Corporate Accountability

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Chairman Waxman Requests Documents on Fannie and Freddie CEO Compensation

As part of its ongoing investigation into executive pay, the Oversight Committee asked Treasury Secretary Henry M. Paulson, Jr. and Federal Housing Finance Agency Director James Lockhart to provide documents related to severance compensation and other exit pay for Richard F. Syron and Daniel H. Mudd, the former CEOs of Freddie Mac and Fannie Mae.

Committee Holds Hearing on Terminations of Individual Health Insurance Policies

The Committee on Oversight and Government Reform is holding a hearing titled, “Business Practices in the Individual Health Insurance Market: Terminations of Coverage” on Thursday, July 17, 2008, in 2154 Rayburn House Office Building.

Chairman Waxman Requests Additional Information on Questionable Electric Co-op Spending

In a letter to Glenn English, the CEO of the National Rural Electric Cooperative Association, Chairman Waxman requested information on the trade association’s apparent involvement in at least one instance of questionable spending by the Pedernales Electric Cooperative.

New Information about Administration Knowledge of Hunt Oil’s Kurdish Contract

Documents provided to the Oversight Committee show that Administration officials knew about Hunt Oil’s interest in the Kurdish region months in advance, contradicting claims that Administration officials were caught off-guard and opposed Hunt Oil’s actions.

House Passes Contracting and Tax Accountability Act of 2007

On April 14, 2008, the House of Representatives passed H.R. 4881, the Contracting and Tax Accountability Act of 2007, which prohibits companies with seriously delinquent federal tax debts from receiving new contracts.

Chairman Waxman Calls for Blackwater Investigations

Chairman Waxman sent letters to the Internal Revenue Service, the Small Business Administration, and the Department of Labor to request investigations into whether Blackwater has violated federal tax, small business, and labor laws.

Committee Holds Hearing on CEO Pay and the Mortgage Crisis

The Committee on Oversight and Government Reform held a hearing titled, “Executive Compensation II: CEO Pay and the Mortgage Crisis” on Friday, March 7, at 10:00 a.m., in 2154 Rayburn House Office Building.

Committee Releases Memorandum on CEO Pay and the Mortgage Crisis

In advance of the Committee’s March 7 hearing, Chairman Waxman releases a staff memorandum examining the apparent breakdown between shareholder interests and the compensation and retirement benefits awarded to Countrywide CEO Angelo Mozilo, former Merrill Lynch CEO Stanley O’Neal, and former Citigroup CEO Charles Prince.

Oversight Committee Requests Executive Compensation Information from Fortune 250 Companies

The Oversight and Government Reform Committee is asking the compensation committee chairs of each of the Fortune 250 companies to provide information about how executive compensation consultants are utilized by these corporations in setting executive pay. This inquiry is part of an ongoing investigation into the role played by compensation consultants at large publicly traded corporations. In December 2007, the Committee held a hearing and released a report on this subject.

Investigation into Mortgage CEO Compensation Expands

As part of its ongoing investigation into executive pay, the Oversight Committee asked Countrywide Financial, Citigroup, and Merrill Lynch to provide documents relevant to the compensation of Angelo R. Mozilo, Charles Prince and E. Stanley O’Neal.

In addition, the Committee invited the chairs of the compensation committees at these companies to testify on March 7 about how the compensation and severance packages for these executives were determined and on what basis they were approved.

Update: The hearing previously scheduled for February 7 has been rescheduled to March 7.

Oversight Committee to Examine Mortgage CEO Severance Packages

As part of its ongoing investigation into executive pay, the Oversight Committee invited three CEOs implicated in the subprime mortgage crisis to testify on February 28 about their severance and compensation packages: Mr. Angelo Mozilo, the CEO of Countrywide Financial; Mr. Charles Prince, the former CEO of Citigroup; and Mr. E. Stanley O’Neal, the former CEO of Merrill Lynch.

Update: The hearing previously scheduled for February 7 has been rescheduled to February 28.

Hearing Examines Executive Pay and Compensation Consultants

On Wednesday December 5th, the Committee held a hearing to examine the role played by compensation consultants in determining the pay packages of senior executives at the largest publicly traded corporations. Corporate governance experts, institutional investors, and compensation consulting firms testified regarding the role of consultants in setting executive pay, efforts to prevent and manage conflicts of interest, and the adequacy of the information available to shareholders and the public.

Committee Subpoenas Documents from Towers Perrin

The Oversight Committee issued a subpoena today to Towers Perrin in connection with a Committee inquiry into potential conflicts of interest relating to the advice consultants provide to corporate boards on executive pay.

Chairman Waxman Asks Towers Perrin to Reconsider Refusal to Cooperate with the Committee

In a letter to Mark Mactas the CEO of Towers Perrin, Chairman Waxman asks Towers Perrin to reconsider its refusal to cooperate with the Committee’s inquiry into potential conflicts of interest relating to the advice consultants provide to corporate boards on executive compensation.

Chairman Waxman Requests Information from Executive Compensation Consultants

Chairman Waxman writes to six leading executive compensation consulting firms seeking information about the services they provide to large U.S. corporations.

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