The Obama administration on Wednesday will name a 'pay czar' with power to reject compensation plans at companies receiving exceptional government aid, an administration official said on Wednesday.

The administration will also call for say-on-pay legislation that would give the Securities and Exchange Commission authority to require public companies to hold nonbinding shareholder votes each year on executive pay, the official said.

The pay czar, or special master, will review compensation structures for the top 100 salaried employees of firms receiving exceptional assistance, the official said.

(Reporting by Matt Spetalnick and Doug Palmer; Editing by James Dalgleish)

Barack obama