Shareholder OK needed on 'golden parachutes'.

From: National Underwriter Life & Health-Financial ServicesEdition | Date: February 5, 1990| Author: Brostoff, Steven | Copyright information

Shareholder OK Needed On `Golden Parachutes'

WASHINGTON - The Securities and Exchange Commission has ruled that Transamerica Corp. must gain shareholder approval for a "golden parachute" arrangement between the San Francisco-based company and its senior management.

The ruling appears to represent a reversal of position by the SEC, which in the part has said that golden parachutes need only be approved by a company's outside directors, rather than by a vote of al...

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