The SEC’s final rule on Pay Versus Performance becomes effective on October 8, 2022, and will require new executive compensation disclosures for the upcoming proxy season (for annual proxy statements that include executive compensation disclosure for fiscal years ending on or after December 16, 2022). The new rule implements a requirement of the 2010 Dodd-Frank Act that public companies disclose “a clear description” of compensation paid to their top executives, including information “showing the relationship between executive compensation actually paid and the financial performance of the issuer.”
Rebecca Fishbein is an associate in the Labor & Employment Department and a member of the Employee Benefits & Executive Compensation Group.
Rebecca earned her J.D. from Columbia Law School and her B.A. from Wellesley College. During law school, she was a member of the Mediation Clinic and a teaching assistant for the Negotiation Workshop. She also served as an editor for the Columbia Journal of Law & the Arts. In the employee benefits area, Rebecca’s practice focuses on all issues impacting multiemployer benefit plans and plan fiduciaries. She provides day-to-day to advice to boards of trustees and plan administrators on matters pertaining to plan administration, design and qualification, and compliance with applicable law. In addition, she advises on compensation and benefits in corporate transactions.
On July 27, 2022, the U.S. Department of Labor (the “DOL”) issued notice of a proposed amendment (the “Proposed Amendment”) to Prohibited Transaction Class Exemption 84-14 (which is commonly referred to as the “QPAM Exemption”) that would (as described in more detail below) significantly amend certain of the exemption’s conditions, including:
- increasing the equity/net worth