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April 6, 2005 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. Under the proposed rule, a director could secretly do $120,000 in business with a company, an amount that is more than four times the average worker's annual pay of $27,460. Shareholders should be told if directors have potential conflicts of interest, no matter what the amount. 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. "For I was hungry and you gave me no food; I was thirsty and you gave me no drink; I was a stranger, and you did not take me in, naked and you did not clothe me, sick and in prison and you did not visit me. Then they also will answer him, saying, 'Lord, when did we see you hungry or thirsty or a stranger or naked or sick or in prison, and did not minister to you?' Then will he answer them, saying, 'Assuredly, I say to you, inasmuch as you did not do it to one of the least of these, you did not do it to me." (Matthew 25:42-45) Contained within every evil(greedy profiteering republican) act are the seeds of its own destruction. Adhere to the teachings of Jesus, as contained in The Urantia Book, or else suffer the consequences. It IS that simple. TRUTH has been spoken to power, Peace will prevail. Buck Fush! SUPPORT U.S. TROOPS, AND GLOBAL PEACE AND ECONOMIC STABILITY, AS WELL AS ECOLOGICAL SUSTAINABILITY... IMPEACH BUSH AND CHENEY NOW! Sincerely,
Lawrence Smith |