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.
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.
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 has withdrawn a controversial executive compensation plan from the agenda of a bankruptcy court hearing Tuesday and said it's reworking the plan after criticism from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.
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.
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.
November 28, 2004
Regarding "CalPERS to Urge Curbs in Execs' Pay," Nov. 16: It is heartening to have the board of the California Public Employees' Retirement System take an aggressive step to control excessive executive compensation. Its decision to invest in companies that have superior pay-for-performance practices provides a good model that one hopes will be emulated by other boards of directors. This is a proactive way to address the widening pay gap in our nation's corporations, which in many cases has reached scandalous proportions.
June 11, 2003 |
The California Public Employees' Retirement System will vote next week on measures aimed at making sure companies keep shareholder interests in mind when they set executive compensation. The staff of the $138-billion pension fund recommended the measures in an item posted on CalPERS' Web site Monday.
CALIFORNIA | LOCAL
June 24, 1989
Because of a 30-cent difference with the Democrats, the President has vetoed the minimum wage bill. I am reminded of the Broadway musical "Pajama Game" (circa 1950) in which the union demands "7 1/2 cents." One of the songs points out that "Seven and a half cents doesn't buy a helluva lot." Allowing for inflation since, neither will 30 cents in 1989. Recently The Times carried a list of the 100 top paid executives in California. The average annual compensation was $2.3 million.
May 3, 1992
After many articles in The Times and elsewhere about excessive executive compensation, corporate reorganizations, defenses against hostile takeovers and other management abuses directed against employees and stockholders, I have concluded that the problem is deeper than greedy executives. Instead, boards of directors have been so strongly influenced by managers that they have forgotten their primary fiduciary obligation to the stockholders to protect the long-term viability of the owners' investment.