October 04, 2013
The SEC's Pay Ratio Disclosure Rule Has Been Proposed
Posted by David Zaring

That's the rule that compares CEO pay to median worker pay - it is supposed to shame CEOs, but so was the rule requiring them to plain old disclose their own compensation, and look how that turned out.

Anyway, here's a nice overview from Matt Levine; I found it interesting how interested people are in this rule; the SEC said it would be regulating in this area (Dodd-Frank requires it), and:

In connection with rulemakings implementing the Dodd-Frank Act, we have sought comment from the public before the issuance of a proposing release. With respect to Section 953(b) of the Dodd-Frank Act, as of September 15, 2013, we have received approximately 22,860 comment letters and a petition with approximately 84,700 signatories.

If anything like those numbers comment on the agency's proposal, it will be pretty busy when it drafts the final rule's statement of basis and purpose.  That statement must respond to "well-supposed arguments contained in public comments critical of the agency's proposed rule."  A lot of comments means a long, long statement.

Administrative Law, Securities | Bookmark

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