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Comments of
C. William Jones
September 14, 2008
Say on Pay will hopefully:
1) cause corporations to provide shareholders with an executive overview
addressing executive compensation, particularly incentive compensation, in
plain English.
2) encourage corporations to provide detailed, clear back up to the
executive summary.
3) change board’s attitude that they know best, just trust us.
That is one of the major problems – we don’t trust them. Why should we? Look
at what has gone on with Enron, World Com, Fanny Mae and countless other
corporations that allowed corporate greed to cloud their judgment. If it
smells bad, it probably is. If it isn’t, corporations should be happy to
explain why.
Corporate America must regain investor confidence by coming clean, paying
for true performance and sharing compensation information openly with their
owners. By not doing so, investors will be suspicious, and confidence is
lost.
I realize that my comments lack the technical side of the issue. I will
leave that up to your other experts. My comments really reflect the views of
many thousands of constituents of our organization who are very interested
in the performance of Verizon. Many of them are too heavily invested in
their former employer and do not want to end up like employees and retirees
of the recent failed corporations.
Bill
C. William Jones
President & Executive
Director
Association of BellTel
Retirees Inc.
www.belltelretirees.org
Board Chairman
ProtectSeniors.Org
www.protectseniors.org
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