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Say-on-Pay Vote Did Not Create Disclosure Obligation
Dodd-Frank.comLink to more items from this source
Mar. 10, 2015

"Insofar as plaintiff claims that [ARIAD Pharmaceuticals] was injured by the payment of compensation to officers, the claim fails to allege that the underlying corporate transaction (between ARIAD and the compensated executives) required shareholder approval. The proxy statement told the shareholders that their votes were sought on 'an advisory basis' with respect to executive compensation but told them that '[b]ecause your vote is advisory, it will not be binding on our Compensation Committee or our Board of Directors.' " [Liang v. Berger, No. 13-cv-12816-IT (D. Mass. Mar. 9, 2015)]

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