Alan Beller, the Securities and Exchange Commission's corporate finance chief, says it's high time for investors to have better tools for gauging whether mergers are serving their best interests.
Reacting to investor concern about ever-increasing CEO pay packages, the SEC commissioners voted 5-0 to overhaul disclosure requirements for executive compensation, including the sometimes tangled packages managers receive when they sell their companies.
"Shareholders will better understand whether the CEO has a greater incentive to change control of the company than run it," Beller said.
Specifically, the plan unveiled today would require companies to provide easy-to-read tables explaining retirement benefits, golden parachutes and other perks paid upon a CEO's termination. Besides regular salary and bonus, that often means company-paid chauffeured limousines, healthcare and insurance.—Ron Orol
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