Wednesday, February 2, 2011

Wall Street pay reaches record $135bn

**Pay could resurface as an issue at shareholder meetings this spring. The Dodd-Frank financial-overhaul law mandates that shareholders get a regular "say-on-pay" vote about corporate compensation plans.

This week, a group of about three dozen investment funds called for companies to support an annual advisory vote on pay, rather than a two- or three-year schedule. The frequency of the advisory vote also will come up at 2011 annual meetings, the shareholder group said.**

"In 2010, total compensation and benefits at publicly traded Wall Street banks and securities firms hit a record of $135bn, according to an analysis by The Wall Street Journal. The total is up 5.7% from $128bn in combined compensation and benefits by the same companies in 2009."

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