Comments Due on SEC Proposal
Monday is the deadline for comments on a Securities and Exchange Commission rulemaking proposal to require more detailed reporting of top executive compensation, including such perks as personal use of corporate aircraft. The Wall Street Journal called the proposals the “most sweeping overhaul of pay disclosure rules in 14 years.” One of the proposals would lower the threshold at which perks must be disclosed. Companies currently must reveal perks if the total aggregate value is above $50,000, or 10 percent of total annual salary and bonus. The proposal lowers the threshold to $10,000. The changes are “intended to provide investors with a clearer and more complete picture of the compensation earned by a company’s principal executive officer, principal financial officer and highest paid executives and members of its board of directors,” the SEC said. To date, the agency has received more than 70 comments, most of which support the proposal.