Michael G. Oxley, former U.S. representative and the co-author of the Sarbanes-Oxley corporate reform act, opposes a bill sponsored by Rep. Barney Frank, D-Mass., that would require companies to have an annual non-binding vote on executive compensation.
I dont think it is a good idea, Mr. Oxley said in an interview following his speech Thursday at a Chicago corporate governance conference sponsored by the law firm of Foley & Lardner.
The SEC reform (providing for more executive pay disclosure) is just coming into play, Mr. Oxley said. The bill is putting the cart before the horse. It (the new SEC disclosure rule) needs a chance to work itself out in the market.
Mr. Oxley, who retired from Congress in January, will join the law firm of Baker Hostetler as an attorney effective March 12, he said.