US companies act on pay clawback rules

``Of the 100 largest public companies, a record 71 now operate a clawback policy through which they can reclaim senior management’s compensation under certain circumstances, an annual survey by Shearman & Sterling, a law firm, has found... The Dodd-Frank financial reform act, signed into law by President Obama last month, requires all public companies to implement a mandatory clawback system where there is an accounting restatement, whether or not fraud or misconduct is a factor.''