From: Carmen McCann
SEC Chairman Christopher Cox
Dear [ SEC Commissioners ],
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.
You need to take action in this matter. It is absolutely ridiculous that this shameful practice continues to go on unchecked. The gravy train has got to stop. Come up with rules (rules that can actually be enforced-free of loop-holes for the fat cats to beat with their fancy attorneys). It is shameful when a CEO earns millions of dollars of free money when the workers of the companies they supossedly represent are earning minimum wage salaries.
Free money has got to STOP!!!!!