NEW YORK (CNNMoney.com) - The Securities and Exchange Commission will outline a major overhaul of pay disclosure rules spurred by the chorus of criticism surrounding skyrocketing executive pay packages, according to the Wall Street Journal.

The proposal, to be presented at a public SEC meeting on Jan.17, would require companies to divulge more detailed information about the compensation, perks and retirement benefits for their five highest paid executives.

According to the Journal, the new rules would require corporate proxy statements to provide a column with a total compensation figure for each of those top executives, including specific information on the various benefits. The column would include a dollar value for stock options in addition to salary and bonus information.

While business executives have signaled their support for what could be the most sweeping overhaul in 14 years, there is some concern among business groups that disclosing the value of options, which cannot be immediately cashed, will make the total package look artificially high.

The Journal reports that the Jan. 17 meeting will be followed by a period of public comment and then a final SEC vote. If approved, the new disclosure rules would not go into effect until next year at the earliest.

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