Obama Wants Shareholders To Have Say In Executive Pay

By: Associated Press
By: Associated Press

Barack Obama is demanding that company shareholders have a say in how much the company's executives get paid.

In remarks he plans to make to reporters this morning, Obama wants Congress to pass legislation he has sponsored that would require corporations to have a nonbinding vote by shareholders on executive compensation packages.

In the prepared remarks, Obama says the legislation would hold CEOs accountable and make sure they're acting in a way that's "not just good for themselves."

Under Obama's legislation, shareholders could not veto a compensation package offered to an executive and would not place limits on pay. Rather, they would have a means to publicly express their position.

A similar bill passed the House last year.

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