Please join with others and add your name to support this important step:
At long last, the Securities and Exchange
Commission has taken a first step toward requiring publicly held companies to
disclose the ratio of their CEO’s pay to their median employee’s pay.
Runaway executive pay, linked to short-term
stock or profit gains, helped fuel the massive betting spree that gave us the
financial and economic meltdown of 2008-09. In a modest response, the Dodd-Frank
Act of 2010 requires companies to reveal more about their pay practices.
Investors need this information, both to guard against risky bets by
self-seeking executives and to evaluate a company's long-term soundness in light
of evidence that outlandish pay at the top breeds cynicism and opportunism up
and down the line.
But Wall Street has raised a tremendous hue
and cry about the supposed burden of compiling such data. And even now, the
financial industry, along with other corporations and business groups in
Washington, is working overtime to get the SEC to roll back a proposed rule that
it took three years to issue.
Enough already. Five years have passed since
the financial crisis, and three years since Congress enacted the Dodd-Frank law.
Join us in urging the SEC to stand by a strong proposal that rightly includes
part-time and overseas workers. Tell the SEC to finalize this rule soon and
follow up with action on other legally mandated steps to counter questionable
corporate pay practices.
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