The House Committee on Financial Services got input on Friday from two panels regarding the issue of executive compensation oversight.
The Dodd-Frank Wall Street Reform and Consumer Protection Act specified a number of provisions regarding executive compensation and risk-taking. Testimony at the hearing touched on several of these as witnesses provided suggestions and information.
Testifying on the first panel were Scott Alvarez, general counsel of the Board of Governors of the Federal Reserve System; Meredith Cross, director of the Division of Corporation Finance, U.S. Securities and Exchange Commission; and Marc Steckel, associate director of the Division of Insurance and Research, Federal Deposit Insurance Corporation. Martin Baily, senior fellow at The Brookings Institution; and Darla Stuckey, senior vice president for policy and advocacy at the Society of Corporate Secretaries and Governance Professionals, made up the second panel.
Alvarez testified in part about the guidance on incentive compensation proposed by the Fed in 2009, and also detailed the review requirements for companies to evaluate their own incentive compensation structures.
Cross mentioned that the SEC has instituted e-mail boxes on the SEC’s website to allow “interested parties” to make preliminary comments prior to the start of the official comments period.