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How I voted my United Technologies Proxy

I own UTX and feel the shares are fully valued.   I have part of my position hedge with call options.  The company is well managed and I see no reason to urgently sell.


1. Election of Directors:
The CEO compensation for 2010 was $22 million dollars.  This is too high for any employee.  No employee deserves that type of compensation.  I would understand if he were a founder, entrepreneur or took no salary for many years.  While I think the entire executive staff of United Technologies are talented and contribute to the success of UTX, I cannot agree with the compensation committee that $22,086,161 is an appropriate compensation for Louis Chenevert.   I feel that the direction of UTX is sound and that I have no reason to reject the entire board of directors.  I voted FOR voted for the entire board of directors and AGAINST all members of the compensation committee. (Garnier, Gorelick, Kangas, Lee, McCormick, MCGraww, Swygert).

2. Appointment of PricewaterhouseCoopers as Auditor

3. Approval of Amendment to Long Term Incentive Plan
I did not read the entire amendment but if the long term plan is what caused the exceedingly high compensation of an employee I cannot vote for it.  I cannot vote against it because I did not go through the details.  I just have so many proxies to get through today.

4. Advisory Vote on Compensation of the Named Executive Officers

5.  Shareholder Proposal concerning additional share retention requirement for senior executives.
Anything that increases the risk senior executives must take is good.  Options give them plenty of upside but I like to see them have the same kind of downside risk that I have.



I own UTX.  I have sold calls against 85% of my position.

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