Azzad joins interfaith coalition asking SEC to reassess pay ratio rule

(Falls Church, Virginia, 3/22/17) — Azzad Asset Management has joined other faith-based organizations in signing a letter to the United States Securities and Exchange Commission (SEC) calling for the continuation of a rule requiring companies to disclose how much CEOs make compared to their employees. The pay ratio provision is part of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act; it requires publicly traded companies to disclose median employee compensation along with a ratio of how that compares to the chief executive’s pay–information that was previously inaccessible to shareholders. In February, acting SEC Chair Michael Piwowar announced that the SEC would reconsider implementation of the rule and requested public comment. Organized by Praxis and Christian Brothers Investment Services, the letter was signed by nine faith-based investment firms and delivered to the SEC on March 21. It states, in part: “We are aware that income inequality may be an inevitable outcome of the freedom of opportunity for which the United States is deservedly renowned. Our argument, however, is that in a democratic society, there should be full disclosure, awareness and discussion about what our existing levels of inequality are, whether this state of affairs is acceptable, and if it is