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TARP

JPMorgan Loss Illustrates Difficulties of Adopting the Volcker Rule

Joe Mont May 22, 2012

JPMorgan Chase's $3 billion loss on derivatives trades has reignited a debate over what the final version of the Volcker Rule should include. A problem flagged by the bank's debacle is that there is no clear-cut answer to whether its actions would have violated the rule in its current form. "The fact is that proprietary trades and hedges look very much alike," says Peter Wallison, former general counsel of the Treasury Department.

Institutional Investors Push Financial Firms to Adopt SOP

Melissa Aguilar February 01, 2010

A list of groups that reads like a who's who among institutional investors have joined forces to urge 17 financial firms to adopt say on pay votes this year.The group of 30 investors, which includes Walden Asset Management, California Public Employees' Retirement System, AFSCME, TIAA-CREF, and the Council of Institutional...

SEC Posts Final Rule on Say-on-Pay for TARP Cos.

Melissa Aguilar January 13, 2010

The Securities and Exchange Commission published its final rule implementing say-on-pay for financial institutions that took government funds under the Troubled Asset Relief Program.The 23-page final rule, published Jan. 12, clarifies the requirements for U.S. registrants subject to Section 111(e) of the Emergency Economic Stabilization Act of 2008, which requires...

Equilar: F100 Clawbacks More Prevalent, Broader in Scope

Melissa Aguilar November 23, 2009

With the spotlight shining ever brighter on corporate pay practices, policies seeking to clawback executive pay are becoming more prevalent and are getting broader in scope, according to an analysis by executive compensation research firm Equilar, Inc.Clawback policies, which typically allow companies to recoup compensation from executive officers in the...

Survey Says Cos. Still Shrugging Off Say-on-Pay Prep

Melissa Aguilar October 21, 2009

Despite ongoing efforts to require a shareholder vote on executive pay at all public companies, few companies have taken steps to prepare for Say on Pay or plan to do so in the next six months, according to a survey of compensation committee members, human resources professionals, and compensation group members.The House...

Carpenters' Triennial SOP Proposals Withdrawn

Melissa Aguilar September 14, 2009

The United Brotherhood of Carpenters has withdrawn 18 proposals urging companies to hold triennial advisory votes on executive compensation.As originally reported by RiskMetrics Group, UBC had filed 20 proposals. Two were successfully challenged by companies at the Securities and Exchange Commission.The move follows the House of Representatives' approval on July...

Study: TARP Bank Pay Not in Line With Performance

Melissa Aguilar August 13, 2009

A new study may offer more ammunition for those seeking to overhaul compensation practices at financial institutions: Despite their poor financial performance, CEO and CFO pay at more than 100 banks receiving Troubled Asset Relief Program funds didn't decrease accordingly, according to compensation consulting firm Presidio Pay Advisors."Collectively, rather than...

Comp Bill Passed, Poll Reveals Cos. Unprepared for SOP

Melissa Aguilar July 31, 2009

The House of Representatives in a 237-185 vote approved a bill that would give shareholders of public companies annual advisory votes on executive compensation and requires regulators to set disclosure requirements and incentive-based compensation standards for financial institutions with more than $1B in assetsThe bill, H.R. 3269, the Corporate and...

SEC Approves NYSE Broker Vote Ban in Director Elections

Melissa Aguilar July 01, 2009

The Securities and Exchange Commission voted 3-2 along party lines to approve the New York Stock Exchange rule amendment that effectively ends broker discretionary voting in director elections.The rule change will be effective for shareholder meetings held on or after Jan. 1, 2010.At today's open meeting, Commissioners Elisse Walter and...

SEC to Meet on Comp Disclosures, Broker Votes, TARP SOP

Melissa Aguilar June 25, 2009

The Securities and Exchange Commission plans to kick off July with a busy agenda. A decision on discretionary broker votes, and votes on whether to propose new disclosures about compensation and rules governing say-on-pay at TARP companies are on the agency's agenda for next week.The Commission has slated an Open Meeting for July 1 to...

Beware: Financial Crisis Inquiry Commission Ramping Up

Melissa Aguilar June 23, 2009

The independent commission tasked with investigating the causes of the financial crisis is ramping up-and that means companies that may find themselves in its cross-hairs ought to be prepared, according to lawyers in the law firm Gibson, Dunn & Crutcher.The bipartisan Financial Crisis Inquiry Commission, which was created by the...

Exec Comp Reform Debate Picks Up Steam

Melissa Aguilar June 12, 2009

The national debate on executive compensation reform picked up steam this week, as the Treasury Department laid out its principles for compensation reform, unveiled its Interim Final Rule on the compensation and corporate governance standards that apply for TARP recipients, and appointed Kenneth Feinberg as Special Master for TARP Executive...

FERA Signed Into Law

Melissa Aguilar May 21, 2009

The President has signed the Fraud Enforcement and Recovery Act into law, giving the federal government more tools to crack down on corporate and mortgage fraud.As Compliance Week reported, FERA bolsters the funding and tools available to law enforcement agencies, including the Federal Bureau of Investigation, the Justice Department, and...

False Claims Act Legislation Re-emerges

Melissa Aguilar March 10, 2009

Legislation that would drastically expand the scope of the False Claims Act and make it easier for whistleblowers to file lawsuits on the government’s behalf is back in the Senate. Senators Chuck Grassley (R-Iowa) and Dick Durbin (D-Ill.) recently reintroduced legislation to amend the FCA, similar to a bill introduced...

SEC Staff Posts C&DIs on ARRA Say-on-Pay Provision

Melissa Aguilar February 25, 2009

Heads up for TARP companies scrambling to comply with the executive compensation provisions of the American Recovery and Reinvestment Act: The Securities and Exchange Commission staff has issued three new Compliance and Disclosure Interpretations related to the Act’s say-on-pay requirement.The Feb. 24 C&DIs comprise the staff’s interpretations of Section 7001...

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Survey of the Week

Deloitte is conducting their annual Look Before You Leap: Managing Risks in Global Investments survey to better understand the approaches companies are taking to address compliance and integrity-related risks in emerging markets.