Summary by Moomoo AI
MBIA Inc. announced the adoption of an Executive Compensation Clawback Policy, effective January 15, 2024. This policy mandates the recovery of certain incentive compensations from executive officers in the event of an accounting restatement due to material noncompliance with financial reporting requirements. The policy is designed to align with Section 10D of the Securities Exchange Act of 1934, Rule 10D-1, and the New York Stock Exchange Listed Company Manual. It applies to compensation received after an executive begins their role and during the performance period for the incentive compensation. The policy also includes a Supplemental Clawback Policy for Managing Directors, extending the clawback provisions to certain executives below the officer level. The Board believes this policy is in the best interests of the company and its shareholders, ensuring accountability and compliance with financial reporting standards.