SEC Adopts Final Rules On Pay Ratio Disclosure

On August 5, 2015, the Securities and Exchange Commission ("SEC") adopted final rules to implement the pay ratio disclosure requirements (the "Final Rules") of Section 953(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act"). Section 953(b) of the Dodd-Frank Act generally requires public companies to disclose the median of annual total compensation of all employees (excluding the chief executive officer), the annual total compensation of the chief executive officer, and the ratio of those two amounts. The rules regarding pay ratio disclosure take effect for filings for the first fiscal year of a registrant beginning on or after January 1, 2017.