‘There is a really strong current to match up with what the Americans are doing’
HR and total rewards professionals overseeing executive compensation and proxy disclosure should take note: a U.S. Securities and Exchange Commission (SEC) proposal to exempt most public companies from key pay-disclosure rules is fuelling a parallel debate in Canada over whether to loosen its own requirements.
The SEC has proposed exempting most public companies from key executive pay-disclosure rules, a change now fuelling a parallel debate in Canada over whether to loosen its own requirements.
Any shift in Canadian rules could affect what organizations must report on say-on-pay votes, pay ratios and executive compensation committees.
The SEC's proposed rule – titled Enhancement of Emerging Growth Company Accommodations and Simplification of Filer Status for Reporting Companies – would collapse the current filer system into two tiers: large accelerated filers and non-accelerated filers.
According to the SEC's own text, the proposal would extend scaled disclosure eligibility "from approximately 44% of registrants to approximately 81%" of reporting companies. Newly classified non-accelerated filers could reduce the number of named executive officers whose pay must be disclosed from five to three, and could stop reporting pension benefit tables and golden parachute arrangements.
The SEC filing also proposes raising the threshold for "large accelerated filer"...
Executive Summary What’s new: The Seventh Circuit affirmed dismissal of an outsider’s qui tam action under the False Claims Act, outlining a potential path to dismissal where a relator lacks ins...