In September 2013, the SEC proposed a new rule that would require public companies to disclose the ratio of the compensation of its chief executive officer (CEO) to the median compensation of its employees. These proposed rules will not be in effect for the 2014 proxy season. Assuming the SEC adopts the final rules in 2014, it is expected that companies with a December 31st fiscal year end would first be required to disclose the pay-ratio information relating to 2015 compensation in their proxy or information statements for their 2016 shareholder meetings.