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On July 31, 2009, the U.S. House of Representatives approved the Corporate and Financial Institution Compensation Fairness Act of 2009, which would require a non-binding say-on-pay vote on executive compensation packages for all publicly traded companies, and would enhance the compensation committee independence standards for all companies listed on a national securities exchange.

Pryor Cashman Corporate Associate Michael T. Campoli has written an informative Legal Update about the legislation entitled "House Approves Legislation Requiring Say-on-Pay and Compensation Committee Independence." To read the update, please click here.