Compensation reform not aimed at brokers, says Frank

The so-called say-on-pay legislation that the House Financial Services Committee is scheduled to act on tomorrow will apply to top brokerage executives, not stockbrokers, Committee Chairman Barney Frank, D-Mass., said today.
JUL 27, 2009
The so-called say-on-pay legislation that the House Financial Services Committee is scheduled to act on tomorrow will apply to top brokerage executives, not stockbrokers, Committee Chairman Barney Frank, D-Mass., said today. Mr. Frank's committee is scheduled to act Tuesday on legislation that would give shareholders a “say on pay” in the form of a nonbinding vote on compensation for top executives of publicly-traded companies. Mr. Frank made his remarks at a gathering at the National Press Club in Washington.

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