The Harvard Law School Forum on Corporate Governance https://corpgov.law.harvard.edu The leading online blog in the fields of corporate governance and financial regulation. Fri, 17 Apr 2026 11:31:51 +0000 en-US hourly 1 https://wordpress.org/?v=6.5.8 https://corpgov.law.harvard.edu/wp-content/uploads/2024/02/cropped-photography-4-e1706898544564-1-32x32.png SEC Chairman Cox Expounds on CD&A and Plain English – The Harvard Law School Forum on Corporate Governance https://corpgov.law.harvard.edu 32 32 SEC Chairman Cox Expounds on CD&A and Plain English https://corpgov.law.harvard.edu/2007/04/09/sec-chairman-cox-expounds-on-cda-and-plain-english/?utm_source=rss&utm_medium=rss&utm_campaign=sec-chairman-cox-expounds-on-cda-and-plain-english https://corpgov.law.harvard.edu/2007/04/09/sec-chairman-cox-expounds-on-cda-and-plain-english/#comments Mon, 09 Apr 2007 15:10:10 +0000 http://blogs.law.harvard.edu/corpgov/2007/04/09/sec-chairman-cox-expounds-on-cda-and-?d=20070409111010EDT Editor’s Note: This post is by Broc Romanek of TheCorporateCounsel.net.

A few weeks ago, I blogged about SEC Chairman’s Cox‘s first comments on incoming executive compensation disclosures under the new disclosure rules.  Chairman Cox recently gave another speech further explaining why he believes that executive compensation disclosure, and particularly the CD&A, is not in plain English.  The part of the Chairman’s speech that deals with compensation disclosures is quite long.  Below are just a few excerpts to give you a sense of his message:

– “I have to report that we are disappointed with the lack of clarity in much of the narrative disclosure that’s been filed with the SEC so far.  Based on the early returns, the average Compensation Disclosure and Analysis section isn’t anywhere close to plain English.  In fact, according to objective third-party testing, most of it’s as tough to read as a Ph.D. dissertation.”

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