미국 임원보수 공시제도에 관한 고찰 - 미국 증권거래위원회의 보수격차비율 공시제도를 중심으로 -

Despite increased regulations, executive pay has skyrocketed over the last fifty years in U.S. While in 1965 the CEO-to-worker compensation ratio was only 20 to 1, an Economic Policy Institute study showed that in 2014, the ratio had grown to 303 to 1.6 Today, a Walmart employee earning $9 per hour must work 1,036 hours to earn the same salary that Walmart’s CEO earns in just one hour. Along with these statistics, executive compensation has developed into a “hot-button issue” largely due to the process in which it is determined, as well as public instances of executive pay being uncorrelated with company or personal performance. This situation created the Securities and Exchange Commission's (SEC) CEO Pay Ratio Disclosure Rule ("the Rule"). Adopted in August 2015, and effective in 2018, the final Rule requires public companies to disclose the ratio of the compensation of their CEO to the median compensation of the rest of their employees. The SEC believes that this will provide shareholders with additional information when exercising their say-on-pay votes. The CEO-to-worker compensation ratio is 461.9 to 1 in the top group in Korea. Korea has the same problems as the United States. In this paper, I examine the changes and the contents of the disclosure regulation of executive compensation in the United States. I tried to find ways to improve the disclosure regulation of executive compensation in Korea.