NIRI Needs Your Input on the SEC's CEO Pay Ratio Rule
The U.S. Securities and Exchange Commission has asked issuers to submit comments on the challenges and costs they face in preparing for the agency's CEO pay ratio rule. This Dodd-Frank mandate would require most U.S. public companies to disclose the ratio between the total compensation received by their CEO and that earned by the issuer's median employee. Companies with December 31 fiscal years would have to make their first disclosures in the spring of 2018.

NIRI plans to submit a comment letter that asks the SEC to delay this rule and to reduce the scope of the pay ratio calculation to full-time, U.S.-based employees, which would reduce compliance costs for many issuers. Please send in input about the challenges and costs your company would face to Ted Allen, NIRI's director of regulatory affairs, at by Friday, March 10. Alternatively, your company can submit a comment letter directly to the SEC via this link

NIRI Urges Members to Support Short-Selling Disclosure 
In October 2015, NIRI joined with the NYSE Group in a rulemaking petition that asks the SEC to require 13(f) institutions to publicly report their short positions. In December 2015, Nasdaq submitted a similar rulemaking petition, which has been endorsed by the Biotechnology Innovation Organization, a trade association that represents biotech companies.   

NIRI encourages members to ask their companies (or clients) to write comment letters to the SEC that support this much-needed reform to improve equity ownership transparency. A briefing paper, comment letter templates, and letters from a growing list of companies can be found on NIRI's Short Selling page.  

NIRI Encourages Members to Support Proxy Advisor Oversight Legislation
NIRI is asking members to write their U.S. House and Senate lawmakers in support of the Corporate Governance Reform and Transparency Act, which would direct the SEC to regulate proxy advisory firms. This bill was approved by the House Financial Services Committee with bipartisan support in June 2016. The Society for Corporate Governance, Nasdaq, the U.S. Chamber of Commerce, and the Business Roundtable all have expressed support for this legislation. Rep. Sean Duffy plans to introduce a similar bill in early 2017.

To find the name of the U.S. House member who represents your area, please visit this link