"Commissioner Gallagher noted that the rule is broadly construed and, if finalized, will have a negative competitive impact that could disproportionately fall on U.S. companies with large work forces and global operations.... Commissioner Piwowar expressed concerns that the pay ratio disclosure is not a relevant indicator of a company's economic strength and could ultimately stifle capital formation and harm investors by providing them with distracting and misleading information. Even Commissioner Aguilar, who ultimately voted in favor of the proposed rule, acknowledged that superfluous benchmarking based on the disclosures could result in 'economic decisions that are not economically efficient.'"  MORE >>