Not later than 180 days after July 21, 2010, the Commission shall issue rules that require an issuer to disclose in the annual proxy sent to investors the reasons why the issuer has chosen–

Terms Used In 15 USC 78n-2

  • Board: means the Board of Governors of the Federal Reserve System. See 15 USC 78c
  • Commission: means the Securities and Exchange Commission established by section 78d of this title. See 15 USC 78c
  • issuer: means any person who issues or proposes to issue any security. See 15 USC 78c
  • officer: includes any person authorized by law to perform the duties of the office. See 1 USC 1
  • person: means a natural person, company, government, or political subdivision, agency, or instrumentality of a government. See 15 USC 78c

(1) the same person to serve as chairman of the board of directors and chief executive officer (or in equivalent positions); or

(2) different individuals to serve as chairman of the board of directors and chief executive officer (or in equivalent positions of the issuer).