For Immediate Release
Tuesday, July 28, 2009
AFSCME Lauds House Committee Passage of “Say-On-Pay” Legislation
Washington, D.C. —The U.S. House of Representatives’ Housing and Financial Services Committee today passed H.R. 3269, the Corporate and Financial Institution Compensation Act. AFSCME President Gerald W. McEntee issued the following statement praising the committee’s action:
“Boards cheat shareholders and workers when they arrange pay programs that encourage excessive risk taking or approve exorbitant executive compensation that doesn’t reflect performance. That’s why AFSCME supports Chairman Barney Frank’s (D-MA) bill to give shareholders “say on pay” power. This bill will promote responsible executive pay for all companies by establishing an advisory vote on compensation packages and tough independence standards for compensation committees. We need to hold corporate leaders responsible and accountable to their owners – company stock holders—for unjustifiable CEO pay.”
