NEW YORK ( TheStreet) -- Shareholders now officially get to have a "say-on-pay" after the Securities and Exchange Commission voted to give shareholders a vote on compensation plans under the Dodd-Frank Act.

Under the SEC's rule, shareholders will be required to vote on compensation packages at least once every three years, according to Bloomberg. In addition, companies will need to provide disclosure of all "golden parachute" payments and subject the proposals to shareholder votes in acquisition agreements.

Companies must meet the requirements by holding a vote at their first annual shareholder meeting this year, or the next shareholder meeting after Jan. 21, according to the SEC.

--Written by Maria Woehr in New York.

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