From: Denise Riley
Securities and Exchange Commission
Dear Securities and Exchange Commission,
Please act in favor of executive compensation disclosure.
As millions of working Americans face an uncertain future because their pensions have been cut or eliminated, they've lost money in their 401k, and now have to worry about the solvency of Social Security, executives are being richly rewarded even when their companies' do not perform well.
We Americans, stockholders, and employees need better disclosure. We 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 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.