Jones Apparel Group awarded Peter Boneparth a $4 million pay package for 2006, according to the company's preliminary proxy statement filed Tuesday.
The company paid Boneparth, president and chief executive officer, a $2.5 million base salary and $1.5 million in stock awards.
The filing followed the new Securities and Exchange Commission requirement of "plain language" compensation disclosures, which requires public companies to show a dollar amount on stock awards.
In 2005, Boneparth was given $3.96 million in total annual compensation, which does not include stock options and awards.
The SEC is not requiring companies to recalculate prior years' pay tables in the new plain-language format. Analysts said the new SEC rules were aimed at making executive and director pay transparent.
It's important to note that the compensation listed in proxies could include options and stock awards that are from prior years.
The SEC created the new compensation requirements in the wake of numerous instances of "option backdating" by public companies. The backdating forced many public companies across different sectors to restate earnings.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"