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U.S. markets recover from steep losses
WASHINGTON, Dec. 27 (UPI) -- The U.S. Securities and Exchange Commission has reversed a decision that would let companies report significantly lower total compensation for top executives.
The change, made on the last business day before Christmas, lets companies report options as executives qualify to exercise them rather than as they receive them, The New York Times reported Wednesday.
The decision is seen as a victory for corporations that had opposed the rule when it was issued in July, the Times said.
"It was a holiday present to corporate America," said Council of Institutional Investors Executive Director Ann Yerger, who opposed the change. "It will certainly make the numbers look smaller in 2007 than they would otherwise have looked."
Commission Chairman Christopher Cox told the Times he viewed the decision as "a relative technicality" that improved the rule.
In July he said it would help shareholders "make better decisions about the appropriate amount to pay the men and women entrusted with running their companies."
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