Under the proposal, perquisites must be itemized if they total $10,000 or more. The proposed new rules would also improve the disclosure of retirement benefits. New tables would outline the defined-benefit and defined-contribution retirement plans of top officers.

There would also be detailed descriptions of payments that could be made if an executive is terminated. Those disclosures aren't required under our current rules.

It's essential, however, that this proposal be understood for what it is-an effort to improve disclosure by including all elements of compensation. It's about wage clarity, not wage controls.

Indeed, the SEC lacks statutory authority to impose salary caps on corporate executives and we'd be out of bounds to attempt that through indirection.

By improving the total mix of information available to the marketplace, we can help shareholders and compensation committees of Boards of Directors to assess the information themselves, and reach their own conclusions.