Reuters reports Wegmans is fighting a proposed Securities and Exchange Commission rule that would force companies with more than 500 shareholders to reveal its earnings. Wegmans is a privately-held company.
…the older companies say the limit threatens their ability to offer stock-based compensation plans to senior managers.
“As we grow, we don’t have the ability to retain and attract the number of people we’d like because of the restriction of this rule,” said Paul Speranza, vice chairman and general counsel of Wegmans, a grocery chain based in Rochester, New York.
In an interview with Reuters, Speranza said Wegmans is “quite close” to the 500-shareholder limit.
Wegmans is using former congressman Tom Reynolds as its lobbyist.
Wegmans says its 2010 annual sales were $5.6 billion.