rémunération

rémunération

Ratio de rémunération des dirigeants : les précisions de la SEC

Un article du The National Law Review revient sur la récente initiative de la SEC américaine visant à imposer aux grandes entreprises la publication d’un ratio de rémunération : « SEC Issues Pay Ratio Disclosure Guidance » (21 novembre 2016). Vous trouverez ainsi une belle synthèse des dernières interprétations de la SEC dans le domaine de la conformité et de la transparence.

Pour en savoir plus sur Regulation S-K – Last Update: October 18, 2016, cliquez ici.

Under the Rule, most companies required to provide compensation disclosure pursuant to Item 402 of Regulation S-K in filings with the SEC must disclose in their annual reports, proxy or information statements, and registration statements in which executive compensation disclosure under Item 402 of Regulation S-K is required, (1) the median annual total compensation of all employees, except their principal executive officer (PEO), (2) the PEO’s annual total compensation, and (3) the ratio of these two compensation amounts. Disclosure under the Rule must be made with respect to compensation for fiscal years beginning on or after January 1, 2017. Thus, an issuer with a December 31 fiscal year must first make pay ratio disclosure under the Rule as to the compensation deemed paid by it for the year ending December 31, 2017, and most issuers subject to the Rule are likely to make their first pay ratio disclosure in their proxy statements used in the 2018 proxy season.

Issuers subject to the Rule should review the Staff’s guidance in connection with determining the issuers’ employee population and identifying their employee earning the median annual total compensation of all of their employees other than their PEO (Median Employee) to ensure their determination of their Median Employee is in compliance with both the Rule and the Staff’s guidance. Those issuers intending to take advantage of the flexibility that the Rule affords regarding the compensation measure used to determine an issuer’s Median Employee should pay particular attention to the Staff’s guidance regarding the acceptability and mechanics of such a measure.

 

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Ivan Tchotourian