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Perspective

Thanks to the Securities & Exchange Commission, we have a new twist on the open kimono. Next month, the SEC is instituting new proxy-disclosure rules that will increase significantly the amount of upper-echelon compensation information public companies will be required to provide.  In addition to a bundle of new disclosures, companies will also have to give extensive information related to the who, why and what of pay decisions.  The new regs are rattling REIT and other public real estate company executives who clearly earned it but will now have to justify it.  Even more interesting is the probable introduction of new disclosures that will encompass other highly compensated employees who have “supervisory” responsibilities and whose pay is at least as high as the top-compensated execs.  It appears that these disclosures will easily cover development, leasing and senior investment officers.  This is going to provide for some interesting proxy reading next spring, and I don’t expect the SEC to stop at this round of expanded disclosure. 

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