Davis Polk partners Roshni Banker Cariello, Adam Kaminsky, Travis Triano and Veronica Wissel were quoted in Anti-Corruption Report from a recent firm webinar discussing the new SEC-mandated NYSE and Nasdaq clawback listing standards.

Under a requirement that dates back to the 2010 Dodd-Frank Act, but is just now being implemented, all listed companies will be required to adopt a clawback policy mandating recovery of “excess” compensation that was “erroneously” paid. The Davis Polk team addressed practical considerations for companies in adopting and administering the new required clawback policies, as well as some of the thorny issues that have been raised. Topics discussed included officers whose compensation is subject to clawback, events that trigger clawbacks, compensation arrangements that are subject to clawback, recovery, the financial restatement process and various disclosure obligations.

SEC Clawback Rule Requires Focused, Coordinated Compliance,” Anti-Corruption Report (August 2, 2023)