Nominations for participant-elected trustees may be made by any fifty participants. Currently the board of this company is for all intents and purposes self-perpetuating and therefore not effectively accountable to anyone. It is the purpose of this proposal to make it account-able to its two main constituencies.
Accountability is desirable for two reasons.
First, public policy holds that government derives from the consent of the gov-erned. Second, board accountability is needed to provide increased confidence in the company on the part of participants. Despite the fact that the company has performed quite well overall, it has failed to command the overwhelming confidence of its clien-tele. The salaries of executives seem clearly excessive. The company disclosure statements, even when meeting legal requirements, often fail to be fully forthright.