“The volume and complexity of these rules may be just as scary to a law firm associate performing a ‘form check’ of a proxy statement, as the monster was to Dr. Frankenstein himself when the monster opened its eyes,” Atkins said.
The two Republican SEC commissioners in attendance, who along with Atkins comprise the commission’s GOP majority, said they agree that executive compensation disclosure rules have become increasingly unwieldy. Commissioner Mark T. Uyeda said the agency has added “numerous” layers to executive compensation disclosure requirements on a “piecemeal basis” without undertaking a review of the overall reporting environment. He suggested that the commission “refrain from expanding its rulebook simply because some may think that executive compensation is too high.”
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