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In large listed companies, executive compensation will usually be determined by a compensation committee composed of board members. [3] Proponents argue that “say on pay” reforms strengthen the relationship between the board of directors and shareholders, ensuring that board members fulfil their fiduciary duty.
Members of the compensation committee may be independent but are often other well-paid executives. [187] In 2002, 41 per cent of the directors on compensation committees were active executives, 20 per cent were active CEOs, another 26 per cent of the members of compensation committees were retirees, "most of them retired executives".
On August 27, 2003, it was revealed that Grasso had been given a deferred compensation pay package worth almost $140 million. This caused immediate controversy, as the hand-picked compensation committee consisted mainly of representatives from NYSE-listed companies over which Grasso had regulatory authority as its CEO. [7]
Since the 1990s, CEO compensation in the US has outpaced corporate profits, economic growth and the average compensation of all workers. Between 1980 and 2004, Mutual Fund founder John Bogle estimates total CEO compensation grew 8.5% year, compared to corporate profit growth of 2.9%/year and per capita income growth of 3.1%.
Setting the salaries, compensation and benefits of senior management; The legal responsibilities of boards and board members vary with the nature of the organization, and between jurisdictions. For companies with shares publicly listed for negotiation, these responsibilities are typically much more rigorous and complex than for those of other ...
Senate salaries House of Representatives salaries. This chart shows historical information on the salaries that members of the United States Congress have been paid. [1] The Government Ethics Reform Act of 1989 provides for an automatic increase in salary each year as a cost of living adjustment that reflects the employment cost index. [2]
2004-2007 Former director, Member of Compensation Committee and Member of Nominating & Corporate Governance Committee Blue Nile Inc. 2005-N/A Former Director WhitePages.com, Inc. 2006–present Independent director and chairman of Compensation Committee Fisher Communications, Inc. 2009-N/A Former director Clearwire Corporation
Former director, chairman of Shareholder & Investor Grievances Committee, member of Nominating & Governance Committee and member of Compensation & Remuneration Committee: Patni Computer Systems Limited: 2006–2009 Former additional independent director: Aditya Birla Nuvo Limited: 2008–2009 Former director: Tata Chemicals Ltd. 2008–2009