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When properly enforced, clawbacks can improve accountability in an era where writing checks to appease regulators is seen by companies as a cost of doing business, say advocates. While Lee said she could not comment on enforcement probes over which she now has no oversight, she said of the power: "I'd like to see us ensure we are vindicating the recourse it provides for shareholders." ACCOUNTABILITYĬracking down on corporations is a priority for Democrats who say the SEC has long been too soft on big business. The SEC appears to be shifting its stance on the issue.īut Allison Lee, a Democratic Commissioner who was a senior enforcement attorney with the agency from 2015 to 2018, told Reuters in an interview that the 2002 power has been "underutilized." Gerald Hodgkins, a partner in the firm's Washington office and a former associate director in the SEC's enforcement division, said it was unclear why the SEC had pursued so few such actions, but that "perceived unfairness" was one potential reason. In nearly two decades, however, the SEC has used the 2002 clawback power sparingly overall, despite potentially hundreds of opportunities to so, and just 15 times to penalize executives who were not directly accused of misconduct, according to a new analysis by law firm Covington and Burling LLP. It said the agency could, because the executives should not profit from the proceeds of foul play. In 2016, a federal court settled a lingering question over whether the SEC could recoup pay from executives who were not directly accused of wrongdoing. That rule allows the SEC to force a public company's chief executive or chief financial officer to return bonuses or other incentive-based pay in the event the company restates its results due to misconduct. Institutional Distribution Intelligenceīut in behind-the-scenes enforcement talks with companies, the SEC has already dusted off a narrower clawback power created in 2002 following the Enron and WorldCom accounting scandals, according to four lawyers familiar with the private discussions.
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