California Shareholder Approval of Compensation Act (2008)

Not on Ballot
This measure was not put on an election ballot

The Shareholder Approval of Compensation Act (07-0045) was an initiated state statute that did not make the November 2008 general election ballot in California.

The initiative was known as the No Say, No Pay Act.

The initiative would have prohibited publicly traded companies that do business in California from initiating or revising any agreement relating to the compensation of its directors or its ten highest-paid executives without the approval of a majority of its shareholders.

Proponents

James C. Harrison
Margaret R. Prinzing
Remcho, Johansen & Purcell, LLP

Fiscal impact estimate

Summary of estimate by Legislative Analyst and Director of Finance of fiscal impact on state and local government:

Probably negligible one-time state costs to modify the forms that corporations use to annually report certain information.

External links

• Fiscal Impact Statement
• Ballot Summary
• Consumer Attorneys of California Initiative sponsors
• Civil Justice Association of California Initiative opponents