1. “Say on Pay” Hasn’t Gone A-Way Under Tax Reform, Reminds ISS*

    “Say on Pay” Hasn’t Gone A-Way Under Tax Reform, Reminds ISS*

    Say on Pay” Hasn’t Gone A-Way Under Tax Reform, Reminds ISS* Internal Revenue Code Section 162(m) imposes a $1 million limit on the amount most public companies can deduct for compensation paid to any “covered employee.” The Tax Cuts and Jobs Act (the Act) significantly changes Section 162(m) by eliminating the exception for “qualified performance-based compensation,” expanding the “covered employee” group and expanding the definition of “publicly held corporation.” Compliance with the now-defunct qualified performance-based compensation exception to Section 162(m) required covered companies to, among other things, periodically seek and obtain shareholder approval of executive compensation ...

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