The Travelers Companies/旅行者們公司創立於1853年，2009年6月以來是構成Dow Jones Industrial Average/ㄉㄠ·ㄐㄛㄣㄗ/道瓊產業平均指數的30家超大公司成員之一，按市場總價是全美最大的保險公司（今天為482.48億美元）。

2023年9月21日，我收到Charles Schwab提供的旅行者公司的股份證明，立即用電郵、平信和certified/認證郵件的形式發出改進高管薪酬規劃的股東提案。這是我第一次關注保險公司的企業治理問題，第一次向旅行者們公司提案。

Shareholder Proposal to Improve Executive Compensation Program

改進高管薪酬規劃的股東提案

Resolved: shareholders recommend that The Travelers Companies, Inc. (our Company) improve the executive compensation program to include the CEO pay ratio factor./決議：股東們建議 The Travelers Companies, Inc.（我們公司）改進高管薪酬規劃，將首席執行官薪酬比率因素納入其中。

Supporting Statement/支持提案的聲明

Our Company’s CEO pay ratio was 194:1 (or 181:1) for 2022 (2023 Proxy Statement p.114)./2022 年，我們公司的首席執行官薪酬比例為 194:1（或 181:1）（2023 年股東會議聲明第 114 頁）。

America’s ballooning executive compensation is not sustainable for the economy, and there is no rational methodology or program to decide the executive compensation, particularly because there is no consideration of the CEO pay ratio factor.  The sharp disparity of income has a direct negative impact on America’s social instability.  For example, an article from Politico.com 09/16/2023 "‘No defensible argument’: Anger boils over at CEO pay" stated: “The historic UAW strike puts an exclamation point on more than a decade of efforts ... to narrow the pay gap between top executives and workers.  GM CEO Mary Barra’s $29 million pay package is 362 times what her company’s median employee makes. For Ford CEO Jim Farley, the ratio is 281 times. It’s 365:1 for Stellantis CEO Carlos Tavares and his average employee.  Median CEO pay at the largest U.S. public companies hit $22.3 million last year, ... And between 1978 and 2021, executive compensation at large American companies increased by more than 1,400 percent.”  /美國氣球般上升的高管薪酬對於經濟來說是不可持續的，而且沒有合理的方法論或程序來決定高管薪酬，特別是因為沒有考慮CEO薪酬比率因素。收入差距的懸殊對美國社會不穩定產生直接負面影響。例如，Politico.com 2023年9月16日發表的一篇文章《‘沒有辯解的餘地’：對CEO薪酬的憤怒沸騰》指出：“歷史性的UAW罷工給十多年來…… 為縮小頂層高管與員工之間的薪酬差距的努力打上了感嘆號。通用汽車首席執行官的2900萬美元薪酬是該公司員工中位數收入的362倍。福特首席執行官的比例是281倍。Stellantis首席執行官的比例為365倍。去年，美國最大上市公司的首席執行官薪酬中位數達到2230萬美元，……從1978年到2021年，美國大型公司的高管薪酬增長了1400%以上。

Shareholders in JPMorgan Chase & Co., Intel, Netflix and other big companies rejected sky-high executive pay packages in 2022 and 2023./摩根大通、英特爾、Netflix等大公司的股東們拒絕了2022年和2023年的天價高管薪酬方案。

As a policy recommendation, our Company may refer to Aristotle’s Politiká/Politics, in which he concluded that in a stable community (polis), the disparity of land ownership should not be more than 5 times.  Human nature has not changed so dramatically.  The CEO pay ratios of big Japanese and European companies are not so far away from Aristotle’s recommendation.  /作為政策建議，我們的公司可參考ㄚㄌㄧㄙㄊㄡㄊㄜㄌㄜㄙ/亞里士多德的《政治學》，其中他的結論是，在一個穩定的ㄆㄛㄌㄧㄙ/共同體（城邦）中，土地所有權的差距不應超過5倍。人性並沒有發生如此巨大的變化。日本和歐洲大公司的CEO薪酬比例與ㄚㄌㄧㄙㄊㄡㄊㄜㄌㄜㄙ的建議相差不遠。

認證郵件的記錄顯示我的提案幾天后已經寄到，但我幾個月都沒有收到旅行者們公司的任何反應。我問老朋友Chevedden/ㄒㄝㄨㄝㄉㄣ怎麼辦，他建議我再用正式的認證郵件向旅行者們公司查詢。我正要沒有發出之際，2024年1月12日收到了旅行者們公司Vice President, Corporate Secretary and Group General Counsel/副總裁、公司秘書長兼集團總律師WCS女士的電郵，確認收到了我的提案並就我的提案安排視頻/電話會議。我立即回復，同意舉行會談。

今天，我與旅行者們公司的四位官員舉行視頻會議。我介紹自己的中國、日本、美國經歷，以及20多年來幫助美國的高科技、金融、製藥行業公司企業治理的經驗教訓。她們（發言的是WCS和另一位女性）的論點是：“旅行者們公司的高層報酬在企業同行評比中不算高”、“高薪是為了吸引優秀管理人才”，並問我為什麼把社會公共利益置於公司業績之前？

我已經很熟悉大公司法務部門的這些慣行思維和老生常談，就耐心地解說到：第一、所謂“企業同行評比”的方法論是flawed/有缺欠的，大公司出錢僱傭評比報酬的小firm/公司，只會向大公司提供大公司高管們想聽的建議，任意挑出一些高薪高管的公司，把高管報酬望高處攀比。這種做法也是錯誤的。我問她們知道旅行者們公司10年前、20年前的薪酬比率嗎？她們回答說不知道。我進而指出：30-40年前美國的黃金時代社會安定，其中一個重要原因是高層薪酬比率不到現在的1/10。第二、美國的高層報酬和報酬比率是日本英國歐洲大公司高層報酬和報酬比率的10倍以上，降低他們的報酬也不會把他們趕到日本英國歐洲（或者中國、加拿大）去。我進而說，我比你們對美國的高管們更有信心和信任，他們不至於那麼貪婪、短視而導致整個社會越來越動盪不安。而且，德國等歐洲大公司的董事會還必須有員工代表，那裡的高管們沒有美國高官們那樣自由放任。第三、社會公共利益與公司的長期業績是符合的，提供社會公共利益的公司，長期業績一定會持續發展下去。她們問我CEO報酬比率多少合適？我說我不是公司董事，不能干涉公司的微觀業務管理（因為這是公司排除股東提案的常見理由），但是，既然人性兩千年來變化並不大，從ㄚㄌㄧㄙㄊㄡㄊㄜㄌㄜㄙ的建議（最富於最窮的差距是5倍）、日本歐洲等國際視野（CEO報酬與中位員工報酬比率是10倍左右），美國的CEO報酬與中位員工報酬比率在20倍左右比較合適，而旅行者們公司的比率是194。

她們還問我為什麼關注CEO報酬比率而不是其他議題。我回答說自己的股份太少，沒有資源同時關注其他議題，如董事會成員的資格多元化和民主選舉（候選人數多於董事席位），而CEO報酬比率是目前美國企業治理的最大、最難問題。我進一步舉出Intel和Microsoft公司部分接受我的建議改善了企業治理、所以我主動撤銷了提案的經驗，說明提案付諸表決不是我的目的，我的目的是改善企業治理，我願意義務（免費）運用我的社會學方法論專長和國際經驗幫助旅行者們公司設立較為科學合理的高層報酬模式，但她們沒有表示進一步學習Intel和Microsoft公司接受我的幫助的意願。

我初步判斷是：旅行者們公司過了4個多月才與我會談，既不想（哪怕是部分）接受我的提案，也來不及或者不可能向美國證券交易委員會SEC申請排除我的提案，可能會在今年的股東年會上付諸表決了。

[趙京，中日美比較政策研究所，2024年1月26日]

【後補】

3月1日，我外出旅行期間，收到WCS女士寄來董事會反對聲明的電郵，值得翻譯：

The Board of Directors unanimously recommends that shareholders vote AGAINST this proposal for the following reasons.董事會一致建議股東們投票反對該提案，原因如下。

Although SEC rules require disclosure of the ratio of the annual total compensation of the Company’s CEO to the median of the annual total compensation of all employees of the Company other than the CEO (referred to as the “CEO pay ratio”), the Board does not believe that the CEO pay ratio should be included as a factor in the Company’s compensation philosophy or objectives or guide its executive compensation decisions for the following reasons: 儘管SEC 規則要求披露公司CEO的年度總薪酬與除 CEO 之外公司的所有員工的年度總薪酬中位數的比率（簡稱“CEO 薪酬比率”），但董事會認為首席執行官薪酬比率不應作為公司薪酬理念或目標的一個因素，或指導其高管薪酬決策，原因如下：

• Altering the Company’s executive compensation program is unwarranted, because: 改變公司高管薪酬計劃是沒有根據的，因為：

• The Company’s longstanding executive compensation program is thoughtfully designed, reinforces the Company’s long-term perspective and is appropriately aligned with both Company and executive performance; and 公司長期的高管薪酬計劃經過深思熟慮設計，強化了公司的長期願景，並與公司和高管績效適當保持一致；和

• As part of its longstanding and comprehensive shareholder engagement program, the Company regularly obtains shareholder feedback regarding executive compensation matters, incorporates such feedback into compensation-related decisions and, importantly, has not received requests from shareholders to add pay ratio as a factor in its executive compensation program. 作為其長期、全面的股東參與計劃的一部分，公司定期獲取股東關於高管薪酬問題方面的反饋，將此類反饋納入與薪酬相關的決策中，重要的是，尚未收到股東將薪酬比率作為其考慮因素的要求高管薪酬計劃。

• The CEO pay ratio is not an appropriate measure to use in executive compensation decisions because both of the underlying components comprising the CEO pay ratio – the compensation of the Company’s CEO and the compensation of the Company’s employees – are competitive and based on the market; in other words, the CEO pay ratio is simply the mathematical result of competitive and market-based decisions. 首席執行官薪酬比率不是用於高管薪酬決策的適當衡量標準，因為構成首席執行官薪酬比率的兩個基本組成部分（公司首席執行官的薪酬和公司員工的薪酬）均具有競爭力且基於市場；換句話說，CEO的薪酬比率只是競爭和基於市場的決策的數學結果。

• Even assuming the CEO pay ratio were an appropriate factor to include in decisions related to executive compensation, the Company’s CEO pay ratio is in line with market practice. 即使假設首席執行官薪酬比率是納入高管薪酬相關決策的適當因素，公司的首席執行官薪酬比率也符合市場慣例。

The Company’s Longstanding Executive Compensation Program Is Thoughtfully Designed and Appropriately Aligned with Both the Financial Performance of the Company and the Individual Performance of the Company’s Executives. 公司長期的高管薪酬計劃經過深思熟慮的設計，制定得與公司的財務業績和公司高管的個人業績適當一致。

The Board’s Compensation Committee has thoughtfully designed an executive compensation program – the objectives and structure of which have been stable over time – that is aligned with the Company’s articulated financial strategy and is designed to reinforce a long-term perspective and align the interests of the Company’s executives with those of its shareholders. 董事會薪酬委員會精心設計了高管薪酬計劃，其目標和結構隨着時間的推移一直保持穩定，該計劃與公司明確的財務戰略相一致，旨在強化長期視角並與公司高管及其股東們的利益保持一致。

The “Compensation Discussion and Analysis” section of this Proxy Statement provides detailed information regarding the Company’s executive compensation program, its objectives, factors considered by the Compensation Committee and the link between pay and performance. Our executive compensation program has long been guided by a pay-for-performance philosophy. For example, for the 2023 performance year, more than 93% of our CEO’s compensation and approximately 87% of the compensation of our other named executive officers was performance-based. 本股東年會說明書的“薪酬討論與分析”部分提供了有關公司高管薪酬計劃、其目標、薪酬委員會考慮的因素以及薪酬與績效之間聯繫的詳細信息。我們的高管薪酬計劃長期以來一直遵循按績效付薪的理念。例如，在2023年業績年度，我們首席執行官93%以上的薪酬和其他指定執行官約87 的薪酬都是基於績效的。

When making compensation decisions, the Compensation Committee carefully considers the short- and long-term financial performance of the Company on both an absolute basis and relative to the Company’s peers and evaluates other factors discussed under the “2023 Overview” in the “Compensation Discussion and Analysis” section of this Proxy Statement. The Committee also evaluates the contributions made by each of the Company’s named executive officers in achieving the results. 在做出薪酬決定時，在本股東說明書“2023年概覽”中“薪酬討論與分析”部分，薪酬委員會在絕對基礎上和相對於公司同業的情況下仔細考慮公司的短期和長期財務業績。委員會還評估公司每位指定執行官為實現業績所做的貢獻。

The “Compensation Discussion and Analysis” section of this Proxy Statement details the strong financial results of the Company in 2023, built upon the Company’s exceptional results for more than a decade, and demonstrates the correlation between executive compensation levels and the Company’s financial performance. Notably, the chart on page [X] illustrates the directional relationship for the past ten performance years between the total direct compensation of our CEO and the Company’s core return on equity. 本股東說明書的“薪酬討論與分析”部分詳細介紹了公司2023年以公司十多年來的卓越業績為基礎的強勁的財務業績，並展示了高管薪酬水平與公司財務業績之間的相關性。值得注意的是，第[X]頁的圖表說明了過去十年業績年度我們首席執行官的直接薪酬總額與公司核心股本回報率之間的方向關係。

The Board believes that the Compensation Committee is best positioned to evaluate and determine the design and effectiveness of the Company’s executive compensation program based on factors relevant to the Company and its business. Moreover, the proponent has not provided a single Company-specific rationale for modifying the Company’s executive compensation program, nor has the proponent explained how the proposed change would enhance shareholder value. Because the Compensation Committee has designed an effective compensation program that appropriately links pay to the Company’s financial performance and individual performance and reinforces the Company’s long-term focus, the Board believes that the proposal’s request to alter the Company’s executive compensation program is unwarranted. 董事會認為，薪酬委員會最有能力根據與公司及其業務相關的因素來評估和確定公司高管薪酬計劃的設計和有效性。此外，提案者沒有提供修改公司高管薪酬計劃的具體公司具體理由，也沒有解釋擬議的變更將如何提高股東價值。 由於薪酬委員會設計了有效的薪酬計劃，將薪酬與公司的財務業績和個人績效適當掛鈎，並加強了公司的長期關注，董事會認為該提案要求改變公司高管薪酬計劃的要求是沒有根據的。

The Company Regularly Obtains Feedback from Its Shareholders Regarding Executive Compensation, Which It Incorporates into Compensation-Related Decisions, and Has Not Received Shareholder Requests to Incorporate Pay Ratio as a Factor in its Executive Compensation Program. 公司定期聽取股東們關於高管薪酬的反饋，並將其納入薪酬相關決策，但尚未收到股東要求將薪酬比率作為其高管薪酬計劃的一個因素。

The Company has a comprehensive and thoughtful shareholder outreach program; each year, the Company engages with its largest shareholders to discuss emerging trends and to obtain investor feedback, including with respect to the Company’s compensation practices. For example, in 2023, the Company sought meetings with shareholders representing approximately 52% of its outstanding shares and engaged with shareholders representing more than 40% of its outstanding shares. The Company considers feedback obtained through its robust shareholder outreach program and, as discussed on page [ ] of this Proxy Statement, has implemented changes to its executive compensation practices as a result of such feedback. Most recently, for example, based in part on investor input, the Company implemented a maximum cash bonus opportunity for its CEO and amended the Company’s executive stock ownership policy.公司擁有全面、周到的股東宣傳計劃；每年，公司都會與其最大的股東們接觸，討論新興趨勢並獲取投資者的反饋，包括有關公司薪酬實踐的反饋。例如，2023年，公司尋求與占其股分約52%的股東舉行會議，並與占其股分40%以上的股東進行接觸。公司考慮通過其強大的股東接觸計劃獲得的反饋，並且如本代理聲明第[ ]頁所述，已根據此類反饋對其高管薪酬實踐進行了更改。例如，最近，部分根據投資者的意見，公司為其首席執行官實施了最高現金紅利機會，並修改了公司的高管持股政策。

In conversations with investors in recent years, in which shareholders were generally supportive of the Company’s compensation program, the Company has not received any feedback regarding the incorporation of pay ratio as a factor in its executive compensation program. 在近年來與投資者的對話中，股東們普遍支持公司的薪酬計劃，但公司尚未收到任何關於將薪酬比率納入其高管薪酬計劃的反饋。

Importantly, shareholders also have an annual opportunity to convey their views to the Company by casting an advisory vote to approve the compensation of the Company’s named executive officers. A substantial majority of the Company’s shareholders have supported the Company’s executive compensation program in each of the past ten years. 重要的是，股東們每年還有機會通過進行諮詢投票來向公司表達他們的觀點，以批准公司高管們的薪酬。過去十年中，公司絕大多數股東每年都支持公司的高管薪酬計劃。

The CEO Pay Ratio is Not an Appropriate Factor to Include in Executive Compensation Decisions. 首席執行官薪酬比率不是高管薪酬決策中的適當因素。

While the Compensation Committee annually reviews the Company’s CEO pay ratio and median employee compensation, it does not believe that the CEO pay ratio should factor into the Company’s compensation philosophy or objectives or guide its executive compensation decisions. 雖然薪酬委員會每年都會審查公司的首席執行官薪酬比率和員工薪酬中位數，但它並不認為首席執行官薪酬比率應納入公司的薪酬理念或目標或指導其高管薪酬決策。

The CEO pay ratio is simply a mathematical result derived from two components – the annual total compensation of the Company’s CEO and the median of the annual total compensation of all employees of the Company other than the CEO. Both the compensation of the Company’s CEO and the compensation of the Company’s employees are the result of thoughtful decisions based on individual and Company performance as well as the market for talent. CEO薪酬比率只是由兩個部分得出的數學結果——公司CEO的年度總薪酬和除CEO之外公司的所有員工的年度總薪酬中位數。公司CEO的薪酬和公司員工的薪酬都是根據個人和公司業績以及人才市場綜合考慮的結果。

Because the two components of the CEO pay ratio are thoughtfully derived, competitive and based on the market, the CEO pay ratio itself is not a meaningful factor in setting executive compensation. 由於CEO薪酬比率的兩個組成部分是經過深思熟慮得出的、具有競爭力且基於市場的，因此CEO薪酬比率本身並不是設定高管薪酬的一個有意義的因素。

As discussed in further detail in the “Compensation Discussion and Analysis” section of this Proxy Statement, the Compensation Committee considers relevant compensation information for the Company’s Compensation Comparison Group as part of its comprehensive decision-making process. Each year, the Compensation Committee compares Travelers’ executive compensation to that of the Compensation Comparison Group and the market more generally, and each year, it has determined that the Company’s executive compensation is aligned with the market and is appropriately competitive. 正如本股東說明書的“薪酬討論與分析”部分中進一步詳細討論的，薪酬委員會將公司薪酬比較組的相關薪酬信息視為其綜合決策過程的一部分。每年，薪酬委員會都會將旅行者們公司的高管薪酬與薪酬比較組和市場的薪酬進行更廣泛的比較，每年都會確定公司的高管薪酬與市場一致並具有適當的競爭力。

Similarly, the Company takes a thoughtful approach to employee compensation and pays its employees equitably and competitively. The Company’s compensation and benefits programs are designed to attract, motivate and retain high-performing employees; the Company’s longstanding pay-for-performance philosophy differentiates awards based on individual and Company performance. Pursuant to its charter, the Compensation Committee, which is advised by an independent compensation consultant, oversees the Company’s general compensation philosophy and objectives, as well as its compensation and benefit programs. 同樣，公司對員工薪酬採取深思熟慮的方法，並公平且有競爭力地支付員工工資。公司的薪酬和福利計劃旨在吸引、激勵和留住高績效員工；公司長期奉行按績效付薪的理念，根據個人和公司績效授予不同的獎項。根據其章程，薪酬委員會由獨立薪酬顧問提供建議，負責監督公司的總體薪酬理念和目標，以及薪酬和福利計劃。

The Company regularly reviews several data points to monitor whether its talent management, retention and compensation strategies are working as intended. As of December 31, 2023, Travelers’ average voluntary employee turnover rate for the past three years was approximately 10%, and the Company’s 2023 turnover rate has returned to pre-pandemic levels. Additionally, the average employee tenure at Travelers is 12 years and more than 20 years for the Company’s approximately 700 most senior leaders. The Company views its voluntary turnover rate and average employee tenure as important indicators that its talented employees remain engaged and fairly compensated. 公司定期審查多個數據點，以監控其人才管理、保留和薪酬策略是否按預期發揮作用。截至2023年12月31日，旅行者們公司過去三年平均自願員工離職率約為10%，公司2023年離職率已恢復至疫情前水平。此外，旅行者們公司員工的平均任期為12年，公司約700名上層領導職員們的平均任期超過20年。公司將自願離職率和平均員工任期視為衡量優秀員工敬業度和公平薪酬的重要指標。

In light of the fact that CEO and employee compensation at Travelers are thoughtful, competitive and market-based, and given the Compensation Committee’s effective oversight of both the Company’s executive and employee compensation programs, the Board believes that it would be misguided to incorporate the CEO pay ratio as a factor into the Company’s executive compensation program. 鑑於旅行者們公司的首席執行官和員工薪酬是深思熟慮的、有競爭力的和以市場為基礎的事實，並且考慮到薪酬委員會對公司高管和員工薪酬計劃的有效監督，董事會認為將首席執行官薪酬比率作為一個因素納入其中將誤導公司高管薪酬計劃。

Even Assuming that the CEO Pay Ratio Were Relevant to the Executive Compensation Decision-Making Process, the Company’s CEO Pay Ratio Is in Line with Market Practice. 即使假設首席執行官薪酬比率與高管薪酬決策過程相關，公司的首席執行官薪酬比率也符合市場慣例。

The Compensation Committee annually reviews the Company’s CEO pay ratio and median employee compensation, as well as the reported ratios and median employee compensation of the Company’s peers. The Company’s CEO pay ratio and median employee compensation have historically compared favorably with those of its peers. 薪酬委員會每年審查公司首席執行官薪酬比率和員工薪酬中位數，以及公司同行報告的比率和員工薪酬中位數。本公司的首席執行官薪酬比率和員工薪酬中位數與同行相比歷來毫不遜色。

For instance, for 2023, the ratio of the annual total compensation of the Company’s CEO to the median of the annual total compensation of all of the Company’s other employees was 194:1. For 2022 – the most recent year for which market data is available – the Company’s CEO pay ratio was also 194:1; this ratio was between the 25th percentile (of 159:1) and median (of 238:1) of ratios for the companies in the Company’s Compensation Comparison Group, whose ratios ranged from a high of 972:1 to 112:1.例如，2023年，公司首席執行官的年度總薪酬與公司所有其他員工的年度總薪酬中位數之比為194:1。2022年（可獲得市場數據的最近一年），公司CEO薪酬比率也為 194:1；該比率介於本公司的薪酬比較組中的公司們的比率的第25個百分點（159:1）和中位數（238:1）之間，其比率範圍為 972:1至112:1。

For 2022, the median of annual total compensation of all Travelers employees other than the CEO was $108,583 ($116,770 for full-time employees in the United States who worked for Travelers for the entire year), which was significantly higher than the median of reported median employee compensation of $75,400 for S&P 500 companies, $82,500 for S&P 500 companies in the financial industry and $71,000 for companies in the Company’s Compensation Comparison Group and, based on U.S. Census Bureau data, the U.S. median household income of $74,580. 2022年，除首席執行官之外的所有旅行者們公司員工的年度總薪酬中位數為108,583美元（在美國工作一整年的全職員工為116,770美元），明顯高於標準普爾500強公司的中位數員工薪酬75,400美元，標準普爾500強金融行業公司的中位數員工薪酬為82,500美元，本公司的薪酬比較組的公司中位數員工薪酬71,000美元，根據美國人口普查局的數據，美國家庭收入中位數為74,580美元。

For all of these reasons, the Board believes that the proposal’s request to alter the Company’s executive compensation program is unwarranted. 出於所有這些原因，董事會認為該提案要求改變公司高管薪酬計劃的要求是沒有根據的。

Summary概括

The Board believes that the proposal’s request is not in the best interest of shareholders because: 董事會認為該提案的要求不符合股東們的最佳利益，因為：

• the Company regularly obtains shareholder feedback regarding executive compensation matters, incorporates such feedback into compensation-related decisions and has not received requests from shareholders to add pay ratio as a factor in its executive compensation program; 公司定期獲取股東們關於高管薪酬事宜的反饋，並將此類反饋納入薪酬相關決策，並且未收到股東要求在高管薪酬計劃中增加薪酬比率的要求；

• the CEO pay ratio is not an appropriate measure to use in executive compensation decisions, because the two components of the CEO pay ratio are the result of thoughtful decisions based on individual and Company performance as well as the market for talent; and CEO薪酬比率並不是用於高管薪酬決策的適當衡量標準，因為CEO薪酬比率的兩個組成部分是基於個人和公司績效以及人才市場深思熟慮決策的結果；和

• the Company’s CEO pay ratio is in line with market practice. 公司CEO薪酬比例符合市場慣例。

For the above reasons, your Board recommends you vote AGAINST this proposal. 由於上述原因，您的董事會建議您投票反對此提案。

3月底至5月初，我在台灣、中國、韓國旅行考察，因為擔心與公司的通訊不便，就委託老朋友Chevedden代理我出席股東年會。5月15日，我的第7號提案在股東年會得以宣讀，得到贊同17,844,225股（9.9%，是我的23股的78萬倍）、 反對163,297,712股（90.1%）、棄權1,553,990股、未投票20,204,550股。公司的高層報酬第3號提案實際上與我的提案相反，得到贊同108,821,725股（59.8%）、反對73,253,605（40.2%）、棄權620,597股、未投票20,204,550股。

我的提案獲得高於5%的贊同，可以在明年的股東年會繼續同樣的提案付諸表決；公司的提案遠低於通常期待的90%-95%股贊同，應該要改進高層報酬政策。5月21日我致函董事會：

Dear members of Board of Directors/尊敬的董事會成員們: 

There is no need to repeat the validation of my proposal, but the voting result of our 2024 shareholders meeting clearly demonstrates that the Company’s methodology to decide executive compensation is flawed.  For example, The Company only met very few (8 or 5) large shareholders (Notice, p.6: “With whom we engaged”), --and I think that the Company met them individually, not collectively at a joint conference--, so the Company “has not received requests from shareholders to add pay ratio as a factor in its executive compensation program” (p.91).  Is there any way to know the numbers or percentages of shareholders who voted against proposal #3 (representing 40.2% shares) and voted for proposal #7 (representing 9.9% shares)?  The Company failed to reach these large numbers of shareholders./無需重複我的提案的有效性，但我們2024年股東大會的投票結果清楚地表明公司決定高管薪酬的方法論是有缺陷的。例如，公司只與極少數（8或5個）大股東會面（《通知》第6頁：“我們接觸了誰”），--我想公司是單獨會見他們，而不是在一個集體聯席會議上會面--，因此公司“尚未收到股東要求將薪酬比率作為其高管薪酬計劃的一個因素的要求”（第 91 頁）。 有沒有辦法知道投票反對提案#3（代表40.2%股份）和投票支持提案#7（代表9.9%股份）的股東數量或百分比？公司未能接觸到如此眾多的股東。

I would recommend that our company learn from good practices, such as Intel with HP did following my suggestion (so I withdraw my proposal).  Our company should invite compensation comparison group’s members (p.58) to hold a joint conference with large, middle, and small shareholder and employee representatives and experts to review the basic principles and methodology of compensation policy. /我建議我們公司學習好的做法，例如英特爾和惠普就遵循了我的建議（所以我撤回了我的建議）。 我們公司應邀請薪酬比較組成員公司們（第58頁）與大、中、小股東和員工的代表及專家召開聯席會議，審查薪酬政策的基本原則和方法。

The shareholders meeting vote result is very valuable to guide our company’s governance but the vote per se is not the purpose.  The purpose of my proposal is helping our company to improve corporate governance especially in the very important fields which were ignored by the Company.  I hope we can continue constructive communications without submitting further proposals. /股東大會的投票結果對於指導我們公司的治理非常有價值，但投票本身並不是目的。我的提案的目的是幫助我們公司改善公司治理，特別是在公司忽視的非常重要的諸領域。 我希望我們能夠繼續進行建設性的溝通，而無需提交進一步的提案。

公司副總裁、秘書長兼集團總律師WCS女士第二天在電郵中回復我說：“董事會正在評估股東年會的結果，歡迎你的反饋，期待今年秋季與公司一同審視包括高層報酬在內的企業治理討論。”如果秋季之前公司不與我聯繫，我只能等着“秋後算賬”了。我保留繼續提案的權利。

我的微小股份和個人精力的資源制約要求我必須從方法論方面客觀、科學地推進企業治理才能有效地幫助美國公司。類似地理學出身的Кропоткин/Kropotkin/ㄎㄌㄨㄆㄛㄊㄎㄧㄣ/克魯包特金，加速器專業的5年本科教育背景對我的人文研究影響深遠，好像一隻“看不見的手”，始終在充滿感性的世界（社會學、政治學、書寫系統和企業治理等領域）力圖沿着理性的指導展開[1]。

[趙京，中日美比較政策研究所，2024年6月14日]

[1] 趙京，亞洲紀行-11：台灣與長江流域，2024年5月18日。