The rules are necessary but not sufficient.

Increased costs are being borne because they are filling huge deficiencies in the regulatory approach.

Disclosure is necessary but insufficient to restrain pay.

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.

The amount of shareholder wealth that has been transferred from shareholders to CEOs has doubled in the past 10 years.

The symptom was executive pay being non-aligned with shareholder interests and our response was to create an accountability mechanism for directors.

The only leverage we have for bad pay is embarrassment.

In the past they blew us off, and now they're talking.

Elections aren't structured in a way that gives shareholders a voice. The big theme is to hold boards and directors more accountable.