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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Knighty Tin who wrote (246906)6/23/2003 11:58:09 PM
From: ild  Read Replies (1) of 436258
 
Shareholder Vote May Be Required
For Equity-Compensation Plans

By DEBORAH SOLOMON
Staff Reporter of THE WALL STREET JOURNAL

WASHINGTON -- Shareholders will be required to approve equity-compensation plans for all employees, officers and directors under a new market rule being considered by the Securities and Exchange Commission.

Companies that list on the major markets, including the New York Stock Exchange and the Nasdaq Stock Market, will be required to get shareholder approval of any plan that provides stock or options as compensation. Shareholders also will have to approve material revisions -- such as the repricing of stock options -- under the new rule, which still needs to be approved by the SEC. Markets such as the NYSE and Nasdaq set their own requirements for listing shares, but the SEC must approve them.

In a letter to NYSE-listed companies, the NYSE also said it would prohibit brokers from voting on these equity plans without the owner of the shares giving voting instructions. That could hurt corporations' ability to put in place equity-compensation plans since individual shareholders' views might differ from those of brokers, who tend to go along with management.
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online.wsj.com
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