On January 25, 2011, the SEC adopted the "say-on-pay" rules, implementing a provision in the Dodd-Frank Wall Street reform law. The say-on-pay rules are designed to give shareholders greater input over executive compensation. Shareholders will also get a vote on certain "golden parachute" pay packages in connection with a merger or acquisition, and companies are required to make additional disclosures about such compensation arrangements. The rules provide that shareholders must be given a separate advisory vote in proxy statements to approve the compensation of executives at least once every three years. While the say-on-pay vote is nonbinding, companies will likely want to avoid "no" votes, which could be embarrassing for the company. The rules were approved 3–2, with Republican commissioners dissenting because the rules provide only a two-year, temporary exemption to small public companies.