3.0.0 2861 2023-01-11T13:18:49Z 2023-01-11T13:18:49Z House H HR 2009-06-12 111 hsba00 Financial Services Committee House Standing Referred to 2009-06-12T13:02:45Z 2009-06-12 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2009-06-12 Introduced in House IntroReferral Intro-H 9 Library of Congress 2009-06-12 Introduced in House IntroReferral 1000 9 Library of Congress P000595 Rep. Peters, Gary C. [D-MI-9] Gary Peters D MI 9 N W000187 Rep. Waters, Maxine [D-CA-35] MAXINE WATERS D CA 35 2009-06-12 True D000355 Rep. Dingell, John D. [D-MI-15] JOHN DINGELL D MI D. 15 2009-06-12 True W000800 Rep. Welch, Peter [D-VT-At Large] Peter Welch D VT 0 2009-06-12 True H001032 Rep. Holt, Rush [D-NJ-12] RUSH HOLT D NJ D. 12 2009-06-12 True D000191 Rep. DeFazio, Peter A. [D-OR-4] PETER DEFAZIO D OR A. 4 2009-06-12 True C001037 Rep. Capuano, Michael E. [D-MA-8] MICHAEL CAPUANO D MA E. 8 2009-06-12 True M001154 Rep. Miller, Brad [D-NC-13] Brad Miller D NC 13 2009-06-16 False C001072 Rep. Carson, Andre [D-IN-7] Andre Carson D IN 7 2009-06-16 False S001145 Rep. Schakowsky, Janice D. [D-IL-9] JANICE SCHAKOWSKY D IL D. 9 2009-06-16 False H000627 Rep. Hinchey, Maurice D. [D-NY-22] MAURICE HINCHEY D NY D. 22 2009-07-07 False E000288 Rep. Ellison, Keith [D-MN-5] Keith Ellison D MN 5 2009-07-15 False Finance and Financial Sector Administrative law and regulatory procedures Banking and financial institutions regulation Business ethics Corporate finance and management Employee benefits and pensions Financial services and investments Fraud offenses and financial crimes Performance measurement Securities Securities and Exchange Commission (SEC) Wages and earnings Finance and Financial Sector 00 2009-06-12 Introduced in House 2009-09-18T15:28:14Z Shareholder Empowerment Act of 2009 - Amends the Securities Exchange Act of 1934 to direct the Securities and Exchange Commission (SEC) to prohibit national securities exchanges and associations from listing the securities of any issuer unless, to the extent permitted by state law, such issuer requires: (1) the election of directors who receive the majority of votes in uncontested elections or a plurality of votes in contested elections; and (2) directors who are not reelected to offer to tender their resignations.

Directs the SEC to: (1) require issuers to identify and provide security holders with an opportunity to vote on director candidates who have been nominated by holders of at least 1% of the issuer's voting securities for at least two years, provided security holders have nominated fewer than a majority of the directors then authorized to serve; (2) prohibit brokers from voting securities on an uncontested election to the board of directors without having received specific instructions from the securities' beneficial owners; and (3) requires listed issuers, to the extent possible, to have an independent chairman of their board of directors who has not served as an executive of the issuer.

Requires any proxy or consent or authorization for an annual or other meeting of a securities issuer to permit a separate shareholder vote on executive compensation, though such vote shall not be binding on its board of directors.

Directs the SEC to direct the national securities exchanges and national securities associations to prohibit: (1) issuers from retaining advisors in negotiating executive employment or compensation agreements that are not independent or are protected from liability by such issuers; (2) the listing of issuers that do not have a (clawback) policy of recovering executive payments that were unearned due to fraud, faulty financial statements, or some other cause; and (3) the listing of issuers that provide severance payments to senior executives who are terminated for poor performance.

Directs the SEC to require additional disclosure of specific performance targets issuers use in determining a senior executive's eligibility for bonuses, equity, and incentive compensation.

]]> Shareholder Empowerment Act of 2009 Display Title Shareholder Empowerment Act of 2009 Official Title as Introduced To amend the Securities Exchange Act of 1934 to provide for rules and standards relating to the election of boards of directors and certain requirements relating to compensation of executives. Introduced in House IH Short Titles as Introduced Shareholder Empowerment Act of 2009 Introduced in House 2009-06-12T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-111hr2861ih/xml/BILLS-111hr2861ih.xml 2009-06-12 Referred to the House Committee on Financial Services. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.