From: Tom Aldrich [taldrich@cox.net] |
In support of S7-19-03 This proposal takes us a baby step towards good corporate governance. Perhaps soon we can have rules against people holding both the CEO and Chairman positions within companies. These arrangements, and the rules tied to electing truly independent directors to the boards of public corporations (a nearly impossible task), lead not only the corporate scandals we see today, but the abhorrent pay packages handed out to incompetent and barley competent executives who are paid exorbitant fee's for market and industry underperformance by the MINORITY owners of the company, while the majority owners have NO recourse. The practices in use today by SOME of these boards and the executives that they are complicit with are nothing short of simple theft. This theft is not only of the small investors' money, but also theft from all of the pension funds and mutual funds in this Country. Therefore these practices not only lead to lost investment opportunities and act as an additional invisible tax upon the people of America they also lend themselves to economic instability, not only in isolated regions of this Country (such as is seen in parts of Texas after the Enron debacle), but to the entire Nation. In summary a seemingly insignificant and often ignored issue such as Corporate Governance is actually an issue vital to National Security. Thanks for your time Tom Aldrich |