Mr. Lynn discussed the global response to executive compensation concerns arising from the financial crisis; recent US legislative actions affecting financial institutions, including compensation limits, risk analysis, and shareholder engagement through advisory votes; the SEC’s plans for governance reforms and new disclosure focused on the consideration of risk and broader compensation policies; the rise of shareholder activism over executive compensation issues; changes to compensation policies and practices in light of public outrage; and the expected regulatory, legislative and market initiatives that will drive executive compensation decisions in the future.