Wired PR News.com – As executive pay becomes a growing concern for stock market investors and shareholders alike, legislatures are focusing on the passing of a new law that would allow shareholders to have a voice in determining the salaries or compensation for CEOs and other corporate executives of publicly traded companies. As reported by Forbes.com, the “Say-On-Pay Bill,” partly sponsored by President Elect Barack Obama, may soon be signed into law.
The Say-On-Pay bill has received a large amount of support from both the Democratic and Republican parties, especially after the decision was made to approve a $700 billion bailout plan for Wall Street. Current President George Bush was not in support of the bill, which he stated would be vetoed if brought to his desk. With bill proponent Barack Obama soon to be in power, spectators say that it will now likely be approved.
Richard Ferlauto of the American Federation of State, County, and Municipal Employees (AFSCME) organization was quoted in the Forbes report as stating “We’ve reached a tipping point now that there’s a broad consensus that something needs to be done about exorbitant CEO pay.”
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