Effective date of SEC rule on pay ratio disclosures

Starting with fiscal years beginning on or after January 1, 2017, any annual report, proxy or information statement, or registration statement filed with the Securities and Exchange Commission (SEC) will have to include a disclosure of the median of the annual total compensation of all employees of the registrant, the annual total compensation of its chief executive officer, and the ratio of the median employee compensation to the compensation of the CEO, under amendments to SEC Regulation S-K published today [80 FR 50103].