From: Florence Portell |
SEC Chairman Christopher Cox Dear SEC Chairman Cox, This letter comes from an American citizen that has suffered through loss of prescription drug coverage, supplemental insurance loss (we now pay for our own since the company we worked for was taken over by US Steel and they felt they had no loyalty to us), pension coverage under PBGC and watching buying power dwindle over the years. It is past time for executives to understand that they are not doing a good job of running businesses. When you cut into worker and retiree wages, you don't deserve the compensaton you and your Boards of Directors are handing you. Since these people can't seem to understand this message, the alternative is to appeal to the SEC so please consider the following words. Although not my words, they are my thoughts. 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. Sincerely, Florence Portell |