WASHINGTON D.C. - Citizen Works today praised the Securities and Exchange Commission for requiring shareholders to approve most stock-based compensation packages. But Citizen Works also urged the Securities and Exchange Commission to go further and require shareholders to approve the total executive compensation package, not just the equity-based part. Citizen Works also urged the SEC to require annual shareholder approval of compensation packages.

"The SEC managed to go to the first base when they should have circled the bases," said Citizen Works founder Ralph Nader. "Why limit shareholder approval to just stock-based compensation? Don't shareholders have an interest in the total executive compensation package? "

"One of the surest ways to put a crimp in the epidemic of excessive pay is simply to put these pay packages up for a vote," Nader said. "No shareholder in his or her right mind would ever approve some of the ridiculous compensation bonanzas that executives have been receiving in recent years, including outrageous retirement, retention, golden parachute, and hiring packages."

For more on Citizen Works' campaign against excessive CEO pay, click here