From: Fern Henley
SEC Chairman Christopher Cox
Dear SEC Chairman Cox,
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.
A wage must be paid to workers that will enable them to feed, shelter, and educate the next generation of citizens. To do this we have to give up globalization. All treaties based on the premises of globalization should be cancelled. Civilization has no chance with globalization, only with a return to national sovereignty based on the principles of the Treaty of Westphalia. We need to put the system into receivership and create a New Bretton Woods system with fixed exchange rates. We need to extend 50-year long-term, 1%-2% low interest credit for economic development. This should focus on a Eurasia composed of sovereign nations states, the populations of which are vastly and dangerously poor. We must address the problems of inadeqate water and of the depletion of high-grade mineral material. We must change technology to provide for a growing population. This must be done with nuclear power, an isotype economy, and the development of fusion power. We must mobilize high technology areas, moving away from a service economy orientation, and establish long-term agreements with countries which have deficits. Such agreements will focus primarily on Eurasia. The Americas are also an area of long term development potential. Africa is technically hopeless, because of the genocide which has been perpetrated against it. However, with the development of Eurasia and the Americas they can co-sponsor a development program to save the African continent. We need to wipe out money claims, build a stable system of economic security based on a fixed exchange rate system. We have to improve the life of the people throughout the world. We must implement the strategic attack against the loser/enemy of humankind and its collaborators which include the insanely paid CEO's of the multinational/global corporations. The enemy, globalism, cannot win but all of us will be in virtual hell should globalism retain its power on earth.
Thank you for your attention and for your continued leadership in these times of chaos and pathos.