OC shareholders to vote on executive pay yearly

4/16/2011

Toledo building materials manufacturer Owens Corning plans to adopt two executive pay proposals approved this week during its annual shareholder meeting.

The half-hour meeting, attended by 40 shareholders and OC executives, was Thursday in a New York City law office.

Shareholders overwhelmingly approved two nonbinding proposals that would allow them to cast advisory votes on executive compensation every year.

The proposals were placed on OC’s proxy in light of last year’s passage of the Dodd-Frank Financial Reform Act.

In a filing with the U.S. Securities and Exchange Commission this week, OC said it will implement an annual stockholder vote on executive compensation.