Union Calendar No. 268
116th CONGRESS 1st Session |
[Report No. 116–337]
To ensure that irresponsible corporate executives, rather than shareholders, pay fines and penalties.
September 12, 2019
Ms. Porter introduced the following bill; which was referred to the Committee on Financial Services
December 11, 2019
Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed
[Strike out all after the enacting clause and insert the part printed in italic]
[For text of introduced bill, see copy of bill as introduced on September 12, 2019]
To ensure that irresponsible corporate executives, rather than shareholders, pay fines and penalties.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
This Act may be cited as the “Corporate Management Accountability Act of 2019”.
SEC. 2. Fine, penalty, and settlement accountability.
(a) Definitions.—In this section—
(2) the term “covered fine or similar penalty”—
(3) the term “issuer” has the meaning given the term in section 3(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a));
(4) the term “named executive officer”—
(5) the term “reporting company” means an issuer—
(A) the securities of which are registered under section 12 of the Securities Exchange Act of 1934 (15 U.S.C. 78l); or
(B) that is required to file reports under section 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78o(d)).
(b) Requirement To issue rules.—Not later than 360 days after the date of enactment of this Act, the Commission shall issue final rules to require each reporting company, in each annual report submitted under section 13 or section 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m and 78o(d)), or in each proxy statement filed pursuant to section 14(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78n(a)) for an annual meeting of shareholders, to—
(1) disclose whether the reporting company, in order to align the incentives of those managing the reporting company with the incentives of the shareholders of the reporting company, has established procedures to recoup from compensation paid to, and to withhold from future compensation paid to, any named executive officer all or a portion of the cost of any covered fine or similar penalty that has been paid by the reporting company;
Union Calendar No. 268 | |||||
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[Report No. 116–337] | |||||
A BILL | |||||
To ensure that irresponsible corporate executives, rather than shareholders, pay fines and
penalties. | |||||
December 11, 2019 | |||||
Reported with an amendment, committed to the Committee of the Whole House on the State of the
Union, and ordered to be printed |