Bill Requires Corporations to Disclose Top Executive Pay

Senator Mark Leno’s first-in-the-nation bill requiring publicly traded corporations to report the amount of money their top five highest paid executives receive in retirement was approved by the Senate this week with a 21-15 vote. “It’s time to shed some light onto how executives at publicly traded corporations have enriched themselves by millions of dollars each year while eliminating pensions for lower-earning workers, causing their families and communities enormous hardship,” said Leno, D-San Francisco. “Right now, the Securities and Exchange Commission (SEC) only requires companies to predict how much they will pay their top five executive officers in retirement, but they do not report what they actually earn once they retire. This bill will help the public better understand how some publicly-traded corporations spike executive pensions and dramatically increase the unfunded liability shareholders will have to grapple with in the future,” he said.
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