From: Allen Rednour
Securities and Exchange Commission
Dear Securities and Exchange Commission,
I am writing to urge the Securities and Exchange Commission to act on its proposed rule making on executive compensation disclosure. Too often executives are richly rewarded even when their companies' performance is below par. Without better disclosure, shareholders, employees and the general public cannot evaluate whether executive pay packages are unjustly enriching executives at shareholder cost or providing fair compensation.
The newly proposed rules will make this crucial information more accessible to shareholders and the public. The new requirements to disclose total compensation figures, pensions and detailed compensation breakdowns will make it clear exactly how much top executives are earning and why.
I believe that CEO pay should be set by independent directors.
I also urge the SEC to require that companies disclose pay-for-performance data. In order for investors to understand how pay and performance match up, companies need to explain more clearly what level of performance is necessary for a particular level of pay. I urge the SEC to require companies to disclose both the performance criteria and the performance targets they use when setting executive pay.
I work for an electric utility and we continue to lose retirement benefits. Such as post retirement health care and traditional retirement plans. While at the same time I see executives receiving millions of dollars in severance packages. Our CEO cashing in $28 million dollars worth of stock options. I think that the CEO's of the U.S. are abusing the working family. I also see the U.S. returning to two classes of people, the rich and the poor. We are also returning to a monopolistic society. All the large corporations are running the small businesses out of business. I am not seeing any savings from larger is better. I do not see any savings from supply and demand rules. Companies do not keep inventory therefore the supply is down and they can demand any price. The oil industry for example, it is ridiculously out of hand. If we allow the CEO,s to drive down wages and benefits for working families, we will be left with no one buying the products that are being produced by the large corporations. The government will be supporting the majority of these people through welfare, medicare and medicade.