Under Dodd-Frank, corporate entities must establish uniform standards on compensation committees and the independence of compensation advisors. The proposed rules from NYSE and Nasdaq are relatively compatible with the minimum requirements, but Nasdaq went a little further.
Nasdaq will require issuers to have a separate compensation committee, and Nasdaq issuers’ compensation committees may need to have procedures in place for examining the independence of compensation consultants and outside legal counsel within as little as 45 days, according to the brief.
The U.S. Securities and Exchange Commission has 45 days to review the proposed rules, and it is expected the rules will pass as proposed.
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