Proposed financial reform provisions relating to director elections, proxy access, board leadership structure, board risk committees, and broker voting will affect many public companies.
In response to the severe and prolonged recession, a major financial crisis, the near collapse of our banking system, and increased corporate and financial scrutiny by regulators and the public, both houses of Congress have undertaken the ambitious goal of sweeping financial reform. On December 12, 2009, the U.S. House of Representatives passed the Wall Street Reform and Consumer Protection Act of 2009, and on May 20, 2010, the U.S. Senate passed the Restoring American Financial Stability Act of 2010. The bills are in the process of reconciliation by a House-Senate conference committee. On June 10, 2010, Senate Banking Committee Chairman Chris Dodd presented a working draft of the conference committee’s compromise bill, modeled primarily on the Senate bill. A final bill is expected to be presented to President Obama by July 4, 2010.
See full Note, in pdf format.
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