The agency is expected to scrap or significantly alter a proposed rule that would have required companies to disclose the pay of non-executive employees, the Wall Street Journal reports.
After an intense lobbying campaign by business, particularly media and entertainment companies, the Securities and Exchange Commission is likely to end its effort to add a new rule that would require companies to disclose the pay of as many as three “non-executive employees” whose pay exceeds that of the top five officers. Media and entertainment companies feared the rule would have made public what they pay their top performers.
The rule had been dubbed the “Katie Couric Clause” after the high-profile network TV anchor, who will assume leadership of the CBS Evening News in September.
A possible compromise being considered by the SEC staff would distinguish between employees who don’t have policy-making ability and those who do.
Story appears in the Journal’s Money & Investing section.