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Last year, a number of concerned citizens wrote to the U.S. Securities and Exchange Commission (SEC) in support of improved pay disclosure rules. After receiving a record number of comments, the SEC adopted new rules on CEO pay disclosure. Your efforts have helped bring about more transparency to executive compensation. Now that investors know more of the truth about how much their CEOs are being paid, the compensation system needs to be reformed.

Rep. Barney Frank, chairman of the U.S. House Financial Services Committee, has introduced H.R. 1257, “The Shareholder Vote on Executive Compensation Act,” to require that public companies submit executive pay plans to a non-binding shareholder vote. This reform will give shareholders “Say on Pay” at their companies. Giving shareholders a voice in the executive compensation process will encourage boards of directors to consider shareholder interests before approving a questionable compensation plan.

Click here to read the entire bill HR 1257 (pdf 40k)