美国证券交易委员会提议改革高管薪酬披露：聚焦首席执行官与首席财务官，福利披露门槛升至15万美元
美国证券交易委员会（SEC）11月13日在华盛顿提出规则修订提案，拟对上市公司高管与董事薪酬披露要求做自2006年以来的首次全面改革，把披露重心放到重要信息上，并减轻企业不必要的合规负担。公众评议期为提案在《联邦公报》刊登后60天。
按提案，现行《S-K条例》第402项的披露对象将收窄：具名高管原则上只保留首席执行官（PEO）与首席财务官（PFO）两人，不再按现行做法列出五人以上。现有的四张主要薪酬表格将改为三张，分别是已得薪酬表、已授薪酬表与股权奖励状态表，让投资者能更清楚地跟踪一份股权奖励从授予到兑现的全过程。
提案还把高管福利的披露门槛大幅提高：需要逐项报告的福利总额起点从现行1万美元升至15万美元。薪酬讨论与分析部分改为原则导向，企业只需围绕三项主题说明，删去现行规则列出的15个示例话题；薪酬与绩效对比等披露也同步简化。
SEC主席Paul S. Atkins在声明中说，这次修订的目标是让披露回到财务与经营上的重要性本身，提供对投资者真正有用的信息。委员Mark T. Uyeda在另一份声明中表示，提案落实了今年7月高管薪酬圆桌讨论与80多封公众意见的反馈。提案尚需经过评议与正式通过程序才会生效，适用于今后的委托书文件。
（来源：美国证券交易委员会）
SEC Proposes Executive Pay Disclosure Reform Focused on CEO and CFO, Perks Threshold Raised to $150,000
The U.S. Securities and Exchange Commission (SEC) on November 13 in Washington proposed rule amendments that would comprehensively reform executive and director compensation disclosure for public companies for the first time since 2006, refocusing the requirements on material information and reducing compliance burdens where they bring no commensurate benefit to investors. The public comment period will run for 60 days after the proposing release is published in the Federal Register.
Under the proposal, Item 402 of Regulation S-K would narrow the named executive officers, in most cases, to two people: the principal executive officer (PEO) and the principal financial officer (PFO), down from five or more today. The current array of compensation tables would be replaced with three clearer tables, the Earned Compensation Table, the Granted Compensation Table, and the Status of Equity Awards Table, so investors can track equity awards through their lifecycle.
The proposal would also raise the aggregate reporting threshold for perquisites from $10,000 to $150,000. The Compensation Discussion and Analysis would become more principles-based, requiring registrants to address only three topics and eliminating the current list of 15 example topics, while pay-versus-performance and related disclosures would be streamlined.
SEC Chairman Paul S. Atkins said in a statement that the amendments aim to elicit more informative disclosure rooted in materiality. Commissioner Mark T. Uyeda, in a separate statement, said the proposal reflects the discussion at the Commission's July 2025 executive compensation roundtable and more than 80 comment letters received. The amendments remain a proposal and would take effect only after a final rule is adopted, applying to future proxy statements.
(Source: U.S. Securities and Exchange Commission)
来源：美国证券交易委员会
发布：GSM·美国（发布链接）
图片来源：图：美国证券交易委员会总部大楼（编辑部固定图库）。 / Photo: The headquarters of the U.S. Securities and Exchange Commission (GSM asset library).
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