SEC proposal narrows executive pay disclosure requirements for public companies
The Securities and Exchange Commission is proposing changes to executive compensation reporting that would reduce the amount of pay information many publicly traded companies must disclose to investors. The plan cuts the number of covered executives to two from five in most cases and sharply raises the threshold for reporting perks such as security services and personal travel.
Highlights
- SEC proposes narrowing executive pay disclosure to only CEO and CFO, down from five executives, with announcement made Friday.
- The proposal raises the threshold for reporting executive perks to $150,000 from $10,000, reducing required disclosure of benefit details.
- If adopted, the rule would lessen investor visibility into executive pay beyond top roles and ease compliance for listed companies.
Proposal reshapes disclosure scope
As reported by Bloomberg, the agency unveils a proposal Friday that would require companies to disclose compensation for two executives rather than the current five. In most companies, those roles would be the chief executive officer and the chief financial officer.The proposal also raises the aggregate threshold for reporting executive perks to $150,000 from $10,000 if finalized. Those benefits can include items such as security details and personal travel.
Potential impact on investor visibility
The planned changes point to a broader effort by the regulator to scale back disclosure requirements for listed companies. If adopted, the proposal would reduce the detail investors receive about pay packages below the top two executive roles.The higher perks threshold could also limit reporting on smaller executive benefits that currently must be disclosed. That may ease compliance demands for companies while reducing visibility into compensation-related expenses for shareholders.
We have also discussed the broader context around NCUA deregulatory rules aimed at removing outdated requirements for U.S. credit unions.
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