The Securities and Exchange Commission has finally come forward with recommendations to help companies prepare their executive pay disclosures in next year’s proxy statements. The first tip: Scrap last year’s disclosures.
John White, director of the SEC’s division of corporation finance, warned in a speech last week that anyone planning to prepare next year’s proxy statements by marking up this year’s disclosures should “step back and start with a clean slate.” White’s remarks coincided with the release of a long-awaited report by the SEC staff, recapping its review of 350 public company filings for compliance with the SEC’s new rules for disclosure of executive pay.
