30.13—Q-13: What actions are necessary for a TARP recipient to comply with section 111(e) of EESA (the shareholder resolution on executive compensation requirement)?
As provided in section 111(e) of EESA, any
proxy or consent or authorization for an annual or
other meeting of the shareholders of any TARP
recipient that occurs during the TARP period must
permit a separate shareholder vote to approve the
compensation of executives, as required to be
disclosed pursuant to the Federal securities laws
(including the compensation discussion and
analysis, the compensation tables, and any related
material). To meet this standard, a TARP recipient
must comply with any rules, regulations, or
guidance promulgated by the SEC that are
applicable to the TARP recipient.