TITLE III - CORPORATE RESPONSIBILITY
SEC. 304. FORFEITURE OF CERTAIN BONUSES AND PROFITS.
(a) ADDITIONAL COMPENSATION PRIOR TO NONCOMPLIANCE WITH COMMISSION FINANCIAL
REPORTING REQUIREMENTS. - If an issuer is required to prepare an accounting
restatement due to the material noncompliance of the issuer, as a result of
misconduct, with any financial reporting requirement under the securities laws,
the chief executive officer and chief financial officer of the issuer shall
reimburse the issuer for -
(1) any bonus or other incentive-based or equity-based compensation
received by that person from the issuer during the 12-month period following
the first public issuance or filing with the Commission (whichever first occurs)
of the financial document embodying such financial reporting requirement; and
(2) any profits realized from the sale of securities of the
issuer during that 12-month period.
(b) COMMISSION EXEMPTION AUTHORITY. - The Commission may exempt any person
from the application of subsection (a), as it deems necessary and appropriate.
About OpenPages
OpenPages is the leading provider of Governance, Compliance and Risk
Management solutions
for Sarbanes-Oxley Compliance, Financial Controls Management, General
Compliance Management, Operational
Risk Management and IT
Governance.
The company’s solutions provide the visibility, decision support and
control to improve accountability, better manage risk, achieve compliance
with numerous regulations, improve operational performance and align strategies
to ensure better results.
Market-leading corporations in financial services, manufacturing, telecommunications,
media/entertainment, retail/consumer, energy, high technology, health services
and life sciences rely on OpenPages to help them achieve sustainable governance,
risk and compliance management -- enabling them to become well-governed businesses.
Founded in 1996, the company is headquartered in Waltham, Massachusetts, with
regional offices throughout North America and international offices in London, Munich, Paris, Tokyo and Hong Kong.
For more information on OpenPages' suite of business governance software solutions
or to register for an online demonstration, please call 781-693-5999 or visit
www.openpages.com.
|
