Sen. Mike Rounds (R-SD) introduced legislation (S. 1722) to repeal the pay ratio provision altogether, identical to House legislation (H.R. 414) introduced by Rep. Bill Huizenga (R-MI).
The Center On Executive Compensation filed comprehensive comments with the SEC on its prescriptive rule on pay for performance, noting that "it fails to provide a clear picture of the pay for performance link," likely creating "confusion and misunderstanding among shareholders" and urging a principles-based approach instead.
In 2010, the Securities and Exchange Commission issued a Concept Release on the U.S. Proxy Plumbing System which included an discussion on the conflicts of interest inherent in the proxy advisory firm industry.
SEC Commissioner Michael Piwowar, an economist, is the only non-attorney SEC Commissioner and the first in over seven years.