行政補償后的執(zhí)行刺激法案時代【外文翻譯】

1、外文翻譯外文翻譯外文：外文：ThePostStimulusBillEraofExecutiveCompensationPaulJ.SchneiderJDLLMFmethanaquartercenturyexcessiveexecutivecompensationhasbeenthesubjectofpublicconcernregulatylegislativeresponses.Measuresattemptingtoreininex

2、ecutivecompensationhaverangedfrom“beefedup“proxystatementdisclosurestovariousfmsoftaxdisincentives.Noneofthesemeasureshashadmuchofaneffectincurbingtheannualincreasesinexecutivecompensation.Mostrecentlythefailureofexecuti

3、vecompensationtobealignedwithcpateperfmancewasbroughttothepublicsattentionaspartoftheeconomicmeltdownofthefinancialservicesindustryin2008.TheresultingeffectsofthismeltdownontheUnitedStatesthewldeconomiessuchasthefreezing

4、ofthecreditmarketsthebankruptcyofLehmanBrothersthenearfailureofAIGhavebeenunprecedentedintermsoftheirspeedbreadth.^ConsequentlyitisnotsurprisingthatexecutivecompensationwasatthefefrontoftheconcernsthatCongresshadwhenitbe

5、ganthinkingaboutrestrictionsthatneededtobeimposedonthefinancialinstitutionsthatagreedtotakethebailoutfundsmadeavailablebythefederalgovernment.SinceOctober32008thedateonwhichtheTroubledAssetRelief。Program(TARP)wasestablis

6、hedaspartoftheEmergencyEconomicStabilizationActof2008(EESA)CongresstheWhiteHouseeachhaveissuedlegislationguidelinesregulatingthetimingfmamountofcompensationthatcanbepaidtoexecutivesemployedbyfinancialotherinstitutionsrec

7、eivinggovernmentassistanceunderTARP.HoweverthemostsignificantlegislativeactiontodatehasbeentheenactmentoftheAmericanRecoveryReinvestmentActof2009(the“stimulusbill“)onFebruary172009.Inadditiontoprovidingamassivefederalspe

8、ndingprogramfenergytransptationinfrastructureeducationhealthcareprojectsthestimulusbillexpstheEESAexecutivecompensationrequirementsrepresentsanamalgamationofthoseEESArequirementsaswellaspriTreasuryguidanceanumberofpropos

9、edexecutivecompensationlimitationsannouncedbytheTreasuryDepartmentonFebruary42009.TheapplicationofthestimulusbillsexecutivecompensationrestrictionsislimitedtoanyentitythathasreceivedwillreceivefinancialassistanceunderTAR

10、P(a“TARPrecipient“)generallywillcontinuetoapplyfaslongasanyobligationarisingfromthefinancialassistanceprovidedunderTARPisstill$500000CompensationDeductionLimitThestimulusbillretainstheannualtaxdeductionlimitof$500000ofco

11、mpensationpaidtoanSEOasiginallyenactedunderEESA(SectionI62(m)(5)oftheInternalRevenueCode)toapplytoallTARPrecipientsduringtheTARPrestrictionperiodwithnoexceptionsfperfmancebasedcompensationstockoptions.^LimitationonLuxury

12、ExpendituresTheboardofdirectsofeachTARPrecipientmustadoptacompanywidepolicyregardingexcessiveluxuryexpendituresasidentifiedbytheSecretaryoftheTreasurywhichmayincludeenrertainmenteventsofficefacilityrenovationsaviationoth

13、erpersonaltransptationservices.ClawbackRightsThestimulusbillallowsfallTARPrecipientstorecoveranybonusretentionawardincentivecompensationpaidtothefiveSEOsanyofthenext20mosthighlycompensatedemployeesasaresultofanystatement

14、ofearningsrevenuesgainsothercriteriathataresubsequentlyfoundtobemateriallypensationCommitteeRequirementsThestimulusbillrequireseachTARPrecipienttoestablishaboardcompensationcommitteethatiscomposedentirelyofindependentdir

15、ectsfthepurposeofreviewingemployeecompensationplans.ThiscompensationcommitteemustmeetatleastsemiannuallytodiscusstoevaluatethecompanyscompensationplansindertodetermineifanyriskisposedtotheTARPrecipientbysuchplans.Certifi

16、cationRequirementTheCEOCFOofeachTARPrecipienrmustprovideawrittencertificationofcompliancewiththeexecutivecompensationrequirementsimposedbythestimulusbillotherthanthelimitationonluxuryexpenditures.Inthecaseofapubliclytrad

17、edcompanythecertificationisprovidedtotheSECtogetherwiththeannualfilingsrequiredunderthesecuritieslaws.AnonpubliclytradedcompanymustprovidethecertificationtotheSecretaryoftheTreasurySayonPayThestimulusbillrequireseachTARP

18、recipienttoprovideitsshareholderswithanannualnonbindingshareholdervotetoapprovetheexecutivecompensationoftheSEOsasrequiredtobedisclosedpursuanttotheSECcompensationdisclosurerules.?PaulJ.SchneiderJDLLMissenicounseltoPaisn