Companies weighing in on stricter SEC disclosure rules.

PositionNational

As the comment period came to a close in April, The Wall Street Journal reported on the growing opposition to the SEC's new corporate pay disclosure rules.

The SEC says the proposed rules for reporting pay will make companies more clearly outline how much money is involved in increasingly complex compensation packages. Changes were motivated by a desire to give shareholders more information about how corporate funds are being spent, according to the regulator.

Cereal maker Kellogg has told the SEC it opposes the proposed ruling that would require that top corporate officers attest in writing to the validity of their companies' disclosures of executive pay.

To give the requirement teeth, the SEC has proposed making the chief executive and the chief financial officer sign the annual pay report under Sarbanes-Oxley certification requirements.

The attestations could put the top officers in legal jeopardy if the disclosures aren't accurate. They could also give plaintiffs more ammunition to...

To continue reading

Request your trial

VLEX uses login cookies to provide you with a better browsing experience. If you click on 'Accept' or continue browsing this site we consider that you accept our cookie policy. ACCEPT