U.S. Investors Fight to Preserve SEC Rule on CEO Pay Ratio
Reuters is reporting that more than 100 institutional investors opposed efforts by the U.S. securities regulator to delay a rule requiring companies to disclose a ratio comparing their chief executive’s pay with their workforce median.
The letter, signed by representatives of more than 100 unions, pension funds, activist investors, state treasurers and consumer advocacy groups urged Acting U.S. Securities and Exchange Commissioner Michael Piwowar not to delay the implementation of the rule, writes Sarah N. Lynch.
The requirement went into effect in January and could result in disclosures in many companies’ 2018 proxy statements unless the rule is delayed.
Piwowar said earlier this year that the SEC was accepting public comments on the rule, with an eye possibly to delaying implementation.