The United States Dodd–Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”), as implemented by Section 10D of the US Securities and Exchange Act of 1934, Rule 10D-1 thereunder, and applicable stock exchange listing standards, requires US listed companies, by December 1, 2023, to adopt a clawback policy applicable to executive officers in the event of an accounting restatement due to material noncompliance with financial reporting requirements.The policy must provide for the recovery…
On June 9, 2023, the Securities and Exchange Commission (“SEC”) approved listing standards proposed by the NYSE and Nasdaq to implement its final Rule 10D-1 regarding recoupment of erroneously awarded compensation under the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”). Pursuant to this approval, the effective date of the listing standards is October 2, 2023 and the deadline for U.S. listed companies to adopt a Dodd-Frank-compliant clawback policy is December 1, 2023. For…