From: Liisa May
Securities and Exchange Commission
Dear Securities and Exchange Commission,
I am a worker whose pension is being cut now that the management of my company has discovered that it can't make the payments and live large, too. So while they are on their yachts in the next 10 years, I will probably have to keep my job into my 70s to have enough to live on. PS. My pension which I have carefully contributed to now is being based on my Social Security payments, and the company has no contingency plan if SS goes away for th boomers. I further endorse what it is in the form below...Liisa M. May 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.