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Institutional investor group asks SEC to require more disclosure on CEO pay targets

( April 29, 2019, 19:56 GMT | Official Statement) -- MLex summary: The Council of Institutional Investors, or CII, is petitioning the Securities and Exchange Commission to require companies to explain in their proxy statements why they are using non-GAAP metrics in setting executive compensation targets. CII, which represented institutional investors holding roughly $4 trillion in assets, warned that public companies increasingly use adjusted earnings to depict better performance relative to generally accepted accounting principles, or GAAP, and incorporate these adjusted earnings into executive compensation decisions. CII cited Abbott Laboratories, Advanced Micro Devices, Altice USA and Cisco as examples of companies where it sees “opportunities” for better disclosures about use of non-GAAP measures related to performance targets.Text of petition follows....

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