Subject: File No. S7-07-13
From:Phillip Lowe

October 31, 2013

Dear Securities and Exchange Commission:

I am an investor in publicly traded companies through my retirement plan and personal savings.

I strongly support the SEC’s proposal requiring companies to disclose the CEO-to-median worker pay ratio, as required by the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Pay ratio disclosure will help investors evaluate CEO pay levels when voting on executive compensation matters. The ratio of the CEO-to-worker pay is a valuable metric for investors, because it places CEO pay levels into a broader perspective.

For example, investors may use pay ratios as a factor when casting say-on-pay votes. Pay ratio disclosure also will help investors better understand their company’s overall compensation for all employees.

High CEO-to-worker pay ratios can have a negative impact on employee morale and productivity. Disclosure of the pay ratios will help the capital markets better allocate capital to those companies that invest in their workforces.

I also believe that CEO-to-worker pay ratios indicate the integrity of company leadership. When a company announces a 1,000 employee layoff and gives the CEO a $20 million compensation, that is nothing short of robbery to make themselves feel important. CEO pay is driven too much by "How much does the other guy make?", not "How much value have I added to the company?"


Phillip Lowe

Raleigh, NC