In what is being touted as its most dramatic overhaul in 13 years, the Securities and Exchange Commission plans to introduce proposals next week that would change the way companies report compensation paid to their top executives and directors.

Speaking at a press luncheon at agency headquarters, SEC Chairman Christopher Cox said that, among other things, the limit for disclosing perquisites awarded to the chief-level position holders and board members would be lowered from $50,000 to $10,000. In addition, companies would have to disclose greater amounts of information about heretofore little-noticed benefits, such as club memberships, the use of executive jets and cars, and payments companies make to cover executives' tax liabilities on compensation and benefits, The New York Times reports.