On April 20, the House of Representatives passed The Shareholder Vote on Executive Compensation Act which provides shareholders a nonbinding and advisory vote on a public company’s executive pay plans. The bill, which was opposed by the White House, would not impose limits on compensation paid to company executives. The bill passed the House of Representatives by a vote of 269 to 134 and is intended to build on the Securities and Exchange Commission’s efforts to tighten executive compensation disclosure rules. (Securities Law 360, 4/20/07)