The House of Representatives today voted 237-185 to approve legislation that would require all financial institutions, including money managers with more than $1 billion in assets, to disclose incentive-based compensation arrangements.
The legislation, the Corporate and Financial Institution Compensation Fairness Act of 2009, also would give shareholders an annual non-binding advisory vote on the compensation packages of company executives.
Still another provision in the bill, sponsored by Rep. Barney Frank, D-Mass., would require that company compensation committee members be independent of company management.
The legislation now goes to the Senate.
