“We are deeply disappointed in the outcome of the House vote today. Federal intervention and mandated actions are no substitute for the individual relationships of shareholders and boards of directors. Once again, the search for a one-size-fits-all solution to executive compensation has taken us down the wrong path, potentially at the expense of long-term economic growth and job creation,” said John J. Castellani, President of Business Roundtable.
“Business Roundtable has a strong record of supporting corporate governance and has long supported pay for results and executive compensation transparency. Currently, shareholders are entitled to submit shareholder proposals requesting say on pay votes. This is in the best interest of both parties and has worked well without government mandates.”
“We remain concerned and encourage policy makers to take a more thoughtful and tailored approach with compensation issues.”