2009-2010 Corporate Governance Reforms

February 26, 2010

The pace over the past year of legislation and administrative and executive activity designed to reform the corporate governance landscape has been dizzying. However, those in the driver’s seat, including the U.S. Congress, the SEC and the Treasury Department, expect public companies to be prepared when the reforms become effective.

In order to assist those who will be impacted by pending and recently adopted reforms, including our clients, McGuireWoods’ corporate governance team has created the 2009-2010 Corporate Governance Reforms Chart, that provides information on:

  • Pending federal legislation, selected state statutes, and proposed and recently adopted rules of the SEC (including the Proxy Disclosure Enhancements that go into effect Feb. 28, 2010).
  • Legislative sponsors of the reforms.
  • Governance areas impacted by the legislation, statutes and rules.
  • Status of these reforms.

The chart is organized into the three areas impacted most significantly by the reforms: (1) executive compensation, (2) boards of directors, and (3) proxy access. Within these broader categories, the chart is further divided by subtopics such as say-on-pay, golden parachutes, compensation consultant independence, board declassification, enhanced director and nominee disclosure, and shareholder nominations. Links in the chart will facilitate navigation.

In addition to providing reference tools like the Governance Reforms Chart as a service to interested governance professionals, McGuireWoods regularly assists clients in complying with their corporate governance and public reporting obligations. We actively monitor developments and participate in legislative activities relating to the issues discussed above. We are ready to assist you with preparing to respond to any changes in the corporate governance area.