Tag Archives: Acting SEC Chair Michael Piwowar

Letter from six senators challenges authority of Acting SEC Chair on conflict minerals no-action position

by Cydney Posner

It’s not only the NGOs that have expressed their dismay at the no-action position taken by Corp Fin and Acting SEC Chair Michael Piwowar with regard to compliance by companies with the conflict minerals rule. In this April 26 letter, six U.S. Senators express their doubt about the “legal basis” for the Acting Chair’s “unilateral move” to halt enforcement of the rule. Continue reading

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Filed under Corporate Governance

Dodd-Frank pay-ratio disclosure rules to be reconsidered — pencils down for now?

by Cydney Posner

Today, Acting SEC Chair Michael Piwowar issued yet another statement directing the Corp Fin staff to revisit the pay-ratio disclosure rules.  Of the non-bank related mandates imposed by Dodd-Frank, disclosures regarding resource extraction payments, conflict minerals and pay ratio were the provisions that seemed to elicit the greatest ire from the business community.  With resource extraction payment disclosure rules now almost out of the picture — the President still must sign off — as a result of action under the Congressional Review Act (see this PubCo post), and Piwowar having already reopened for review Corp Fin’s 2014 Guidance on conflict minerals (see this PubCo post), all that remained of the low-hanging fruit was the pay-ratio provision.  Continue reading

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Filed under Executive Compensation, Securities