April 27, 2012 |
WASHINGTON -- The head of the commission that investigated the financial crisis said the nearly $700 million that Lehman Bros. awarded to its 50 highest-paid employees in 2007 was unconscionable and should spark policymakers to reexamine executive compensation rules. "It never ceases to amaze me," said Phil Angelides, chairman of the Financial Crisis Inquiry Commission. "You clearly have corporate leadership that's out of control, reckless without accountability and, in the course of driving the firm over the cliff, they're taking as much money as they can out of it. " He said the Lehman compensation disclosed Friday by the Los Angeles Times was stunning given the mounting problems for financial firms in 2007 as the housing market was collapsing.
May 29, 1994
Executive compensation consultants Pearl Meyer & Partners say chief executives got a meager 1% raise in 1993, the smallest in years. Still, their pay wasn't exactly paltry. The average CEO earned $3.45 million in salary, bonus, long-term incentives and the present value of stock options granted, according to the firm. And total executive pay has risen 22% since 1990.
May 2, 2012
Re "Tuition costs prompt hunger strikes," April 29 California State University spokesman Mike Uhlenkamp says the students planning hunger strikes to protest excessive executive compensation don't understand the issues. It is the university that seems not to understand the issues. I am a Cal State faculty member, and as such it is important to me that people understand that the university leadership does not represent the thousands of faculty and staff of Cal State. We stand with the students against excessive executive compensation.
November 10, 2004 |
Walt Disney Co. directors rejected Michael Ovitz's request for a $50-million signing bonus as part of his 1995 agreement to join the company as its second in command, an executive compensation expert testified Tuesday. Graef "Bud" Crystal, who advised Disney's board about executives' pay packages starting in 1984, told Delaware Chancery Court Judge William B.
December 24, 2003 |
Delta Air Lines Inc. is canceling executive bonuses for this year and reconsidering its compensation program for high-ranking officials as it works to allay lingering employee resentment over lavish pay and perks for top executives. The moves come as the airline seeks salary cuts from its pilots. Incoming Chief Executive Gerald Grinstein said in a memo to Delta employees that he realized executive compensation was a controversial issue at the company.
August 12, 2005 |
Securities and Exchange Commission Chairman Christopher Cox said investors should have better access to data on executive pay packages so they could make comparisons among companies.
January 12, 2002 |
Polaroid Corp. has withdrawn a controversial executive compensation plan from the agenda of a bankruptcy court hearing Tuesday and said it's reworking the plan after criticism from retirees and workers. Polaroid had indicated it would revise the plan after a bankruptcy judge postponed consideration of all but $1.55 million in payments during a December hearing. The original package could have provided more than $5 million to top executives.
January 25, 2011 |
A rule passed Tuesday lets investors vote on executive pay as often as once a year. The problem is that companies don't have to abide by the votes. The Securities and Exchange Commission ruled that companies must hold shareholder votes on their executives' pay at least once every three years, and as frequently as every year if shareholders want it. Congress required such "say-on-pay" votes in last year's financial overhaul package but left it to the SEC to work out the timing and other details.
March 1, 2004 |
A year ago, SBC Communications Inc. successfully blocked shareholder resolutions that sought to link executive pay to performance, arguing that the measures would scare away talent and hurt the telecom giant's competitiveness. SBC has since changed its mind and is implementing a new executive compensation system. One reason for the change: independent board director James Henderson. Henderson, the new head of the board's executive compensation committee, decided that shareholders had a point.