After months of lobbying from businesses, it's beginning to appear that there's been some progress made in getting the Securities and Exchange Commission to reconsider parts of a proposal requiring companies to disclose the earnings of executives.
In a recent interview, SEC Commissioner Annette Nazareth said she favored making some amendments to the proposal, in comments recalling remarks from SEC Chairman Christopher Cox. Nazareth is one of two Democrats on the five-member panel, which is likely to receive a new fifth member when Republican Cynthia Glassman steps down. President Bush has already nominated another Republican for that slot.
In an interview with Bloomberg News, Nazareth said she was influenced by comments from business groups criticizing parts of the proposal as more disruptive than illuminating. The SEC staff proposal would require companies to divulge salaries and other pay for as many as three nonexecutive, but highly-paid, employees, in addition to compensation for five top managers.
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