Human Resources: SHAREOWNERS.ORG, TWO OTHER GROUPS SUPPORT U.S. HOUSE ACTION ON ³CEO PAY TO REIN IN ONGOING ABUSES

WASHINGTON, D.C.///July 31, 2009///A letter sent today to Capitol Hill by
ShareOwners.org and two other groups the Social Investment Forum and
Americans For Financial Reform urged the U.S. House of Representatives to
support ³say on pay² legislation since ³(i)t is apparent from the return of
Œbonus fever¹ that once again is gripping Wall Street that too many American
corporations are ready to shrug off the lessons that should be learned from
the current financial crisis and economic downturn.²

The joint letter sent to Capitol Hill comes roughly one month after a June
25, 2009 ShareOwners.org national survey found that more than four out of
five U.S. investors (83 percent) agree that ³shareholders should be
permitted to be actively involved in CEO pay and other important issues that
may bear on the long-term value of a company to their retirement portfolio
or other fund.² The scientific survey also found that more than three out of
four American investors (79 percent) want to ³see strong action taken to
correct the problems that exist today² in the financial markets, including
over a third (34 percent) who are ³angry² about the debacle on Wall Street
and the related failure of regulatory oversight.   Full survey findings are
available online at http://www.shareowners.org/page/get-the-news.

Highlights from the letter to the U.S. House available at
http://www.shareowners.org read as follows:

³Congress must take action to ensure that shareowners the individuals and
institutions that own America¹s publicly traded companies can speak up on
executive compensation through Œsay on pay¹ resolutions.

The signers of this letter congratulate Chairman Barney Frank and the House
Financial Services Committee for taking the first step toward comprehensive
financial regulatory reform by approving H.R. 3269, the ŒCorporate and
Financial Institution Compensation Fairness Act.¹ We urge the full House of
Representatives to approve this legislation. We are acutely aware of the
fact that this is the first time Congress has had a chance to impose a
meaningful remedy on those CEOs and board directors who have failed to
protect the long-term interest of shareowners. It is imperative that the
U.S. House of Representative act in the interests of shareowners now in
order to pave the way for additional remedies to follow.

The financial crisis exposed significant weaknesses in the regulation and
oversight of the U.S. capital markets, as well as failures in the corporate
boardroom. Not only have tens of millions of Americans suffered severe
losses in their stock portfolios, 401(k)s, mutual funds and traditional
pension plans, they also have lost confidence in the integrity of our
financial markets and in the effectiveness of board oversight of corporate
management.   Today, shareholders in America¹s corporations who more
accurately should be thought of as Œshareowners¹ -- have limited options
when it comes to protecting themselves and the long term sustainability of
the companies they own.

Far too many corporate boards failed their shareowners, whether it was by
failing to understand, monitor and oversee risk, or by structuring and
approving executive compensation programs that encouraged excessive
risk-taking and produced outsized rewards -- with little or no downside for
risk for short-term results. At the same time, the rules and regulations
governing the capital markets failed shareowners by denying them a
meaningful voice in overseeing corporate directors (their elected
representatives) and in holding directors accountable.

H.R. 3269 takes important steps in providing meaningful shareowner oversight
of management and boards, thereby helping to restore investor confidence in
the financial markets. The legislation would give shareowners a Œsay on
pay¹ for top executives and ensure that they have a nonbinding, advisory
vote on their company¹s pay practices. The bill would require federal
regulators to proscribe inappropriate or imprudently risky compensation
practices as part of solvency regulation of all financial institutions, and
all financial firms would be required to disclose any compensation
structures that include incentive-based elements.

This legislation takes the first steps in addressing the failures exposed by
the financial crisis, it is consistent with enhancing long-term shareowner
value, and it deserves the support of all Members of Congress. We strongly
urge the adoption of this measure and further Congressional action in the
coming months on other needed remedies.²

SHAREOWNERS.ORG AGENDA

The four-part ShareOwners.org agenda is spelled out in detail on the Web and
may be summarized as follows:

* Stronger regulation of the markets through a beefing up the Securities and
Exchange Commission (SEC), ensuring that it has the resources and authority
to increase supervision and enforcement of financial professionals, hedge
funds, and mutual funds, and also forfeiture of compensation and bonuses
earned by management in a deceptive fashion, strengthening state-level
shareowner rights, and protecting whistleblowers and confidential sources
who expose financial fraud and other corporate misconduct.

* Increased accountability of boards and corporate executives by allowing
shareowners to vote on the pay of CEOs and other top executives, empowering
shareowners to more easily nominate directors for election on corporate
boards, requiring majority election of all members of corporate boards at
American companies, splitting the roles of chairman of the board and CEO at
major companies, stopping the practice of brokers casting votes for
shareowners in board elections, and allowing shareowners to call special
meetings.

* Improved financial transparency, including a crackdown on corporate
disclosure abuses used to manipulate stock prices, strengthening corporate
disclosures so that shareowners can better understand long-term risks, and
protecting U.S. shareowners by promoting new international accounting
standards.

* Enhanced protection of the legal rights of defrauded shareowners, which
means preserving the right of investors to go to court to get justice,
ensuring that those who play a role in committing frauds bear their share of
the cost for cleaning up the mess, and allowing state courts to help protect
investor rights.

ABOUT THE GROUPS

Launched in June 2009, ShareOwners.org (www.shareowners.org) is a nonprofit
and nonpartisan organization that will educate and organize U.S. investors
to support both short- and long-term financial market reforms.
ShareOwners.org¹s broad four-part agenda focuses on the need for stronger
regulation (including a beefed-up SEC), increased accountability of
boards/CEOs, improved financial transparency and protection of the legal
rights of investors.

Americans for Financial Reform (³AFR²) is a coalition of nearly 200
national, state and local consumer, employee, investor, community and civil
rights organizations who seek meaningful reform of our banking and financial
system. A full list of coalition members may be found at
http://ourfinancialsecurity.org/about/our-coalition/. All the organizations
support the overall principles of AFR and are working for an accountable,
fair and secure financial system. Not all of these organizations work on all
of the issues covered by the coalition or have signed on to every statement.

The Social Investment Forum (http://www.socialinvest.org) s the U.S.
national nonprofit membership association for professionals, firms and
organizations dedicated to advancing the practice and growth of socially
responsible investing (SRI). Critical to responsible investment practice is
the consideration of environmental, social and corporate governance criteria
in addition to standard financial analysis. Nearly 400 SIF members support
SRI through portfolio selection analysis, shareholder advocacy and community
investing.