BUSINESS
04/01/2011 10:19 am ET | Updated Jun 01, 2011

Morgan Stanley, Goldman Sachs To Allow Shareholders' Vote On Execs Pay

Morgan Stanley, Goldman Sachs and JPMorgan Chase & Co will soon join Citigroup and Bank of America Corp in allowing shareholders to vote on executive compensation, the Wall Street Journal said, citing people familiar with the matter.

Last year's Dodd-Frank financial reform law requires a say-on-pay vote at least three years at most big U.S. companies.

Other companies that already have recommended shareholders' vote on the executive pay are Monsanto Co, Tyco International, Toll Brothers Inc, the newspaper said.

Morgan Stanley, Goldman Sachs and JPMorgan are expected to recommend an annual vote in their coming filings with the U.S. Securities and Exchange Commission, WSJ said, citing people familiar with the matter.

The banks were not immediately available for comment.

(Reporting by Megha Mandavia; Editing by Jon Loades-Carter)

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