Independent Legal Counsel for the Compensation Committee under the 'Dodd-Frank Act'

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Independent Legal Counsel for the Compensation Committee under the 'Dodd-Frank Act'
Michael Melbinger via Winston & Strawn LLP

[Opinion]
July 14, 2010

Excerpt: For several years, investor advocates and the media have focused on the independence of the consultants to the Compensation Committee. Now, [a Section] of the Act adds new Sections ... to the Securities Exchange Act of 1934, which provide that the Compensation Committee of a Company's Board may only select a compensation consultant, legal counsel, or other adviser to the compensation committee after taking into consideration factors identified by the SEC.

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