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The decision by the Securities and Exchange Commission in late December to amend how public companies report executive compensation continues to provoke a maelstrom of criticism by investors–despite the fact that more than a month has passed since the SEC announcement. In a Jan. 25 comment on the amended rules, the Council of Institutional Investors (CII)–an association of public, corporate and union pension funds representing more than $3 trillion in assets–writes to express its “disappointment” that CII’s comments and the comments of other investors can have no impact on the amended rules applicable to the 2007 proxy disclosures since the amended rules became effective on Dec. 29, 2006. The new amended rules permit companies to report the compensation cost of stock and option awards over service periods rather than calculating and disclosing their full present value at grant date.

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