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CCH Issues New White Paper: Stimulus Act Imposes Corporate Governance and Compensation Mandates
(RIVERWOODS, ILL., February 16, 2009) – Companies are only now discovering some of the strings that are attached to government aid under the Troubled Assets Relief Program (TARP), according to CCH. CCH Principal Securities Law Analyst Jim Hamilton, JD, has authored a new white paper, Stimulus Act Imposes Corporate Governance and Compensation Mandates, bringing together the wide range of new restrictions placed on companies participating in TARP by provisions in the just passed American Recovery and Reinvestment Act of 2009. CCH is part of Wolters Kluwer Law & Business, a leading provider of research information and software solutions in key specialty areas for legal and business professionals (business.cch.com).
In the white paper, Hamilton details the many provisions that now attach to the receipt of TARP funds: compensation and incentive restrictions; a shareholder advisory vote on executive pay; requirements for the compensation committee; retroactive compensation reviews; repayment of TARP funds; governance and compensation standards; luxury expenditures; and acquisition losses.
“The executive compensation restrictions were inserted into the stimulus legislation by Senate Banking Committee Chair Christopher Dodd. The restrictions are more stringent than those recently promulgated by the Treasury, setting up conflicting regimes,” Hamilton said.
Hamilton is a prolific blogger on current issues in the securities field. Jim Hamilton’s World of Securities Regulation can be found at http://jimhamiltonblog.blogspot.com/. He has written and spoken extensively on federal securities law and has been cited as an authority by a federal court. His analysis of the Sarbanes-Oxley Act, the Sarbanes-Oxley Manual: A Handbook for the Act and SEC Rules, is considered a definitive explanation of the Act. In addition to his many books and articles, Hamilton serves as a leading contributor to the industry-standard publication, the CCH Federal Securities Law Reporter.
This latest white paper from Hamilton is one of a series of pieces he has authored on new developments in securities law.
For More Information
For other white papers authored by Hamilton, visit financialcrisisupdate.com/CCH_resources.html, or visit his blog at http://jimhamiltonblog.blogspot.com/. For additional CCH resources on the American Recovery and Reinvestment Act of 2009, visit http://tax.cchgroup.com/Legislation/.
About Wolters Kluwer Law & Business
Wolters Kluwer Law & Business is a leading provider of research products and software solutions in key specialty areas for legal and business professionals, as well as casebooks and study aids for law students. Its major product lines include Aspen Publishers, CCH, Kluwer Law International and Loislaw. Its markets include law firms, law schools, corporate counsel and professionals requiring legal and compliance information. Wolters Kluwer Law & Business, a unit of Wolters Kluwer, is based in New York City and Riverwoods, Ill.
Wolters Kluwer is a leading global information services and publishing company. The company provides products and services globally for professionals in the health, tax, accounting, corporate, financial services, legal and regulatory sectors. Wolters Kluwer has annual revenues (2007) of €3.4 billion ($4.8 billion), maintains operations in over 33 countries across Europe, North America and Asia Pacific and employs approximately 19,500 people worldwide. Wolters Kluwer is headquartered in Amsterdam, the Netherlands. For more information, visit www.wolterskluwer.com.
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EDITORS’ NOTE: CCH analysts are available to discuss tax, banking and securities aspects of the financial rescue plan. Please contact: Leslie Bonacum (847-267-7153 or firstname.lastname@example.org); Neil Allen (847-267-2179 or email@example.com); or Brenda Au (847-267-2046 or firstname.lastname@example.org).
To access CCH resources on the plan, please visit cch.com/rescue. This site will be updated with new information, including briefings and white papers, on an ongoing basis.
This white paper is also available on the CCH Financial Crisis News Center, a one-stop, online resource for tracking legal and financial developments related to the ongoing financial crisis. Click on the “CCH Subscriber Resources” tab.