Wall Street reform: What does it mean for public companies?
Abstract: The Dodd-Frank Wall Street Reform and Consumer Protection Act focuses on reforms to the financial services industry, but it also makes several significant changes that affect public companies in general. This article summarizes some of these changes related to proxy access, executive compensation, clawbacks and compensation committee independence. And it provides action steps for companies to take now. A sidebar explains that Dodd-Frank permanently exempts smaller public companies from Sec. 404(b)’s mandate that management evaluate the adequacy of its internal controls over financial reporting.