Morgan Stanley, Goldman & JPMorgan to Recommend Votes on Executive Pay
Morgan Stanley (NYSE:MS), JPMorgan Chase (NYSE:JPM) and Goldman Sachs (NYSE:GS) are soon expected to enact annual shareholder votes on executive salaries, according to The Wall Street Journal.
While Citigroup (NYSE:C), Wells Fargo (NYSE:WFC) and Bank of America (NYSE:BAC) have already said they support the vote, the other financial giants are expected to recommend the move in coming proxy statements through the Securities and Exchange Commission, the paper said, citing people familiar with the matter.
The Dodd-Frank financial-overhaul bill signed into law last year requires a say-on-pay vote at least every three years at most major U.S. companies.
Many have already implemented such procedures, including Accenture (NYSE:ACN), Toll Brothers (NYSE:TOL) and Qualcomm (NASDAQ:QCOM).