All the proposals we have filed, even if they are not directly pay-related, have been targeted at companies that have problematic pay practices. We think that undeserved executive compensation is probably the best indicator of a board that isn't accountable to its shareholders. |
Disclosure is necessary but insufficient to restrain pay. |
Elections aren't structured in a way that gives shareholders a voice. The big theme is to hold boards and directors more accountable. |
In the past they blew us off, and now they're talking. |
Increased costs are being borne because they are filling huge deficiencies in the regulatory approach. |
That was the first flexing of shareholder muscle and that shareholders were emphasizing the importance of splitting those roles. |
The amount of shareholder wealth that has been transferred from shareholders to CEOs has doubled in the past 10 years. |
The only leverage we have for bad pay is embarrassment. |
The rules are necessary but not sufficient. |
The symptom was executive pay being non-aligned with shareholder interests and our response was to create an accountability mechanism for directors. |
These small regulatory costs are nothing compared to the damage that was done by WorldCom and Enron. |
We think that no mutual fund has actually met the gold standard yet in terms of aggressively rooting out pay that's not deserved. |
We were looking for greater transparency, and this moves in the other direction. |