Oxley opposes compensation bill

Michael G. Oxley, former U.S. representative and the co-author of the Sarbanes-Oxley corporate reform act, opposes a bill sponsored by Rep. Barney Frank, D-Mass., that would require companies to have an annual non-binding vote on executive compensation, according to Crain’s Pensions & Investments.
“I don’t think it is a good idea,” Mr. Oxley said in an interview following his speech Thursday at a Chicago corporate governance conference sponsored by the law firm of Foley & Lardner, according to sister publication Pensions & Investments.
“The SEC reform (providing for more executive pay disclosure) is just coming into play,” Mr. Oxley said. “The bill is putting the cart before the horse.
It (the new SEC disclosure rule) needs a chance to work itself out” in the market.
Mr. Oxley, who retired from Congress in January, will join the law firm of Baker Hostetler as an attorney effective March 12, he said.