A subtle change could have major consequences.

Executive pay is a high-profile topic which almost everyone has an opinion about, and many believe the entire system is broken. But despite being well-intentioned, many suggested reforms may not be targeting the elements of pay that are most critical for shareholder value and society.

Let's not pop the Prosecco just yet. Another SEC rule being debated now would effectively endorse the root cause of excessive CEO pay -- the practice of paying CEOs based on the company's stock price.