ASA Sends Joint Letter to SEC on Clawback Rule
WASHINGTON, D.C. — The American Securities Association (ASA) signed onto a joint letter that was sent to the U.S. Securities and Exchange Commission (SEC) regarding the implementation of rules Under Section 954 of the Dodd-Frank Act.
“The SEC shouldn’t rush the executive compensation 'clawbacks' rule into effect without giving public companies the necessary time they need to update their policies to come into compliance," ASA CEO Chris Iacovella said. "Reviewing and amending existing executive compensation contracts and documents is a time-consuming and arduous process for companies. This coalition letter simply requests the SEC adhere to the timeline it set out when it finalized the clawbacks rule last year.”