Securities Law News

Commenters Split on SEC Incentive Clawback Proposal

Sept. 16, 2015, 4:00 AM

Commenters appear as divided as Securities and Exchange commissioners do on an agency proposal to require public companies to claw back executives’ incentive-based compensation that was wrongly awarded.

The agency voted July 1, over the dissent of Republican Commissioners Daniel Gallagher and Michael Piwowar, to propose the rule, which would require companies to recover compensation paid to certain executives in excess of what should have been paid under an accounting restatement 47 SRLR 1330, 7/6/15, 105 BBR 11, 7/7/15, 127 Banking Daily, 7/2/15, 127 SLD, 7/2/15, See previous story, 07/02/15.

It would apply to “executive officers,” defined as the president, chief financial officer, chief accounting officer, any...

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