Add it to the list of consequences of the dismal economy: Companies could face a slew of potential corporate governance reforms in the coming months, as lawmakers and regulators look to shake up governance practices in the wake of the financial crisis.

Among other things, Congress is expected to introduce legislation that would mandate a host of governance reforms, including a requirement for companies to provide shareholders an annual advisory vote on executive compensation. Meanwhile, the Securities and Exchange Commission is expected to revisit the contentious issue of shareholder access to the proxy and to act on a controversial New York Stock Exchange proposal that would end broker-voting in director elections.

At the same time, changes to Delaware corporate law take effect Aug. 1 that will permit Delaware companies to adopt bylaws governing proxy access for nominees proposed by shareholders and reimbursement of proxy solicitation expenses incurred by a nominating shareholder.

Just as we saw after Enron and WorldCom, we have Congress and several regulators all looking at making a bundle of changes to improve corporate governance, says University of Denver Law Professor Jay Brown, who describes the coming wave of reforms as Sarbanes-Oxley 2.

Corporate America and activist investors are abuzz about governance legislation expected to be introduced by New York Senator Charles Schumer. Schumer’s office didn’t respond to requests for comment. While it remains to be seen what might eventually be adopted, the Wall Street Journal reports that the bill would require companies to give investors an annual advisory vote on executive pay, among other things.

House Financial Service Committee Chairman Barney Frank (D-Mass.), sponsor of a 2007 say-on-pay bill that was overwhelmingly approved is again expected to unveil legislation requiring say-on-pay. The Senate version of the 2007 bill, sponsored by then-Congressman Barack Obama, stalled. A Committee spokeswoman says Frank plans to address say-on-pay and other executive compensation issues in legislation aimed at broader, systemic risk regulation, which is expected to be introduced following hearings this month.

The Schumer bill is also expected to require companies to name independent chairmen and elect directors annually; appoint board risk management committees; give shareholders a non-binding vote on severance packages for executives following mergers or acquisitions, and require directors to resign if they don’t win a majority of shares voted, according to the WSJ report.

Meanwhile, the SEC has vowed to revisit the controversial issue of proxy access this month. An SEC spokesman says the agency hasn’t announced a specific date, only that a meeting is planned for May on proxy access. However, press reports this week say a meeting is slated for May 20.

SEC Chairman Mary Schapiro has said the agency will take a fresh look at proposals it considered in 2003 and 2007, as well as the potential impact of changes to Delaware corporate law. As previously reported, the SEC is also expected to approve a controversial NYSE amendment to end broker-voting in director elections. A spokesman says the Commission hasn’t announced a date for action on broker voting.

Meanwhile, recently approved changes to Delaware corporate law that take effect Aug 1. will permit Delaware companies to adopt bylaws governing proxy access for nominees proposed by shareholders and reimbursement of proxy solicitation expenses incurred by a nominating shareholder.

Compliance Week will provide readers with full coverage of these issues in its May 5 edition.