February 23, 2016
Acting Chair, Michael Piwowar
100 F Street, NE
Washington, DC 20549
Re: Let the pay-ratio rule alone
Last August, the Securities and Exchange Commission wrote a rule implementing Congress’s direction that public companies disclose the ratio of their CEO's pay to the pay of their median worker. It would be outrageous to delay or reverse that now.
Americans need and deserve more information about corporate pay practices. Such data helps shareholders guard their pocketbooks against self-seeking executives and it helps us all evaluate the long-term soundness of companies. That’s because excessive compensation at the top encourages risky practices up and down the line - in addition to inhibiting teamwork and reducing employee morale and productivity. There is simply no excuse to give big corporations a pass about being transparent about their pay practices.
Thank you for the opportunity to bring these remarks to your attention.Yours sincerely,