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15 U.S.C. § 78n–2 — Corporate governance

submitted 92 years ago by Pub. L. 111-203 to r/title-15-COMMERCE-AND-TRADE · 80 words · no verdicts yet

in plain englishAI-generated · not legal advice

The SEC must issue a rule within 180 days of July 21, 2010. The rule requires companies to explain a choice in their annual proxy. They must say why they picked the same person, or different people, as board chairman and chief executive.

Within 180 days after July 21, 2010, the Commission must write a rule. The rule makes an issuer explain, in its annual proxy sent to investors, why it chose one of two setups: (1) The same person serves as both chairman of the board of directors and chief executive officer (or the equivalent titles); or (2) Different people hold those two jobs — one is chairman of the board, and someone else is chief executive officer (or an equivalent position). Either way, the issuer must state its reasons for using that setup.
the actual law source: uscode.house.gov ↗public domain

Not later than 180 days after July 21, 2010, the Commission shall issue rules that require an issuer to disclose in the annual proxy sent to investors the reasons why the issuer has chosen—

(1)

the same person to serve as chairman of the board of directors and chief executive officer (or in equivalent positions); or

(2)

different individuals to serve as chairman of the board of directors and chief executive officer (or in equivalent positions of the issuer).

Source credit: (June 6, 1934, ch. 404, title I, § 14B, as added Pub. L. 111–203, title IX, § 972, July 21, 2010, 124 Stat. 1915.)

history & why it existsrecord from the source credit
  • 1934Enacted · Pub. L. 111-203 · 124 Stat. 1915

A history note hasn’t been published yet. The record shows enactment by Pub. L. 111-203 on 1934-06-06.

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