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CalPERS to Maryknoll Sisters urge SEC not to delay CEO pay rule

Don't delay the rule requiring disclosure of pay gap between CEOs and rank-and-file workers, say institutional investors.

By Anders Melin | Updated on March 23, 2017
The rule requires large U.S. public businesses to report the compensation ratio between their CEO and median worker for fiscal years starting on or after Jan. 1. (Photo: Getty)

(Bloomberg) — A coalition of institutional investors including the California Public Employees’ Retirement System is calling on a U.S. regulator not to delay the rule for companies to disclose the pay gap between their chief executive officers and rank-and-file workers.

The disclosure would help shareholders assess companies in their portfolios, investors representing $2.5 trillion in assets wrote in a letter Wednesday to Michael Piwowar, acting chairman of the U.S. Securities and Exchange Commission. Jay Clayton, who was picked by the Trump administration to serve as chairman, is scheduled to appear Thursday before the Senate Banking Committee for a hearing on his nomination.

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