The U.S. Securities and Exchange Commission today voted to publish for comment proposed rules that would ramp up disclosure requirements for executive compensation.

The proposals would amend disclosure requirements for executive and director compensation, related party transactions, director independence and other corporate governance matters, and security ownership of officers and directors. At a meeting to consider the proposals the SEC chair, Christopher Cox, indicated that the goal is to improve compensation transparency, rather than setting any limits to compensation.

The proposed rules would affect disclosure in proxy statements, annual reports and registration statements. They would also require most of this disclosure to be provided in plain English.

The proposals would refine the currently required tabular disclosure and combine it with improved narrative disclosure to “elicit clearer and more complete disclosure of compensation of the principal executive officer, principal financial officer, the three other highest paid executive officers and the directors,” the SEC notes.

The proposed rules would also update, clarify, and slightly expand the disclosure provisions regarding related person transactions, among other things.

Comments on the proposed rules are due within 60 days of publication in the Federal Register.