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Lynn Turner, former chief accountant of the Securities and Exchange Commission, has given permission to present his response to the Forum's distribution of a report that Intel Corporation had adopted advisory voting for immediate testing in 2009.


Mr. Turner's observations are also relevant to the issues addressed in Professor Gordon's draft paper.  For a copy of that paper and additional comments of Forum participants, see

Note: Intel Corporation is a Leadership Supporter of the Forum's current "Say on Pay" program and is represented on the Program Panel by Cary I. Klafter, the company's Corporate Secretary and Vice President of Legal and Corporate Affairs, referred to in Mr. Turner's comments below.



Comments of

Lynn Turner

January 28, 2009



I too congratulated Cary [Klafter], Intel management and its board for this decision.  I would hope in light of the growing support among US businesses, as well as for the benefit of investors, you and others will throw their support behind it.  As a former senior business executive who had to grapple with compensation issues, and a trustee of two investment funds, I believe this decision by people at Intel is the correct one.
I think this reflects well on the management and boards at these businesses.  I have always believed it is best when business leaders step up to the plate and take actions such as HP, Occidental, Intel, Aflac, Verizon and others have, before government regulation is made necessary.  However, when business leadership fails to adequately address a serious problem, as executive compensation and performance have without question become, then regulation is made necessary.  It is now time to see if the management of other businesses follow the leadership that has been established, or if legislation and regulation will be necessary.  The time for that determination is upon us.





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