SEC Proposes Letting Corporations Cook the Books on Executive, Worker Pay
WASHINGTON, D.C. – The U.S. Securities and Exchange Commission (SEC) today proposed major changes to executive compensation disclosure. This includes reducing the pay disclosure to only two officers, and eliminating workers counted in determining the median-paid worker. Bartlett Naylor, economist for Public Citizen, released the following statement:
“With executive compensation spiraling skyward in Trump’s oligarchy, the SEC is proposing to vandalize basic disclosures. Instead of documenting the five most significant executives, shareholders will only learn about the CEO and CFO. Part time workers will be excluded when the company determines the median pay, a fabrication that will reduce the CEO-median pay ratio. Shareholders and the public deserve more, not less, information about c-suite pay. Not only does pay disparity undermine workforce motivation, it drains significant capital that could be used to grow the corporation.”