Independence Day for Compensation Committees: Advisor Independence Assessment Required as of July 1st

10 June 2013
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  • Beginning July 1, 2013, the compensation committees of companies listed on the NYSE and NASDAQ must, prior to retaining or receiving the advice of any compensation, legal or other advisor, consider the advisor's independence and any advisor conflicts of interest.
  • The committee must also have the authority to retain and oversee the work of its own independent compensation consultants, lawyers, and other advisors.