Nine U.S, companies agree to reform executive pay

Updated

The constant drumbeat for corporations to rein in salaries may finally be echoing in the nation's boardrooms. AT&T (T), Cisco Systems (CSCO), and Tyco International (TYC) are among nine companies that have signed on to a number of guiding principles that will link pay to performance, ensure that corporate boards scrutinize compensation packages, and eliminate controversial items such as excessive golden parachutes, according to the Conference Board, a business research group.

Though Congress is weighing legislation the would enforce such reforms, the Conference Board's Task Force on Executive Compensation said Monday that publicly traded companies and institutional shareholders shouldn't be hamstrung by burdensome regulations.

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