April 7, 2005
Securities and Exchange Commission
Dear Securities and Exchange Commission,
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.
The 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 how much top executives are earning and why.
I read recently that Samuel J. Palmisano, CEO of IBM?which announced it?s freezing workers? pensions?will collect about $4 million a year when he retires. And Pfizer CEO Henry A. McKinnell?who chairs the organization called Business Roundtable, which led the fight to privatize Social Security?will earn more than $6.5 million per year during retirement. These giveaways shock and astonish me. The workers who turn the wheels that make these corporations go are being fired or their benefits are being cut while greedy executives will be living in luxury for the rest of their lives. God help us if the SEC doesn't crack down.