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In an emerging trend, chief executive officers and chief financial officers of companies settling U.S. Securities and Exchange Commission (SEC) financial reporting cases are personally paying back bonuses and other incentive-based compensation, despite the absence of accusations of personal misconduct or formal SEC actions against them individually.
Already in 2016, several top executives have returned compensation ' from tens of thousands to millions of dollars ' after their companies allegedly engaged in accounting improprieties. These payments reflect increasing acceptance of a new reality where the SEC expects chief executives and chief financial officers to be financially accountable for any misconduct ' fraudulent or not ' resulting in a restatement, even where they are not directly involved. And if those executives do not voluntarily return all incentive-based compensation received in the year following a restated period, they will likely face an SEC enforcement action. Moreover, the SEC is not content to limit reimbursement to top executives. Under a recently proposed rule, numerous other officers will soon be in the clawback crosshairs.
This increased demand for executive compensation clawbacks is particularly significant as the SEC pursues accounting misconduct with a renewed vigor. The heightened focus on financial reporting fraud is reflected in the SEC Division of Enforcement's recent case filings, comprising about 20% of the division's 2015 filings, compared with 13% in 2013.
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