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US House panel nears exec pay action -Rep. Frank Thu Jul 16, 2009 12:35pm EDT WASHINGTON, July 16 (Reuters) - Representative Barney Frank, chairman of the U.S. House of Representatives Financial Services Committee, told reporters on Thursday that his panel will write and possibly vote in the last week of July on legislation concerning executive compensation. "We're going to be marking it up in July, in the last week," Frank, a Democrat, said, adding that a discussion draft of the bill will be circulating soon on Capitol Hill. He said, "It's 'say on pay,' and it's instruction to the SEC to not allow compensation schemes that do perverse incentives, or too much risk-taking." 'Say on pay' is a corporate governance reform long sought by investor advocates that would give shareholders more influence in setting corporate managers' pay packages. The U.S. Securities and Exchange Commission on July 1 proposed giving shareholders more say on pay at more than 500 large companies that have received taxpayer funds under the government's recent financial industry bailout program. (Reporting by Kevin Drawbaugh; Editing by Andrea Ricci)
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