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SEC Final Regs Will Change the Way Compensation Committees Work with Outside Counsel
Winston & Strawn LLP Link to more items from this source
June 25, 2012
"The SEC's final rules do not require a Compensation Committee to retain independent legal counsel. However, the SEC rule provides that a Compensation Committee is required to conduct the independence assessment ... with respect to any compensation consultant, legal counsel or other adviser that provides advice to the compensation committee, other than in-house legal counsel. Wow. In corporate America, most Compensation Committees still seek and receive advice from executive compensation partners at the company's regular corporate law firm. Many Compensation Committees have retained independent legal counsel in recent years, but certainly not the majority of them. Those Compensation Committees who have not retained independent legal counsel will need to grapple with [questions discussed in this article], just as they once did for their compensation consultant."

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