Common Sense on CEO Salaries

For years CEOs have been gaining more and more of the economic pie and the 1980s, 1990s and 2000s have all been exceptionally prosperous for executives, especially in comparison to other workers. According to the Economic Policy Institute, in 1965 CEOs of major US companies made 24 times more than the average worker - by 2005, this was 262 - a CEO was making 262 times more than the average worker! Put another way, the median CEO pay increased by 186.2% between 1992 and 2005 while the average worker's wages rose just 7.2% during the same period. So let's think about this...if you were a CEO making $200,000 a year in 1992, you were likely making nearly $575,000 in 2005, but if you were making $40,000 in 1992, you were making about $42,880. Hmm. That sucks. How much did your salary increase from 1992 to 2005? Howie Klein recently did an excellent post on executive salary as well.

Today many CEOs, who already pull in enormous salaries and extensive benefits, stock and "goodbye" packages-have again stacked the deck in their favor by backdating their stock options. Even The Wall Street Journal cited this as similar to placing a "bet on a horse race after it is over." Even Bush is talking about "lavish salaries and bonuses for corporate executives".

This is a basic issue where we need to hold Democrats feet to the fire. H.R. 1257, the Shareholder Vote on Executive Compensation Act introduced by Rep. Barney Frank (D-Mass.), chairman of the House Financial Services Committee, is one step in the right direction. It would allow shareholders to have an advisory vote on executive compensation, and take one important step toward opening up the process around CEO pay packages. A shareholder voice in the executive compensation process will encourage boards of directors to consider shareholder interests before approving questionable compensation plans.

The House Financial Services committee gave H.R. 1257 at 37-29 vote with all Democrats present voting in favor (go here and here for details on the mark-up).

We expect that H.R. 1257 will get the same treatment when it hits the House floor.

Posted by Web Team on Thursday, April 12 | 4475 comments | Permalink

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