Friday, July 28, 2006
Oversight Systems Survey: Financial Executives Support SEC's New Ruling on the Reporting of Executive Compensation
ATLANTA (July 28, 2006) - A majority of financial executives endorse the Securities and Exchange Commission's new requirements for the full disclosure of executive compensation, according to a survey from Oversight Systems.
According to the survey of 230 financial executives, 58 percent say public companies must explicitly report the dollar value of all non-cash and non-stock compensation and benefits greater than $10,000, and 56 percent say public companies must explicitly report the dollar value of stock grants and potential future stock grants.
The complete Oversight Systems Financial Executive Report on Risk Management is available for download at www.oversightsystems.com/survey.
"This SEC ruling is the equivalent of Sarbanes-Oxley for executive compensation and stock option grants," said Patrick Taylor, CEO of Oversight Systems. "With the recent headlines about options backdating scandals, financial executives clearly are in favor of full disclosure of executive compensation. The new requirements for reporting stock-option grant information will drive companies to closely monitor and scrutinize their controls over options-based compensation."
posted by Brian Moran @ 9:32 AM