Regulators are poised to complete a rule requiring companies to disclose the pay gap between chief executives and employees, putting in place a measure without broad exclusions sought by companies, people familiar with the deliberations said.

In a setback to corporations and their trade groups, the Securities and Exchange Commission is expected to allow companies to exclude 5% of their overseas workers from the pay-ratio calculation, these people said. Companies had pressed to exclude a much larger percentage of foreign workers,...