Back in 2017, a new rule aimed at exposing the excesses of corporate America went into effect: Every year, most publicly traded companies would have to disclose a CEO pay ratio, comparing the compensation of the chief executive to that of the median employee.
Having spent the subsequent five years trying to make sense of these disclosures, I think it’s time to call the rule a failed experiment and scrap it.
I don’t say this lightly. I had high hopes for the requirement: As recently as last year, I