relief provisions; Division B, which provides for energy improvements, extensions and modifications of energy tax credits; and Division C, which contains alternative minimum tax relief, extensions of expiring individual and business tax provisions, disaster tax relief, and other miscellaneous tax provisions. Report Link Year-End Employee Benefits and Executive Compensation Checklist.Littler Mendelson, P.C. - December 14, 2006 Employers sponsoring retirement plans and deferred compensation arrangements should be mindful of certain actions that must take place by December 31 of this year, as well as new requirements and opportunities effective at the beginning of the 2007 plan year. Few of these action items entail major undertakings, but employers should review their plans and policies to ensure that appropriate actions are taken to comply with new requirements. Report Link SEC Adopts Amendments to Comp. Disclosure Rules-Cos. Should Prepare Now for Upcoming Proxy Season (pdf).Vedder Price - July 28, 2006 At an open meeting yesterday, the SEC unanimously adopted new rules relating to executive compensation and related party transaction disclosure. The new rules will be effective for the upcoming proxy season. The actual text of the final rules is not yet available. Based on the statements made during the open meeting and the SEC’s press release, it appears the SEC has adopted the rules substantially as proposed in January, with some notable exceptions: Report Link What Happens When the Press Blasts Your CEO for Excess Compensation? Apparently Not Much.Knowledge@Wharton (Reg Required) - April 13, 2006 Springtime, in addition to bringing back flowers and birds, also brings forth many companies' proxy statements, including information on CEO compensation. It's a signal for the business press to get to work reporting the details of what appear to be the highest executive pay packages. Report Link Avoiding Restrictions on Nonqualified Stock Options and Stock Appreciation Rights (pdf).Ford & Harrison LLP - March 10, 2006 Options to buy company stock (“stock options”) and rights to share in the appreciation of
company stock (“stock appreciation rights” or “SARs”) are a tax-advantaged way to reward key
employees without having to pay out additional current compensation. However, proposed regulations to
newly enacted §409A of the Internal Revenue Code impose restrictions on stock options and SARs.
Failure to satisfy §409A results in immediate taxation of the value of the stock options or SARs,
imposition of imputed interest, and a 20% penalty tax. Report Link Year-End Employee Benefits and Executive Compensation Checklist.Littler Mendelson, P.C. - December 02, 2005 Employers sponsoring retirement plans, welfare plans and deferred compensation arrangements should be mindful of certain actions which must take place by December 31 of this year. Although few of these action items entail major undertakings, employers should review their plans and policies to ensure that appropriate action is taken to comply with the laws or to take advantage of new rules that can ease administrative burdens. Report Link Executive Compensation Disclosure: A Roadmap (pdf).Vedder Price - May 16, 2005 The SEC’s interest in the area of executive
compensation disclosure is evidenced by enforcement
actions against The Walt Disney
Company and General Electric Company, a
settlement with Tyson Foods, and noteworthy
comments from SEC Commissioners and staff.
Each of these developments highlights how
important it is for public companies to develop
and maintain sound practices and processes to
ensure full compliance with the SEC’s executive
compensation disclosure requirements. Report Link Six Degrees of Separation: Examining Back Door Links between Directors and CEO Pay.Knowledge@Wharton (Reg Required) - May 12, 2005 Yes, it pays to be friends of those who pay you, or even to be friends of their friends. That, roughly speaking, is the conclusion of a study analyzing the impact of director relationships on the compensation of chief executive officers.
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Employment Law Seminars
2010 Ushers In Many Important Changes to Workplace Laws
Columbia
November 20, 2009 Fisher & PhillipsANNUAL EMPLOYMENT LAW UPDATESacramento
December 1, 2009 Shaw ValenzaMonthly Webinar: Preventing Workplace Harassment (California and National)Webinar
December 1, 2009 LittlerCalifornia Legally Required Sexual Harassment Training: It's Never Too Late to ComplySan Francisco
December 1, 2009 Fisher & PhillipsThe Constangy Management Training Center "Employment Law 201"Tampa
December 2, 2009 ConstangyCalifornia Legally Required Sexual Harassment Training: It's Never Too Late to ComplyOntario
December 2, 2009 Fisher & PhillipsAudio Conference: Employee Caregivers Dealing With DementiaAudio Conference
December 2, 2009 Young ConawayClients, Adversaries and Witnesses: The Ethics of Communication in a Fast-Paced Legal World Web CastWebinar
December 4, 2009 Ford & HarrisonTaking Executive Compensation Hostage; What To DoWebinar
December 8, 2009 Baker HostetlerPREVENTING HARASSMENT AND OTHER EEO ISSUES AT WORK: IT’S ALL ABOUT RESPECT (AB 1825 COMPLIANCE)Sacramento
December 9, 2009 Shaw Valenza |
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