By Jennifer Liberto @jenlibertoSeptember 18, 2013: 2:34 PM ET
U.S. companies will have to disclose their CEOs' pay in comparison with that of their workers, in a proposed rule.
Wall Street's top regulator, the Securities and Exchange Commission, agreed 3-to-2 at a meeting Wednesday to a draft rule that would force publicly traded companies to disclose a ratio that compares CEO pay with that of salaries of those who work for them.
Companies have said that a pay ratio is difficult to create. Nearly two dozen groups and associations -- including those representing the oil, retail and financial services industries -- sent a letter to the SEC in 2012 complaining about "significant hurdles and burdens " of collecting such information. They also say it's not useful to investors.
The rule isn't likely to take effect until next year, or even later. Companies and others get at least 90 days, possibly more to comment on the rule and make suggestions. Later, the SEC will review the comments and make changes to the rule before making a final decision.