October 30, 2009

Proxy Access: Alive & Well and Moving in the House

On Wednesday, as noted in this MarketWatch article (and this blog too), Rep. Maxine Waters introduced an amendment that was passed by the House Financial Services Committee that would require companies to allow proxy access. The amendment is part of a larger financial reform bill that’s expected to get considered by the full House soon. Of course, the proxy access component of the bill could all die at any time – but it’s notable since its gotten much further than either the Schumer or Peters bill has ever moved.

For those in denial and think that the SEC’s delay of acting on its outstanding proposals killed the move to adopt proxy access, this may serve as a “wake-up” call that access is very much still alive and on the table…

A few days ago, I blogged about a move in the House to exempt smaller companies from SOX’s internal controls requirements. As noted in this Huffington Post blog, one of that amendment’s co-sponsors, Rep. Carolyn Maloney, has backed down and now merely proposes yet another study regarding the impact of Section 404 be done. As noted in the blog, Maloney acknowledges she was not aware of the recent study conducted by the SEC – but she wants the study done anyways. Congress at work…

Schering-Plough Issues Results of Shareholder Survey on Compensation

As Susan Wolf mentioned would happen during her podcast regarding Schering-Plough’s experiment of surveying its shareholders about its pay practices ahead of its annual meeting last year, the company issued a report yesterday regarding the survey responses it received. We have posted a copy of this report in our “Say-on-Pay” Practice Area on

Note that Pfizer is the second company to go “biennial” by announcing yesterday it will start putting say-on-pay on its ballot next year.

IASB’s Possible Changes to Fair Value Accounting

Last week, IASB’s Chair – Sir David Tweedie – delivered a speech providing an update how fair value accounting might be reformed through changes to IAS 39, “Financial Instruments.” Also read FEI’s “Financial Reporting” Blog to learn how FASB and IASB have committed to “re-tripling” their efforts to meet the 2011 convergence deadline.

– Broc Romanek