CalPERS Stand on Exec Pay Lauded, Lambasted
Regarding “CalPERS to Urge Curbs in Execs’ Pay,” Nov. 16:
It is heartening to have the board of the California Public Employees’ Retirement System take an aggressive step to control excessive executive compensation.
Its decision to invest in companies that have superior pay-for-performance practices provides a good model that one hopes will be emulated by other boards of directors.
This is a proactive way to address the widening pay gap in our nation’s corporations, which in many cases has reached scandalous proportions.
CalPERS and its board are at it again. Now the topic of its meddling du jour is “tackling out-of-control executive pay” at the hundreds of companies in which CalPERS invests.
Last time I checked, executive compensation at public companies was set by each company’s independent board of directors.
The CalPERS board should be running its own business, not trying to run everyone else’s.
Robert M. Brower