The U.S. Securities and Exchange Commission is advancing an initiative to modernize how publicly traded firms report their leadership compensation packages. SEC Chair Paul Atkins has characterized the existing framework, unchanged since 1992, as a "Frankenstein patchwork of rules."

Public companies presently must file detailed reports about remuneration provided to their five highest-compensated officers, specifically naming the CEO, CFO, and three additional top earners. These filings must include methodology explanations and performance-based compensation breakdowns. READ MORE