Companies apparently still aren’t getting it right when it comes to disclosing executive compensation. The Securities and Exchange Commission has gone through two rounds of criticizing the way businesses explain in their annual reports and proxies why, among other things, they pay CEOs the sums they do. It may now go for round three. “This proxy season, companies will be held to a substantially higher standard of disclosure. Don’t think that if you didn’t get a letter [from the SEC, complaining about your lack of transparency], you’re off the hook,” says James D. C. Barrall, who heads the benefits and compensation practice in the Los Angeles office of law firm Latham & Watkins.