US - Securities and Exchange Commission (SEC) chairman Christopher Cox has called for improved disclosure of compensation awarded to directors, including retirement benefits.
Speaking at a meeting of the SEC under the Government in Sunshine Act, Cox said: “Simply put, our rules are out of date. It's high time we updated the rules on executive compensation.
“Under the suggested proposal, perquisites would have be itemised should they total US$10 000 or more. The proposed new rules would also improve the disclosure of retirement benefits, and new tables would outline the DB and DC retirement plans of top officers, said Cox.
“Over the last decade and half, the compensation packages awarded to directors and top executives have changed substantially,” se said. That has led to concern that some companies may not be disclosing all compensation as is currently required. “We have concluded that executive compensation disclosure requirements should be modified.”
Cox said investors needed better information, including a single bottom line figure-for total annual compensation. That single figure would include a more accurate representation of perquisites, said Cox.
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