From: Marypat Yarusites
SEC Chairman Christopher Cox
Dear SEC Chairman Cox,
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.
In recent years there have been a myriad of conflicts of interest, resulting in huge compensation for the higher executives; our current administration has been guilty of these infractions...where is the justified anger and resultant call for accountability from the people? They are trying to keep their heads above water, with low-paying jobs, higher costs of living--especially with rising fossil fuel prices!
Where is government showing any caring for working families?
Our founding fathers must be turning over in their graves, watching the ongoing corrupive actions of the mighty rich in this country.
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.