From: Leslie Brennan
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.
I work for a company, UAL, that went into bankruptcy, cut labor pay by up to 35%, while giving bonuses to the upper level management. And now having exited bankruptcy our CEO has received hundreds of millions in stock his pension is in a trust and I have lost 60% of mine. Our country has become a "corpocracy"; of the corporations, by the corporations, for the corporations.