September 12, 2023
NYSE Companies: Submit Confirmation of Clawback Policy by December 31
Here’s something that Meredith blogged yesterday on TheCorporateCounsel.net:
We got word last week that NYSE sent an email blast to listed issuers regarding the new clawbacks listing rules. After reminding companies that issuers must adopt a Dodd-Frank clawback policy no later than December 1st, NYSE noted that it is also requiring each listed issuer to confirm via Listing Manager, by December 31st, either that it adopted a policy by December 1st or that it is relying on an applicable exemption. NYSE plans to require such confirmation for initial listing applications as well for companies applying to list their securities on or after October 2nd. The email noted a subsequent communication with more details would be sent in the fourth quarter.
On a related note, at the “Dialogue with the Director” session on Friday at the ABA’s Business Law Section Fall Meeting, Corp Fin Director Erik Gerding was asked who should field interpretive questions regarding Dodd-Frank clawback requirements — the SEC or the stock exchanges. While “both” may not be the answer we wanted to hear, Erik’s suggestion — that interpretive questions first be directed to the relevant stock exchange and then its response be conveyed to the Commission — makes a lot of sense.
We’ll be discussing what you need to do about clawback policies – and Dave Lynn will also be interviewing Erik Gerding about the latest Corp Fin updates – at our upcoming “Proxy Disclosure & 20th Annual Executive Compensation Conferences“. The conferences are coming up virtually next week, September 20th – 22nd.
We’ve got a terrific lineup of speakers who will be delivering practical takeaways & action items. Here’s the 3-day, action-packed agenda for both Conferences, which are bundled together (here’s the agenda specifically for the Executive Compensation Conference). Make yourself look good by getting insights direct from the experts! And for the lawyers out there, get CLE credit while you’re at it! This year, we are also offering on-demand CLE credit for the archive replays, so you can come back for that after the Conference if you miss any sessions.
Register online by credit card – or by emailing sales@ccrcorp.com. Or, call 1.800.737.1271.
– Liz Dunshee