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PCAOB Proposes 20% Cut to Board Pay Amid SEC Scrutiny
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Good morning, CFOs. U.S. audit regulator proposes pay cuts to board members; companies and wealthy individuals open their checkbooks for President Trump; plus, what the nation’s biggest banks say about the economy.
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The Public Company Accounting Oversight Board offices. PHOTO: ALYSSA SCHUKAR FOR THE WALL STREET JOURNAL
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The Public Company Accounting Oversight Board has proposed a 20% cut to the salaries of its board members as it faces scrutiny from the Securities and Exchange Commission over compensation levels, Mark Maurer reports.
The cut was part of a preliminary 2026 budget the U.S. audit regulator submitted to the SEC in recent weeks, people familiar with the matter said. The plan suggests shrinking the overall budget by roughly 10% from the anticipated 2025 amount. This year’s spending is expected to come in below the $399.7 million the SEC approved last year.
The SEC, which oversees the PCAOB, has until Oct. 31 to propose revisions to the preliminary budget, followed by an audit-board vote in November and SEC vote in December, according to SEC rules. The process could be delayed by the government shutdown.
How much do board members make? The PCAOB chair is paid nearly $673,000 and the four other board members almost $547,000, as has been the case since 2009. An overhaul to board pay has appeared likely since Paul Atkins, who has argued that the salaries are overly high, took the helm of the SEC in April.
For the full details, read further here.
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Content from our sponsor: Deloitte
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Family-Owned Businesses: How Innovation and Legacy Can Coexist
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Consider ways that family enterprises can navigate technology, privacy, and generational views to foster innovation and secure long-term competitiveness. Read More
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📆 Earnings
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Bank of New York Mellon
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Charles Schwab
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CSX
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Interactive Brokers Group
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KeyCorp
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Marsh & McClennan
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M&T Bank
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Snap-On
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Taiwan Semiconductor Manufacturing
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Travelers
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U.S. Bancorp
📈 Economic Indicators
The Census Bureau is slated to release retail sales data for September.
The Bureau of Labor Statistics is scheduled to release the producer price index for September.
The National Association of Home Builders releases its Housing Market Index for October.
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What Else Matters to CFOs
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President Trump views the ballroom as part of his presidential legacy. PHOTO: SAMUEL CORUM/GETTY IMAGES
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More than three dozen organizations and individuals, including companies with business before the federal government, are expected to attend a dinner with President Trump on Wednesday evening after opening their checkbooks to support the new $250 million ballroom under construction at the White House, Meridith McGraw and Annie Linskey write.
Companies sending representatives to the East Room event include Lockheed Martin, Microsoft, Meta Platforms, Alphabet’s Google, Amazon.com and Palantir Technologies, according to the White House. The guest list also features wealthy individuals and families, such as oil billionaire Harold Hamm, Blackstone CEO Steve Schwarzman, and Cameron and Tyler Winklevoss.
The dinner will help “Establish the Magnificent White House Ballroom,” according to a copy of the invitation reviewed by The Wall Street Journal. The invitation, which is written in Trump’s trademark gold lettering, lists the president as the event’s host.
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The nation’s biggest bankers proclaimed this week that the economy is sturdy, the U.S. consumer is healthy, and they haven’t seen much change in recent months. Yet they still sounded uneasy about what is around the corner, Alexander Saeedy and AnnaMaria Andriotis report.
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📰 Other headlines
📈Earnings wrapup
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“I have a great relationship with Xi. But sometimes he gets testy.”
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—President Trump said, speaking to reporters at the White House on Tuesday. Chinese leader Xi Jinping has adopted a hard-line approach in the China-U.S. trade dispute.
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Where senior finance leaders confront today’s expanding remit. Connect on capital, regulation, technology, and talent — and lead with clarity.
Request Information.
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Content From Our Sponsor: DELOITTE
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CFOs recalibrate pricing strategies
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According to the latest CFO Signals survey, 86% of finance chiefs surveyed say pricing will become more important to their organizations over the next year. Most have already started to recalibrate their strategies. Read the report here
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The Wall Street Journal's CFO Journal offers corporate leaders and professionals CFO analysis, advice and commentary to make informed decisions. We cover topics including corporate tax, accounting, regulation, capital markets, management and strategy. Follow us on X @WSJCFO. The WSJ CFO Journal Team comprises reporters Kristin Broughton, Mark Maurer and Jennifer Williams, and Bureau Chief Walden Siew. You can reach us by replying to any newsletter, or email Walden at walden.siew@wsj.com.
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