No caps on US corporate pay

06-11-2009 | AP

Compensation at companies receiving taxpayer assistance will still be restricted

Panama Star Geithner said the administration will seek legislation that will permit shareholders to vote on executive pay packages, but the results would not be binding on boards. The administration will still restrict compensation at companies that are receiving taxpayer assistance through the bailout plan.

Geithner said the shareholder measures, as well as legislation to keep corporate compensation committees independent from boards of directors, will reinforce pay guidelines.