April 7, 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.We pay so much for health care for our families that it should be against the law. I think those who are in the higher up's in companies have forgoton WHAT'S RIGHT ANF WRONG. I AM 100 PERCENT DISABLED FROM THE COMPANY I WORKED FOR, FOR 31 YEARS POUNDING ON MACHINES AND KILLING MY BODY AFTER 6 SURGERIES. I TOO WAS A UNION REP. FOR 18 YEARS AND MY LAST POSITION'S WERE GRIEVANCE REP. AND VICE PRESIDENT.We had 12 thousand employes working at this Milwaukee based company and now there are 900 employes plus 800 salery people. I killed my body for 31 years now I get 1200.00 a month, HOW MUCH WOULD A CEO GET????
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.