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Since becoming effective in January 2011, the say-on-pay provision of the Dodd Frank Wall Street Reform and Consumer Protection Act has been a springboard to numerous shareholder derivative actions. The Dodd-Frank say-on-pay provision requires a vote for shareholder approval of senior executive compensation at least once every three years. The vote does not bind the issuer or board of directors; it is merely an advisory vote and creates no fiduciary duty on behalf of the company.

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