The new pay vs. performance (PVP) disclosure requirement from the U.S. Securities and Exchange Commission (SEC) has not made a big splash yet, but it still has the potential to reshape the executive pay landscape as time goes on. Investors and proxy advisors are still in “wait and see” mode around whether the disclosure is useful. The missing link to make sense of the requirement is time. The disclosure is, for the most part, meaningless until investors can look at the trajectory of pay over a CEO’s entire tenure. As time passes and more data is disclosed, that will be possible. READ MORE