Over the last decade and half, the compensation packages awarded to directors and top executives have changed substantially. Our disclosure rules haven't kept pace with changes in the marketplace, and in some cases disclosure obfuscates rather than illuminates the true picture of compensation.

This has led to concern that some companies may not be disclosing all compensation as is currently required. We have concluded that executive compensation disclosure requirements should be modified.

We want investors to have better information, including one number-a single bottom line figure-for total annual compensation. That single figure will include a more accurate representation of perquisites.

Currently, companies are required to report a lump sum if an executive's perks are more than $50,000, or 10 % of his or her salary and bonus. And under current rules, an individual perk has to be reported only if it represents more than 25% of all the perks that an executive receives.