H R 1257 in Congressional Session 110

Official Summary

 

Bill Number : H R 1257

 

Title : To amend the Securities Exchange Act of 1934 to provide shareholders with an advisory vote on executive compensation.

 

SUMMARY AS OF:
4/20/2007--Passed House amended.    (There are 2 other summaries) Shareholder Vote on Executive Compensation Act - Amends the Securities Exchange Act of 1934 to require a proxy, consent, or authorization for a shareholder meeting occurring on or after January 1, 2009, to permit a separate shareholder vote to approve executive compensation. States that such shareholder vote shall not be binding on the corporation or board of directors, nor construed: (1) as overruling a board decision; (2) to create or imply additional fiduciary duty by such board; (3) to restrict or limit shareholder ability to make proposals for inclusion in proxy materials related to executive compensation. Requires proxy solicitation material for a shareholder meeting occurring on or after January 1, 2009, concerning disposition of substantially all of an issuer's assets, to disclose compensation agreements or understandings with principal executive officers of either the issuer, or acquiring issuer, regarding (golden parachute) compensation which: (1) relates to such disposition; and (2) has not been subject to a shareholder vote. Provides that proxy solicitation material containing such executive compensation disclosures shall require a separate shareholder vote to approve such agreements or understandings. States such a shareholder vote shall not be binding on the corporation or the board of directors, nor construed: (1) as overruling a board decision; (2) to create or imply additional fiduciary duty by such board; (3) to constrain shareholder ability to make proposals for inclusion in proxy materials related to executive compensation.

Votes

Title : To amend the Securities Exchange Act of 1934 to provide shareholders with an advisory vote on executive compensation.
Votes in the US Senate
This Bill was not Voted in the US Senate
Votes in the US House
Roll NumberVote DateQuestionDescriptionVote Result
2442007-04-20On Passage nbsp;P
2432007-04-20On Motion to Recommit with Instructions nbsp;F

Sponsors

 
Congressional Sponsors of H R 1257
 
Bill Number : H R 1257
Title : To amend the Securities Exchange Act of 1934 to provide shareholders with an advisory vote on executive compensation.
Sponsor: Rep Frank, Barney [MA-4] (introduced 3/1/2007)      
ALPHABETICAL [followed by Cosponsors withdrawn]:     (Sort: by date)

    Rep Ackerman, Gary L. [NY-5] - 3/1/2007

    Rep Baca, Joe [CA-43] - 3/1/2007

    Rep Carson, Julia [IN-7] - 3/7/2007

    Rep Clay, Wm. Lacy [MO-1] - 3/1/2007

    Rep Cleaver, Emanuel [MO-5] - 3/1/2007

    Rep Cooper, Jim [TN-5] - 3/1/2007

    Rep DeFazio, Peter A. [OR-4] - 3/1/2007

    Rep Ellison, Keith [MN-5] - 3/1/2007

    Rep Green, Al [TX-9] - 3/1/2007

    Rep Gutierrez, Luis V. [IL-4] - 3/1/2007

    Rep Kanjorski, Paul E. [PA-11] - 3/1/2007

    Rep Lantos, Tom [CA-12] - 3/1/2007

    Rep Lynch, Stephen F. [MA-9] - 3/7/2007

    Rep Maloney, Carolyn B. [NY-14] - 3/7/2007

    Rep Marshall, Jim [GA-8] - 3/7/2007

    Rep Meeks, Gregory W. [NY-6] - 3/7/2007

    Rep Miller, Brad [NC-13] - 3/1/2007

    Rep Miller, George [CA-7] - 3/1/2007

    Rep Moore, Gwen [WI-4] - 3/7/2007

    Rep Perlmutter, Ed [CO-7] - 3/1/2007

    Rep Rangel, Charles B. [NY-15] - 3/1/2007

    Rep Scott, David [GA-13] - 3/1/2007

    Rep Sherman, Brad [CA-27] - 3/1/2007

    Rep Sires, Albio [NJ-13] - 3/1/2007

    Rep Velazquez, Nydia M. [NY-12] - 3/1/2007

    Rep Wilson, Charles A. [OH-6] - 3/1/2007

    Rep Woolsey, Lynn C. [CA-6] - 3/1/2007

Other Info

Bill Number : H R 1257
Title : To amend the Securities Exchange Act of 1934 to provide shareholders with an advisory vote on executive compensation.
 
MAJOR ACTIONS:
 
3/1/2007 Introduced in House
 
4/16/2007 Reported (Amended) by the Committee on Financial Services. H. Rept. 110-88.
 
4/20/2007 Passed/agreed to in House: On passage Passed by recorded vote: 269 - 134 (Roll no. 244).
 
4/23/2007 Referred to Senate committee: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
 
ALL ACTIONS:
 
3/1/2007:Referred to the House Committee on Financial Services.
 
3/8/2007:Committee Hearings Held.
 
3/21/2007:Committee Consideration and Mark-up Session Held.
 
3/28/2007:Committee Consideration and Mark-up Session Held.
 
3/28/2007:Ordered to be Reported (Amended) by the Yeas and Nays: 37 - 29.
 
4/16/2007 4:26pm:Reported (Amended) by the Committee on Financial Services. H. Rept. 110-88.
 
4/16/2007 4:26pm:Placed on the Union Calendar, Calendar No. 53.
 
4/17/2007 6:27pm:Rules Committee Resolution H. Res. 301 Reported to House. Rule provides for consideration of H.R. 1257 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Specified amendments are in order. All points of order against consideration of the bill are waived except those arising under clause 9 or 10 of rule XXI. It shall be in order to consider as an original bill for the purpose of amendment under the five-minute rule the amendment in the nature of a substitute recommended by the Committee on Financial Services now printed in the bill.
 
4/18/2007 2:14pm:Rule H. Res. 301 passed House.
 
4/18/2007 5:19pm:Considered under the provisions of rule H. Res. 301. (consideration: CR H3530-3550; text of measure as reported in House: CR H3539)
 
4/18/2007 5:19pm:Rule provides for consideration of H.R. 1257 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Specified amendments are in order. All points of order against consideration of the bill are waived except those arising under clause 9 or 10 of rule XXI. It shall be in order to consider as an original bill for the purpose of amendment under the five-minute rule the amendment in the nature of a substitute recommended by the Committee on Financial Services now printed in the bill.
 
4/18/2007 5:20pm:House resolved itself into the Committee of the Whole House on the state of the Union pursuant to H. Res. 301 and Rule XVIII.
 
4/18/2007 5:20pm:The Speaker designated the Honorable Anthony D. Weiner to act as Chairman of the Committee.
 
4/18/2007 5:20pm:GENERAL DEBATE - The Committee of the Whole proceeded with one hour of general debate on H.R. 1257.
 
4/18/2007 6:28pm:DEBATE - The Committee of the Whole proceeded with debate on the Bachus amendment uner the five-minute rule.
 
4/18/2007 6:33pm:DEBATE - The Committee of the Whole proceeded with debate on the Roskam amendment under the five-minute rule.
 
4/18/2007 6:36pm:DEBATE - The Committee of the Whole proceeded with debate on the Jackson-Lee amendment under the five-minute rule.
 
4/18/2007 6:40pm:DEBATE - The Committee of the Whole proceeded with debate on the Sessions amendment under the five-minute rule.
 
4/18/2007 7:00pm:POSTPONED PROCEEDINGS - At the conclusion of debate on the Sessions amendment, the Chair put the question on adoption of the amendment and by voice vote, announced that the noes had prevailed. Mr. Sessions demanded a recorded vote and the Chair postponed further proceedings on the question of adoption of the amendment until a later time.
 
4/18/2007 7:01pm:DEBATE - The Committee of the Whole proceeded with debate on the Garrett amendment under the five-minute rule.
 
4/18/2007 7:19pm:POSTPONED PROCEEDINGS - At the conclusion of debate on the Garrett amendment, the Chair put the question on adoption of the amendment and by voice vote, announced that the noes had prevailed. Mr. Garrett demanded a recorded vote and the Chair postponed further proceedings on the question of adoption of the amendment until a later time.
 
4/18/2007 7:20pm:DEBATE - The Committee of the Whole proceeded with debate on the Campbell amendment under the five-minute rule.
 
4/18/2007 7:34pm:POSTPONED PROCEEDINGS - At the conclusion of debate on the Campbell amendment, the Chair put the question on adoption of the amendment and by voice vote, announced that the noes had prevailed. Mr. Campbell demanded a recorded vote and the Chair postponed further proceedings on the question of adoption of the amendment until a later time.
 
4/18/2007 7:35pm:DEBATE - The Committee of the Whole proceeded with debate on the McHenry amendment under the five-minute rule.
 
4/18/2007 8:00pm:POSTPONED PROCEEDINGS - At the conclusion of debate on the McHenry amendment, the Chair put the question on adoption of the amendment and by voice vote, announced that the noes had prevailed. Mr. McHenry demanded a recorded vote and the Chair postponed further proceedings on the question of adoption of the amendment until a later time.
 
4/18/2007 8:01pm:Mr. Frank (MA) moved that the Committee rise.
 
4/18/2007 8:01pm:On motion that the Committee rise Agreed to by voice vote.
 
4/18/2007 8:01pm:Committee of the Whole House on the state of the Union rises leaving H.R. 1257 as unfinished business.
 
4/20/2007 9:15am:Considered as unfinished business. (consideration: CR H3699-3714)
 
4/20/2007 9:15am:The House resolved into Committee of the Whole House on the state of the Union for further consideration.
 
4/20/2007 9:16am:DEBATE - The Committee of the Whole proceeded with debate on the Price of Georgia amendment under the five-minute rule.
 
4/20/2007 9:34am:POSTPONED PROCEEDINGS - At the conclusion of debate on the Price of Georgia amendment, the Chair put the question on adoption of the amendment and by voice vote, announced that the noes had prevailed. Mr. Price of Georgia demanded a recorded vote and the Chair postponed further proceedings on the question of adoption of the amendment until a later time.
 
4/20/2007 9:36am:DEBATE - The Committee of the Whole proceeded with debate on the Putnam amendment under the five-minute rule.
 
4/20/2007 9:54am:POSTPONED PROCEEDINGS - At the conclusion of debate on the Putnam amendment, the Chair put the question on adoption of the amendment and by voice vote, announced that the noes had prevailed. Mr. Putnam demanded a recorded vote and the Chair postponed further proceedings on the question of adoption of the amendment until a later time.
 
4/20/2007 9:55am:DEBATE - The Committee of the Whole proceeded with debate on the Price of Georgia amendment under the five-minute rule.
 
4/20/2007 10:16am:POSTPONED PROCEEDINGS - At the conclusion of debate on the Price of Georgia amendment, the Chair put the question on adoption of the amendment and by voice vote, announced that the ayes had prevailed. Mr. Frank demanded a recorded vote and the Chair postponed further proceedings on the question of adoption of the amendment until a later time.
 
4/20/2007 11:28am:The House rose from the Committee of the Whole House on the state of the Union to report H.R. 1257.
 
4/20/2007 11:29am:The previous question was ordered pursuant to the rule.
 
4/20/2007 11:29am:The House adopted the amendment in the nature of a substitute as agreed to by the Committee of the Whole House on the state of the Union.
 
4/20/2007 11:30am:Mr. Feeney moved to recommit with instructions to Financial Services.
 
4/20/2007 11:30am:DEBATE - The House proceeded with ten minutes of debate on the motion to recommit with instructions on H.R. 1257. The instructions contained in the motion seek to require the bill to be reported back to the House with an amendment inserting a new paragraph providing a clarification on the non-binding nature of the vote.
 
4/20/2007 11:38am:The previous question on the motion to recommit with instructions was ordered without objection. (consideration: CR H3712-3713)
 
4/20/2007 11:56am:On motion to recommit with instructions Failed by the Yeas and Nays: 184 - 222 (Roll no. 243). (consideration: CR H3712-3713; text: CR H3712)
 
4/20/2007 12:05pm:On passage Passed by recorded vote: 269 - 134 (Roll no. 244).
 
4/20/2007 12:05pm:Motion to reconsider laid on the table Agreed to without objection.
 
4/23/2007:Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.