The Shareholder Bill of Rights Act, sponsored by Charles Schumer (D, NY) was read to congress on May 19^th, 2009. The Shareholder Bill of Rights Act is aimed to place more shareholder input into executive compensation as well as promote corporate governance reform. Under this new act companies would be required to provide shareholders with some basic rights, including:

1. Annual shareholder votes on executive compensation

2. Shareholder votes to approve golden parachutes

3. A split of the Chairman and Chief Executive roles

4. Annual director election, with implementation of majority voting for these elections

5. Establish risk committees comprised of independent directors

Currently, the bill has been referred to the Committee on Banking, Housing and Urban Affairs. A copy of the Shareholder Bill of Rights Act in its entirety can be found by searching for S. 1074 at www.congress.org