证券交易委员会提议改革高管与董事薪酬披露：须点名披露的高管拟由五人减至两人
美国证券交易委员会（SEC）11月13日在华盛顿提出规则修订建议，要把高管与董事薪酬披露要求改得更重原则、更看重实质信息，让投资者拿到更清楚、更简洁、更不复杂的披露。这套披露要求上一次全面改革还是2006年，此次提议是委员会在公开征求意见、并与上市公司、投资者等各方专家举行圆桌讨论之后提出的。
按提议，须点名披露薪酬的高管将只包括首席执行官与首席财务官，即对投资者通常最要紧的两个岗位，人数从现行规则下通常的五人以上减到多数情况下两人。主要的薪酬表格披露将改成三张新表，即已赚薪酬表、已授薪酬表与股权奖励状态表，取代现行的四张主表，让投资者能跟踪股权奖励从授予到归属的全过程。
提议还把高管福利的汇总披露门槛从1万美元提高到15万美元，并新增一项微量追踪豁免；薪酬讨论与分析部分改为只须谈三个主题，删去现行规则列出的15个示例话题；薪酬与业绩挂钩的披露将简化，减少须报的业绩指标，并用已赚薪酬表中的总薪酬数取代复杂的「实际支付薪酬」计算。
在薪酬比率规则上，提议把计算中位员工薪酬时的人群限定为美国全职员工，测算频率从每年一次降为每五年一次。提议还将删去年报封面上的部分勾选框与追回政策方面的重复披露要求，追回机制本身不变。
证券交易委员会主席 Paul S. Atkins 说，这次修订是对《S-K条例》第402项的全面改革，目的是让披露回到实质信息上来，让投资者得到更有用的信息。委员会说，提议意在在投资者收益不相称的地方减轻上市公司的合规负担。公众评论期为拟议稿在《联邦公报》刊登后60天。
（来源：美国证券交易委员会）
SEC Proposes Executive and Director Compensation Disclosure Reforms: Named Executives Would Shrink From Five or More to Two
The U.S. Securities and Exchange Commission (SEC) on November 13 in Washington proposed rule amendments to make its executive and director compensation disclosure requirements more principles-based and materiality-driven, providing investors with clearer, more concise, and less complex disclosures. The requirements were last comprehensively reformed in 2006, and the proposal follows a request for public comment and a roundtable with representatives from public companies, investors, and other experts.
Under the proposal, the named executive officers whose pay must be disclosed would encompass the principal executive officer and the principal financial officer, the positions whose compensation is generally most material for investors, reducing the number from typically five or more individuals under the current rule to two in most circumstances. The primary tabular disclosure would be rebuilt into three new tables, an Earned Compensation Table, a Granted Compensation Table, and a Status of Equity Awards Table, replacing the four primary tables now required and improving investors' ability to track equity awards through their lifecycle.
The proposal would raise the minimum aggregate reporting threshold for perquisites from $10,000 to $150,000 and introduce a new de minimis tracking exclusion. The Compensation Discussion and Analysis would become more principles-based, requiring registrants to address only three topics and eliminating the list of 15 example topics in the current rule. Pay-versus-performance disclosure would be simplified by reducing the required performance measures and replacing the complex "Compensation Actually Paid" calculation with the total compensation earned amount from the proposed Earned Compensation Table.
Under the pay ratio rule, the population used to determine the median employee would be limited to U.S. full-time employees, and the determination would be required only every five years. The proposal would also eliminate required check boxes from annual report cover pages and certain potentially redundant disclosures about clawback policies, while leaving the underlying clawback mechanics unchanged.
SEC Chairman Paul S. Atkins said the amendments reflect a comprehensive reform of Item 402 of Regulation S-K and aim to elicit more informative disclosure rooted in materiality. The Commission said the changes aim to reduce compliance burdens where there is not commensurate benefit for investors. The public comment period will remain open for 60 days following publication of the proposing release in the Federal Register.
(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：位于华盛顿的美国证券交易委员会（SEC）总部大楼。GSM联邦核心固定图库。 / Photo: The headquarters of the U.S. Securities and Exchange Commission in Washington. GSM federal core asset library.
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