Runaway CEO Pay
Runaway CEO Pay
The chief executive officers at 299 companies were paid a combined $3.4 billion in 2010, enough to pay some 102,000 workers, according to a study conducted by the AFL-CIO labor federation. The average salary for the top executives, the report said, was $11.4 million. The highest-earning executive of the bunch was Viacom CEO Philippe P. Dauman, who earned a staggering $84.5 million, according to the report, which cited salaries reported on a website called salary.com.
AFL-CIO President Richard Trumka said that the “disparity between CEO and workers’ pay has continued to grow to levels that are completely stunning,” at a Washington press conference, adding that the nation is currently facing a crisis of “runaway CEO pay.” With 12.2 million members, the AFL-CIO has been at the forefront of criticism of executive compensation.
Trumka led a march on Wall Street last year to demand taxation of bonuses paid to bank executives. Trumka himself received $283,340 in pay last year, while Service Employees International Union President Mary Kay Henry was paid $253,660, according to documents filed with the Labor Department.
Pay for corporate executives may be limited soon because the law overhauling financial regulations gives shareholders a “say on pay” vote ob the amount paid to a company's top executives. While the votes will not be binding, they should encourage boards to enact compensation reforms, the report said.
The chief executive officers at 299 companies were paid a combined $3.4 billion in 2010, enough to pay some 102,000 workers, according to a study conducted by the AFL-CIO labor federation. The average salary for the top executives, the report said, was $11.4 million. The highest-earning executive of the bunch was Viacom CEO Philippe P. Dauman, who earned a staggering $84.5 million, according to the report, which cited salaries reported on a website called salary.com.
AFL-CIO President Richard Trumka said that the “disparity between CEO and workers’ pay has continued to grow to levels that are completely stunning,” at a Washington press conference, adding that the nation is currently facing a crisis of “runaway CEO pay.” With 12.2 million members, the AFL-CIO has been at the forefront of criticism of executive compensation.
Trumka led a march on Wall Street last year to demand taxation of bonuses paid to bank executives. Trumka himself received $283,340 in pay last year, while Service Employees International Union President Mary Kay Henry was paid $253,660, according to documents filed with the Labor Department.
Pay for corporate executives may be limited soon because the law overhauling financial regulations gives shareholders a “say on pay” vote ob the amount paid to a company's top executives. While the votes will not be binding, they should encourage boards to enact compensation reforms, the report said.
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