The clock is now ticking on the “Katie Couric” rule. The Securities and Exchange Commission formally published its proposed revision of the rule—which would require companies to disclose the compensation of certain highly paid non-executive employees—at the end of last week. Corporate America now has six weeks to comment on the proposal before the SEC revisits that last, thorny branch of its effort to overhaul compensation disclosure.
The Couric rule—named after celebrity journalist Katie Couric and her eye-popping salary to anchor the “CBS Evening News”—originally would have required companies to disclose the pay of their three highest-paid non-executive employees. Amid a barrage of criticism from all sides, the SEC backtracked on the idea when it issued its “final” compensation disclosure rule on Aug. 11. Instead, it proposed a watered-down version that targets only non-executive employees with management responsibilities. Couric and her eight-figure salary, for example, would be exempt.
