The Securities and Exchange Commission has posted the details of its rule proposal on proxy disclosure and solicitation enhancements.

The 137-page proposing release fleshes out the details of—and asks dozens of questions about—the proposals unveiled at the July 1 open meeting, as previously reported.

Among other things, the proposed amendments would expand the disclosures companies are required to make about their overall compensation policies and their impact on risk taking; director and nominee qualifications; company leadership structure; the board's role in the risk management process and potential compensation consultant conflicts of interest. The amendments would also change the way companies report the stock and option awards of executives and directors in the Summary Compensation and Director Compensation tables under Item 402 of Regulation S-K.

"The turmoil in the markets during the past 18 months has reinforced the importance of enhancing transparency, especially with regard to activities that materially contribute to a company's risk profile," the release states. "We have decided to re-examine our disclosure rules to provide investors with important and relevant information upon which to base their proxy voting and investment decisions."

If adopted, the amendments are expected to be effective for the 2010 proxy season.

Comments will be due 60 days after publication in the Federal Register. Compliance Week will provide readers with additional coverage of the details of the proposing release in an upcoming edition.