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Union Activism Scores Big in the Boardroom: SEC Strengthens CEO Pay Rules

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Omaha Steve Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jul-28-06 08:21 PM
Original message
Union Activism Scores Big in the Boardroom: SEC Strengthens CEO Pay Rules
Edited on Fri Jul-28-06 08:22 PM by Omaha Steve

Full story: http://blog.aflcio.org/2006/07/28/union-activism-scores... /

Union Activism Scores Big in the Boardroom: SEC Strengthens CEO Pay Rules

Union activists and their allies scored a victory in corporate boardrooms across the nation this week, as Daniel Pedrotty from the AFL-CIO Office of Investment explains.

You raised your voices and brought about fundamental change in the boardroom. After record input, spurred in large part by comments sent through the AFL-CIO Executive PayWatch websiteand some 23,000 through the AFL-CIO Working Families Network for activiststhe U.S. Securities and Exchange Commission (SEC) updated rules governing CEO pay for the first time in 14 years.

The rules largely reflect the reforms called for by the AFL-CIO. Corporations must now report a single, catch-all number for executive pay, including CEO golden retirements, perks and stock options. After the federation called for reform in the face of the exploding stock option scandal, the SEC also moved to require better disclosure to prevent these abuses. Finally, the rules governing executive bonuses were strengthened to prevent companies from changing the rules in the middle of the game to ensure large payouts for CEOs.

All too often, CEOs are awarded pay for failure. According to The Washington Post, one recent study examined 60 companies that lost $769 billion over five years. Despite this track record, the top five executives at these companies pocketed a jaw-dropping $12 billion, or an average of $8 million per executive, per year. On average, the CEO of a Standard & Poors 500 company made $11.75 million in total compensation in 2005, according to a preliminary analysis by The Corporate Library.

Pfizer was ground zero in this years CEO pay wars. CEO Hank McKinnell soon will retire with an $83 million lump sum pension, even though the companys stock has fallen 46 percent during his tenure. Earlier this year at the companys annual shareholder meeting, an airplane circled the companys annual meeting with a banner reading, Give it back, Hank! as union members handed out fliers, chanted and held signs to demand that McKinnell return half of his pension.



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AX10 Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jul-28-06 08:23 PM
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1. k&r
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jul-28-06 08:27 PM
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2. k&r
i wissh we could get this kind of activism rolling against the conservative christian tv ''censors'' and ''morality police''.
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union_maid Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jul-28-06 08:35 PM
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3. That is truly a sign of hope
If any progress at all can be made in this political climate, there might just be hope for the future after all.
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proud patriot Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jul-28-06 08:42 PM
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4. Right On
:woohoo:
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LincolnMcGrath Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jul-28-06 08:43 PM
Response to Original message
5. UNION THUG KICK!
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w4rma Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jul-28-06 08:47 PM
Response to Reply #5
6. not funny. (nt)
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LincolnMcGrath Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jul-28-06 08:48 PM
Response to Reply #6
7. What?
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oasis Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jul-28-06 08:52 PM
Response to Reply #7
8. No sarcasm tag.
:sarcasm:
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LincolnMcGrath Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jul-28-06 08:52 PM
Response to Reply #8
9. oh
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