SEC approves stricter executive pay disclosure rules News
SEC approves stricter executive pay disclosure rules

[JURIST] The 5-member US Securities and Exchange Commission (SEC) [official website] voted unanimously [press release] Tuesday to support an overhaul of its rules governing how executive compensation packages are disclosed to investors, a top priority of Chairman Christopher Cox [official profile] since he assumed leadership of the regulatory body [JURIST report] last August. Read Cox's Tuesday remarks [text] unveiling the proposal. The proposed rules require all publicly-traded companies to disclose the true cost of the total compensation packages awarded to the chairman, chief financial officers, and the next three highest-paid executives of the company, to explain, in plain English, why executives deserve the level of pay they receive, and to report executive retirement benefits. The Business Roundtable [advocacy website], an interest group representing many Fortune 500 CEO's, supports the proposal [press release], but has cautioned that companies should be prevented from inflating the value of stock options disclosed to investors and should not be forced to reveal strategic information relating to future business goals. The SEC can officially adopt the new rules following a mandatory 60-day public comment period. Watch recorded video [RealPlayer] of Tuesday's SEC open meeting. AP has more.

THIS DAY @ LAW

Laws of Burgos put into effect

The Spanish Crown put the Laws of Burgos into effect on December 27, 1512. These laws governed the relationship of Spanish settlers with the indigenous peoples of the Caribbean. The laws established the encomienda system of labor, promoted conversion to Catholicism, and safeguarded the indigenous peoples from physical abuse.  However, historians argue that the laws were ineffective at protecting the rights of the indigenous population. Learn more from the Library of Congress.

Prohibitionist Carrie Nation carried out her first public bar smashing

On December 27, 1900, militant Prohibitionist Carrie Nation carried out her first public smashing of a bar, at the Carey Hotel in Wichita, Kansas. Nation argued that destroying bars was an acceptable means of battling the liquor trade since the Kansas Constitution prohibited alcohol. Learn more about Carrie Nation.

World Bank created

On December 27, 1944, the World Bank was created during the United Nations Monetary and Financial Conference in Bretton Woods, New Hampshire, USA. Learn more about the history of the World Bank.