SEC still unhappy with exec-comp reporting

The SEC is not satisfied with most of responses they received to critiques send to hundreds of public companies regarding the way they report the pay of the firms’ top executives. A Securities and Exchange Commission official said a majority of the 350 companies initially contacted have now received second letters, The Wall Street Journal reported. The SEC sent the first round of letters in August as part of an project to determine if companies are adequately following new rules that took effect during the 2007 proxy statement season, according to a Reuters report. The new rules require companies to reveal more data about their executive salaries (InvestmentNews, Aug. 24, 2007).