By Cydney Posner

Saturday's WSJreports that Sen. Schumer plans to introduce a bill next week that would include a number of tough corporate governance measures: give investors an advisory vote on executive pay and on change-in-control severance packages for executives, require companies to name independent chairmen, require that directors be elected annually (i.e., no classified boards), require directors to resign if they don't win a majority of shares voted, require board chairmen to be independent directors, require that boards appoint special committees to oversee risk management and "buttress potential SEC rules" governing proxy access (how that would work is not stated).

The article states that Barney Frank is also working on say-on-pay legislation, and that some form of the measure is widely expected to pass this year.

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