Business Roundtable Statement on House Vote on Corporate and Financial Institution Compensation Fairness Act of 2009.WASHINGTON -- "We are deeply disappointed in the outcome of the House vote today. Federal intervention Federal intervention (Spanish: Intervención federal) is an attribution of the federal government of Argentina, by which it takes control of a province in certain extreme cases. Intervention is declared by the President with the assent of the National Congress. and mandated actions are no substitute for the individual relationships of shareholders and boards of directors. Once again, the search for a one-size-fits-all solution to executive compensation has taken us down the wrong path, potentially at the expense of long-term economic growth and job creation," said John J. Castellani, President of Business Roundtable Business Roundtable (BRT), an association consisting of the chief executive officers of major U.S. corporations that was founded in 1972 through the merger of the three preexisting business organizations. . "Business Roundtable has a strong record of supporting corporate governance Corporate Governance The relationship between all the stakeholders in a company. This includes the shareholders, directors, and management of a company, as defined by the corporate charter, bylaws, formal policy, and rule of law. and has long supported pay for results and executive compensation transparency. Currently, shareholders are entitled en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: to submit shareholder proposals requesting say on pay votes. This is in the best interest of both parties and has worked well without government mandates." "We remain concerned and encourage policy makers to take a more thoughtful and tailored approach with compensation issues." Business Roundtable is an association of chief executive officers of leading U.S. companies with more than $5 trillion in annual revenues and nearly 10 million employees. Member companies comprise nearly a third of the total value of the U.S. stock markets and pay nearly half of all corporate income taxes paid to the federal government. Annually, they return $133 billion in dividends to shareholders and the economy. Business Roundtable companies give more than $7 billion a year in combined charitable contributions charitable contribution n. in taxation, a contribution to an organization which is officially created for charitable, religious, educational, scientific, artistic, literary, or other good works. , representing nearly 60 percent of total corporate giving. They are technology innovation leaders, with more than $70 billion in annual research and development spending - more than a third of the total private R&D spending in the U.S. Please visit us at www.businessroundtable.org, check us out on Facebook and LinkedIn and follow us on Twitter A Web site and service that lets users send short text messages from their cellphones to a group of friends. Launched in 2006, Twitter (www.twitter.com) was designed for people to broadcast their current activities and thoughts. . |
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