The Securities and Exchange Commission last week released much-anticipated new rules governing the disclosure of boardroom pay. The rules, adopted late last month, mark the first time in 14 years that the commission has addressed executive and director pay disclosure.

While the 436-page set of final rules will take effect 60 days after its publication in the Federal Register, the commission opted to solicit further public comment on the so-called "Katie Couric" provision that calls on firms to disclose the pay of three of the highest-paid non-executive employees. (That moniker refers to Couric, a television newscaster who recently signed a multi-million dollar deal with CBS.)

The rule, proposed in January, was criticized by Wall Street firms and media companies, which voiced concerns over competitors' potential ability to poach talent, and the likelihood that internal rivalries would develop if employees were privy to their colleagues' pay. The SEC revised the rule last month carving out employees with no responsibility for significant policy decisions--such as star athletes and entertainers--while indicating the rule would only apply to large capital companies. Employees' names also would not be disclosed, the SEC said.

The SEC is seeking comment on whether the re-proposed rule balances investors' needs for compensation information with the privacy concerns of non-executives. The commission also is seeking input on whether it should require companies to describe the duties of the three top-paid non-executives and define the phrase "responsibility for significant policy decisions," according to Bloomberg News. Comments must be submitted within 45 days of publication of the proposed rule in the Federal Register.

For more on the pay rules, please visit the SEC's website.