Ace Ltd. chief executive officer Evan Greenberg was given a compensation package valued at $14 million in 2006 — not $20.8 million, as was incorrectly reported last week by The Royal Gazette, as well as the Associated Press.

The figures were taken from Bermuda-based Ace’s proxy statement to the Securities and Exchange Commission (SEC), the regulatory body for companies listed on the New York Stock Exchange, and the mistake was made through the erroneous inclusion in the calculation of option grants that were in fact awarded to Mr. Greenberg last year as part of his 2005 compensation.

The SEC has been trying to ensure fuller disclosure of executive pay by companies and the reasoning behind the compensation calculations, by requiring them to publish a “Compensation, Discussion and Analysis” section in their proxy documents.

But some experts say the new rules have led to greater obscurity rather than transparency, because the complexities of the required data are causing confusion among shareholders and even experienced observers.

“Even for a sophisticated investor or a compensation consultant or one who does this for a living, it’s extremely difficult to wade through this and put together the pieces that really make sense,” compensation consultant Jack Dolmat-Connel told CNBC.

Another compensation consultant, Ross Zimmerman, who runs Exequity, told USA Today: “The huge volume of information in these proxies is almost debilitating. It’s like drinking from a fire hydrant.”

The SEC voted for the new regulations in July last year, with the aim of giving investors a fuller picture of executives’ payment packages.

“The better information that both shareholders and boards of directors will get as a result of these new rules will help them make better decisions about the appropriate amount to pay the men and women entrusted with running their companies,” SEC chairman Christopher Cox said at the time of the new rules’ introduction.

“Shareholders need intelligible disclosure that can be understood by a lay reader without benefit of specialised expertise or the need for an advanced degree. It’s our job to see that they get it.”

Last week, Mercer Human Resource Consulting published its annual CEO pay survey. Peter Chingos, a senior executive compensation consultant with Mercer, said the process of wrestling with the complexities of the CD&A requirements would likely lead to companies trying to simplify their compensation programmes and presentation of information.

“The process of preparing the Compensation Discussion and Analysis (CD&A) caused some companies to make changes and will probably prompt more to simplify and clarify the performance criteria in their compensation programmes,” Mr. Chingos said. “This could range from tweaking the programmes to making major changes to ensure clarity to external audiences.”

The Royal Gazette apologises for the error in last Thursday’s story.