Dodd Frank act and Say on Pay

In 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) became law. Among several other purposes, the Dodd-Frank Act introduced ' Say on Pay'.

• Say on Pay. The rules initiated a required shareholder vote (non-binding), at least once every three years, to approve the compensation of the company’s named executive officers. This “say-on-pay” vote allows shareholders to assess pay practices and then render their “yes” or “no” votes.