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Latest Update: Friday, July, 25th 2008
To amend the Securities Exchange Act of 1934 to provide shareholders with an advisory vote on executive compensation. 4/20/2007--Passed House amended. (There are 2 other summaries) Shareholder Vote on Executive Compensation Act - Amends the Securities Exchange Act of 1934 to require a proxy, consent, or authorization for a shareholder meeting occurring on or after January 1, 2009, to permit a separate shareholder vote to approve executive compensation. States that such shareholder vote shall not be binding on the corporation or board of directors, nor construed: (1) as overruling a board decision; (2) to create or imply additional fiduciary duty by such board; (3) to restrict or limit shareholder ability to make proposals for inclusion in proxy materials related to executive compensation. Requires proxy solicitation material for a shareholder meeting occurring on or after January 1, 2009, concerning disposition of substantially all of [...] show full description
- 04/23/2007 - Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- 04/20/2007 - POSTPONED PROCEEDINGS - At the conclusion of debate on the Price of Georgia amendment, the Chair put the question on adoption of the amendment and by voice vote, announced that the noes had prevailed. Mr. Price of Georgia demanded a recorded vote and the Chair postponed further proceedings on the question of adoption of the amendment until a later time.
- 04/20/2007 - DEBATE - The Committee of the Whole proceeded with debate on the Putnam amendment under the five-minute rule.
- 04/20/2007 - POSTPONED PROCEEDINGS - At the conclusion of debate on the Putnam amendment, the Chair put the question on adoption of the amendment and by voice vote, announced that the noes had prevailed. Mr. Putnam demanded a recorded vote and the Chair postponed further proceedings on the question of adoption of the amendment until a later time.
- 04/20/2007 - POSTPONED PROCEEDINGS - At the conclusion of debate on the Price of Georgia amendment, the Chair put the question on adoption of the amendment and by voice vote, announced that the ayes had prevailed. Mr. Frank demanded a recorded vote and the Chair postponed further proceedings on the question of adoption of the amendment until a later time.
show all actions- 04/23/2007 - Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- 04/20/2007 - POSTPONED PROCEEDINGS - At the conclusion of debate on the Price of Georgia amendment, the Chair put the question on adoption of the amendment and by voice vote, announced that the noes had prevailed. Mr. Price of Georgia demanded a recorded vote and the Chair postponed further proceedings on the question of adoption of the amendment until a later time.
- 04/20/2007 - DEBATE - The Committee of the Whole proceeded with debate on the Putnam amendment under the five-minute rule.
- 04/20/2007 - POSTPONED PROCEEDINGS - At the conclusion of debate on the Putnam amendment, the Chair put the question on adoption of the amendment and by voice vote, announced that the noes had prevailed. Mr. Putnam demanded a recorded vote and the Chair postponed further proceedings on the question of adoption of the amendment until a later time.
- 04/20/2007 - POSTPONED PROCEEDINGS - At the conclusion of debate on the Price of Georgia amendment, the Chair put the question on adoption of the amendment and by voice vote, announced that the ayes had prevailed. Mr. Frank demanded a recorded vote and the Chair postponed further proceedings on the question of adoption of the amendment until a later time.
- 04/20/2007 - DEBATE - The House proceeded with ten minutes of debate on the motion to recommit with instructions on H.R. 1257. The instructions contained in the motion seek to require the bill to be reported back to the House with an amendment inserting a new paragraph providing a clarification on the non-binding nature of the vote.
- 04/20/2007 - H.AMDT.101 Amendment (A009) offered by Mr. Price (GA). (consideration: CR H3699-3701, H3709-3710; text: CR H3699) An amendment numbered 9 printed in the Congressional Record to insert a complete new text consisting of a section inserting provisions for disclosure of executive compensation.
- 04/20/2007 - H.AMDT.102 Amendment (A010) offered by Mr. Putnam. (consideration: CR H3701-3703, H3710-3711; text: CR H3701) Amendment concerned non-qualified, deferred compensation and sought to allow the issuers to be exempt from the nonbinding shareholder vote on executive pay if the issuer provided the majority of the executive's compensation in the form of non-qualified deferred compensation.
- 04/20/2007 - H.AMDT.103 Amendment (A011) offered by Mr. Price (GA). (consideration: CR H3703-3706, H3711-3712; text: CR H3703-3704) Amendment sought to condition implementation of the bill to 90 days after submission to Congress by the the Securities and Exchange Commission of a study to determine the effect of the bill's separate vote requirements on the ability of issuers to recruit and retain executives.
- 04/20/2007 - On motion to recommit with instructions Failed by the Yeas and Nays: 184 - 222 (Roll no. 243). (consideration: CR H3712-3713; text: CR H3712)
- 04/20/2007 - Considered as unfinished business. (consideration: CR H3699-3714)
- 04/20/2007 - The House resolved into Committee of the Whole House on the state of the Union for further consideration.
- 04/20/2007 - H.AMDT.101 Amendment (A009) offered by Mr. Price (GA). (consideration: CR H3699-3701, H3709-3710 text: CR H3699) An amendment numbered 9 printed in the Congressional Record to insert a complete new text consisting of a section inserting provisions for disclosure of executive compensation.
- 04/20/2007 - H.AMDT.102 Amendment (A010) offered by Mr. Putnam. (consideration: CR H3701-3703, H3710-3711 text: CR H3701) Amendment concerned non-qualified, deferred compensation and sought to allow the issuers to be exempt from the nonbinding shareholder vote on executive pay if the issuer provided the majority of the executive's compensation in the form of non-qualified deferred compensation.
- 04/20/2007 - H.AMDT.103 Amendment (A011) offered by Mr. Price (GA). (consideration: CR H3703-3706, H3711-3712 text: CR H3703-3704) Amendment sought to condition implementation of the bill to 90 days after submission to Congress by the the Securities and Exchange Commission of a study to determine the effect of the bill's separate vote requirements on the ability of issuers to recruit and retain executives.
- 04/20/2007 - H.AMDT.92 On agreeing to the Sessions amendment (A005) Failed by recorded vote: 177 - 222 (Roll no. 236). (consideration: CR H3706-3707)
- 04/20/2007 - H.AMDT.93 On agreeing to the Garrett (NJ) amendment (A006) Failed by recorded vote: 155 - 244 (Roll no. 237). (consideration: CR H3707-3708)
- 04/20/2007 - H.AMDT.94 On agreeing to the Campbell (CA) amendment (A007) Failed by recorded vote: 161 - 241 (Roll no. 238). (consideration: CR H3708-3709)
- 04/20/2007 - H.AMDT.95 On agreeing to the McHenry amendment (A008) Failed by recorded vote: 164 - 236 (Roll no. 239). (consideration: CR H3709)
- 04/20/2007 - H.AMDT.101 On agreeing to the Price (GA) amendment (A009) Failed by recorded vote: 148 - 257 (Roll no. 240).
- 04/20/2007 - H.AMDT.102 On agreeing to the Putnam amendment Failed by recorded vote: 160 - 240 (Roll no. 241).
- 04/20/2007 - H.AMDT.103 On agreeing to the Price (GA) amendment (A011) Failed by recorded vote: 162 - 242 (Roll no. 242).
- 04/20/2007 - The House rose from the Committee of the Whole House on the state of the Union to report H.R. 1257.
- 04/20/2007 - The previous question was ordered pursuant to the rule.
- 04/20/2007 - The House adopted the amendment in the nature of a substitute as agreed to by the Committee of the Whole House on the state of the Union.
- 04/20/2007 - Mr. Feeney moved to recommit with instructions to Financial Services.
- 04/20/2007 - The previous question on the motion to recommit with instructions was ordered without objection. (consideration: CR H3712-3713)
- 04/20/2007 - On motion to recommit with instructions Failed by the Yeas and Nays: 184 - 222 (Roll no. 243). (consideration: CR H3712-3713 text: CR H3712)
- 04/20/2007 - On passage Passed by recorded vote: 269 - 134 (Roll no. 244).
- 04/20/2007 - Motion to reconsider laid on the table Agreed to without objection.
- 04/20/2007 - DEBATE - The Committee of the Whole proceeded with debate on the Price of Georgia amendment under the five-minute rule.
- 04/18/2007 - Considered under the provisions of rule H. Res. 301. (consideration: CR H3530-3550; text of measure as reported in House: CR H3539)
- 04/18/2007 - H.AMDT.88 Amendment (A001) offered by Mr. Bachus. (consideration: CR H3539-3540; text: CR H3539) Amendment provides for placing the text of the bill into Section 14 rather than Section 16 of the Securities Exchange Act of 1934.
- 04/18/2007 - H.AMDT.89 Amendment (A002) offered by Mr. Roskam. (consideration: CR H3540; text: CR H3540) Amendment replaces language to clarify that shareholders may meet in special meetings held in lieu of the annual meeting.
- 04/18/2007 - H.AMDT.91 Amendment (A004) offered by Ms. Jackson-Lee (TX). (consideration: CR H3540-3541; text: CR H3540) An amendment numbered 6 printed in the Congressional Record to insert a requirement for website disclosure of vote results.
- 04/18/2007 - H.AMDT.92 Amendment (A005) offered by Mr. Sessions. (consideration: CR H3541-3544; text: CR H3541) Amendment sought to add language to require the disclosure of funding designed to influence shareholder votes.
- 04/18/2007 - Rule H. Res. 301 passed House.
- 04/18/2007 - H.AMDT.93 Amendment (A006) offered by Mr. Garrett (NJ). (consideration: CR H3544-3546; text: CR H3544) Amendment sought to establish a trigger that would have to be met before shareholders could vote on executive compensation packages by requiring that executive compensation exceed by 10 percent or more the average compensation for comparable industries in that particular sector.
- 04/18/2007 - Considered under the provisions of rule H. Res. 301. (consideration: CR H3530-3550 text of measure as reported in House: CR H3539)
- 04/18/2007 - H.AMDT.94 Amendment (A007) offered by Mr. Campbell (CA). (consideration: CR H3546-3548; text: CR H3546) Amendment sought to provide that a company would not be required to have an advisory vote on executive compensation if they, instead, require a majority vote of those voting, to seat a director on the board of directors.
- 04/18/2007 - House resolved itself into the Committee of the Whole House on the state of the Union pursuant to H. Res. 301 and Rule XVIII.
- 04/18/2007 - H.AMDT.95 Amendment (A008) offered by Mr. McHenry. (consideration: CR H3548-3550; text: CR H3548) An amendment numbered 7 printed in the Congressional Record to insert a new paragraph providing that a shareholder who is casting a permitted vote shall be required to disclose to beneficiaries whether such vote was cast to approve or disapprove compensation.
- 04/18/2007 - The Speaker designated the Honorable Anthony D. Weiner to act as Chairman of the Committee.
- 04/18/2007 - H.AMDT.88 Amendment (A001) offered by Mr. Bachus. (consideration: CR H3539-3540 text: CR H3539) Amendment provides for placing the text of the bill into Section 14 rather than Section 16 of the Securities Exchange Act of 1934.
- 04/18/2007 - H.AMDT.88 On agreeing to the Bachus amendment (A001) Agreed to by voice vote.
- 04/18/2007 - H.AMDT.89 Amendment (A002) offered by Mr. Roskam. (consideration: CR H3540 text: CR H3540) Amendment replaces language to clarify that shareholders may meet in special meetings held in lieu of the annual meeting.
- 04/18/2007 - H.AMDT.89 On agreeing to the Roskam amendment (A002) Agreed to by voice vote.
- 04/18/2007 - H.AMDT.90 Amendment (A003) offered by Mr. Frank (MA). (consideration: CR H3540) Amendment is technical in nature.
- 04/18/2007 - H.AMDT.90 Frank (MA) amendment (A003) modified by unanimous consent.
- 04/18/2007 - H.AMDT.90 On agreeing to the Frank (MA) amendment (A003) as modified Agreed to by voice vote. (text as modified: CR S3540)
- 04/18/2007 - H.AMDT.91 Amendment (A004) offered by Ms. Jackson-Lee (TX). (consideration: CR H3540-3541 text: CR H3540) An amendment numbered 6 printed in the Congressional Record to insert a requirement for website disclosure of vote results.
- 04/18/2007 - H.AMDT.91 By unanimous consent, the Jackson-Lee (TX) amendment was withdrawn.
- 04/18/2007 - H.AMDT.92 Amendment (A005) offered by Mr. Sessions. (consideration: CR H3541-3544 text: CR H3541) Amendment sought to add language to require the disclosure of funding designed to influence shareholder votes.
- 04/18/2007 - H.AMDT.93 Amendment (A006) offered by Mr. Garrett (NJ). (consideration: CR H3544-3546 text: CR H3544) Amendment sought to establish a trigger that would have to be met before shareholders could vote on executive compensation packages by requiring that executive compensation exceed by 10 percent or more the average compensation for comparable industries in that particular sector.
- 04/18/2007 - H.AMDT.94 Amendment (A007) offered by Mr. Campbell (CA). (consideration: CR H3546-3548 text: CR H3546) Amendment sought to provide that a company would not be required to have an advisory vote on executive compensation if they, instead, require a majority vote of those voting, to seat a director on the board of directors.
- 04/18/2007 - H.AMDT.95 Amendment (A008) offered by Mr. McHenry. (consideration: CR H3548-3550 text: CR H3548) An amendment numbered 7 printed in the Congressional Record to insert a new paragraph providing that a shareholder who is casting a permitted vote shall be required to disclose to beneficiaries whether such vote was cast to approve or disapprove compensation.
- 04/18/2007 - Mr. Frank (MA) moved that the Committee rise.
- 04/18/2007 - On motion that the Committee rise Agreed to by voice vote.
- 04/18/2007 - Committee of the Whole House on the state of the Union rises leaving H.R. 1257 as unfinished business.
- 04/18/2007 - Rule provides for consideration of H.R. 1257 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Specified amendments are in order. All points of order against consideration of the bill are waived except those arising under clause 9 or 10 of rule XXI. It shall be in order to consider as an original bill for the purpose of amendment under the five-minute rule the amendment in the nature of a substitute recommended by the Committee on Financial Services now printed in the bill.
- 04/18/2007 - GENERAL DEBATE - The Committee of the Whole proceeded with one hour of general debate on H.R. 1257.
- 04/18/2007 - DEBATE - The Committee of the Whole proceeded with debate on the Bachus amendment uner the five-minute rule.
- 04/18/2007 - DEBATE - The Committee of the Whole proceeded with debate on the Roskam amendment under the five-minute rule.
- 04/18/2007 - DEBATE - The Committee of the Whole proceeded with debate on the Jackson-Lee amendment under the five-minute rule.
- 04/18/2007 - DEBATE - The Committee of the Whole proceeded with debate on the Sessions amendment under the five-minute rule.
- 04/18/2007 - POSTPONED PROCEEDINGS - At the conclusion of debate on the Sessions amendment, the Chair put the question on adoption of the amendment and by voice vote, announced that the noes had prevailed. Mr. Sessions demanded a recorded vote and the Chair postponed further proceedings on the question of adoption of the amendment until a later time.
- 04/18/2007 - DEBATE - The Committee of the Whole proceeded with debate on the Garrett amendment under the five-minute rule.
- 04/18/2007 - POSTPONED PROCEEDINGS - At the conclusion of debate on the Garrett amendment, the Chair put the question on adoption of the amendment and by voice vote, announced that the noes had prevailed. Mr. Garrett demanded a recorded vote and the Chair postponed further proceedings on the question of adoption of the amendment until a later time.
- 04/18/2007 - DEBATE - The Committee of the Whole proceeded with debate on the Campbell amendment under the five-minute rule.
- 04/18/2007 - POSTPONED PROCEEDINGS - At the conclusion of debate on the Campbell amendment, the Chair put the question on adoption of the amendment and by voice vote, announced that the noes had prevailed. Mr. Campbell demanded a recorded vote and the Chair postponed further proceedings on the question of adoption of the amendment until a later time.
- 04/18/2007 - DEBATE - The Committee of the Whole proceeded with debate on the McHenry amendment under the five-minute rule.
- 04/18/2007 - POSTPONED PROCEEDINGS - At the conclusion of debate on the McHenry amendment, the Chair put the question on adoption of the amendment and by voice vote, announced that the noes had prevailed. Mr. McHenry demanded a recorded vote and the Chair postponed further proceedings on the question of adoption of the amendment until a later time.
- 04/17/2007 - Rules Committee Resolution H. Res. 301 Reported to House. Rule provides for consideration of H.R. 1257 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Specified amendments are in order. All points of order against consideration of the bill are waived except those arising under clause 9 or 10 of rule XXI. It shall be in order to consider as an original bill for the purpose of amendment under the five-minute rule the amendment in the nature of a substitute recommended by the Committee on Financial Services now printed in the bill.
- 04/16/2007 - Reported (Amended) by the Committee on Financial Services. H. Rept. 110-88.
- 04/16/2007 - Placed on the Union Calendar, Calendar No. 53.
- 03/28/2007 - Committee Consideration and Mark-up Session Held.
- 03/28/2007 - Ordered to be Reported (Amended) by the Yeas and Nays: 37 - 29.
- 03/21/2007 - Committee Consideration and Mark-up Session Held.
- 03/08/2007 - Committee Hearings Held.
- 03/01/2007 - Referred to the House Committee on Financial Services.
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