Despite recent moves by the Securities and Exchange Commission to overhaul executive pay disclosure rules, companies aren't rushing to change their compensation programs, according to a survey by consulting firm Watson Wyatt Worldwide. A February survey of 112 compensation and human resource executives at large publicly traded companies found that 70% said they do not plan any changes to their comp programs in response to the SEC proposal; only 9% reported their intention to make changes. When asked about plans for current year filings, 48% said they don't intend to change their proxy disclosures this year, while 23% said they will and 29% weren't sure. "A lot of companies are interested in seeing how others are reacting–a wait-and-see approach is really going on," says Steven Seelig, executive compensation counsel at Watson Wyatt. The proposals could change after the comment period ends in early April.

In their current form, the changes would require companies to disclose a single figure for total compensation for the highest-ranking executives, including perquisites, and increase disclosures on retirement benefits, termination payments and director compensation. A new Compensation Discussion and Analysis section would replace the current Compensation Committee Report. The Watson Wyatt survey found that 82% of respondents think their current compensation committee disclosures don't fully provide the information sought by the new proposals. "The SEC is trying to move folks toward more accurate disclosure of what's going on within compensation committees," says Seelig. "This is new." — John Labate