In Brief
WASHINGTON — Federal regulators have approved a long-delayed rule requiring companies to reveal the pay gap between CEOs and their employees.
The Securities and Exchange Commission voted Wednesday to order most public companies to disclose the ratio between their chief executives' annual compensation and median, or midpoint, employee pay.
The 3-2 vote, with the two Republican commissioners dissenting, culminated years of heated public debate over one of the most controversial rules the agency has put forward in recent years. The SEC received more than 280,000 comments on the issue since it floated the proposal two years ago, and lobbying by business interests against the requirement was intense.
The SEC acted under a mandate from the 2010 law that reshaped regulation after the financial crisis. Outsize pay packages — often tied to the company's stock price — were blamed for encouraging disastrous risk-taking and short-term gain at the expense of long-term performance
MONACA — Two environmental groups have appealed an air permit granted to Shell Chemical for a proposed petrochemical plant in Western Pennsylvania.The Clean Air Council in Philadelphia and Washington-based Environmental Integrity Project filed their complaint with the Environmental Hearing Board this week.The groups say the permit doesn't require enough protections to prevent further air pollution in an area where some pollutants exceed federal levels.The state Department of Environmental Protection issued four permits to Shell in June that would allow the company to proceed with preparation at a former zinc plant in Beaver County. The plant would convert ethane from shale gas wells into material used to make plastics.
PHILADELPHIA — Word is going out to the winners of a lottery for special train passes for the weekend of Pope Francis' visit to Philadelphia.The Southeastern Pennsylvania Transportation Authority is notifying those who requested the 328,045 passes. They will have three days to complete the purchase, or someone else will be selected.The agency is capping ridership at 175,000 for each day of Francis' Sept. 26-27 visit.
DETROIT — Mazda is recalling its biggest SUV to fix suspension parts that can rust and come loose, causing a loss of steering control. The recall covers 206,000 CX-9 SUVs from the 2007 through 2014 model years, mainly in the U.S. and Canada.The company said in documents posted Wednesday by U.S. safety regulators that front ball joints can rust from water leaks and separate from the suspension. Ball joints allow the wheels to pivot when the steering wheel is turned.Owners will be notified by letter starting in September. Dealers will replace suspension parts on both sides.
