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It would examine the bank's actions "and the allegations of a cover-up", review compensation payments, and recommend any improvements to Asic and other regulation.
The company said in a statement that its board was continuing to review compensation to executives who have been named in the federal investigation.
Directors would be well-advised to review compensation structures with a view to avoiding compensation awards that might be viewed as encouraging undue risk.
Boards should utilize this trend and the lessons learned from the consent order as a reminder to periodically review compensation arrangements and compensation standards at their bank to ensure they are adequately fulfilling their fiduciary duties.
Review compensation committee charter and proxy disclosure to confirm that it appropriately reflects any changes to a company's compensation committee member requirements in light of Section 162(m) changes under the TCJA.
He did not clarify whether he would pursue companies that had returned taxpayer money — including JPMorgan Chase and Goldman Sachs, which paid off the government this week — saying only that he would actively review compensation handed out for 2008 at companies still on taxpayer support.
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After its meeting, Simon released a statement saying executives "value" shareholders' input and that its compensation panel "will take their views into consideration as it reviews compensation plans".
Federal regulators spent this summer reviewing compensation reports, sending inquiries to companies and chief executives they believed had failed to provide enough information — and in the process making waves among executives and compensation advisers.
The federal government is reviewing compensation practices at hundreds of banks, but for now, it has the authority to require changes only for executives at companies that have received "exceptional" amounts of aid, including the American International Group, General Motors and Citigroup.
And while his appeal was pending, a federal court ruled in 2009 that the department's "extraordinary award procedure" for reviewing compensation awards larger than $250,000 or for retroactive payments dating back more than eight years was illegal.
Mr. Feinberg spent five months reviewing compensation paid to each company's 25 highest earners between October 2008, when the first bailouts were dispensed, and February 2009, when the stimulus bill took effect.
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