From: Lori Fillo
Securities and Exchange Commission
Dear Securities and Exchange Commission,
I am sick and tired of the working people of this country getting the short end of the stick all the time. It has been proven over and over again, that the poor get poorer, and the rich get richer. Soon there is not going to be an American Dream because nobody will be able to afford it. In my household we have three incomes, and are barely making it from pay to pay, were-as our administrators and executives don't have to worry about whether they can pay their bills or have a job or not because their compensation packages are better than their salaries. My brother works for GM. He is caught between a rock and a hard place. He is damned if he does take the package offered to him and damned if he doesn't, because he cannot predict the future. Will GM offer him a package if he makes 30 years or not? I'm sure the executives aren't worried about that.
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.