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CorpWatch Exclusives

Hedge Fund Managers Still Making Billions
by Pratap ChatterjeeCorpWatch
May 17th, 2014
David Tepper, the founder of New Jersey-based Appaloosa Management, was the world’s highest earning hedge fund manager for the second year in a row, according to the Rich List published earlier this month. Tepper earned $3.5 billion in 2012, a major increase on his $2.2 billion take home income in 2012.

Daily CEO Pay Now Exceeds U.S. Workers Annual Salary
by Richard Smallteacher
June 30th, 2013
U.S. corporate CEO salaries rose 16 percent in 2012, according to research firm Equilar. Average daily CEO pay is now greater than that of the average annual worker salary. Top salary: Larry Ellison of Oracle - over $96 million. Top exit bonus: James Mulva of ConocoPhillips - $156 million.

“Fat Cat” Laws Approved In Europe To Curb Excessive Corporate Pay
by Puck LoCorpWatch Blog
March 8th, 2013
Nearly 70 percent of Swiss voters approved a “fat cat” referendum that would prohibit “golden handshake” bonuses to departing corporate bosses while the European Union approved legislation limiting bankers executive bonuses to a maximum of one year’s salary, or twice that amount if a majority of shareholders approve.

Do Not Pay Dozen: 12 CEOs Who Met Shareholder Spring Revolts
by Pratap ChatterjeeCorpWatch Blog
June 14th, 2012
Martin Sorrell, CEO of WPP, the global ad agency, was defeated in his attempt to get shareholders to approve his $20 million (£13 million) a year salary. His was at least the 12th in a series of shareholder revolts against excessive compensation this spring.

Shareholder Spring Spreads: CEOs Ousted in the UK, Bank of America Protested
by Pratap ChatterjeeCorpWatch Blog
May 9th, 2012
Protests at the 2012 annual general meetings of companies may rank as the most diverse, widespread and sizeable in history. They have been bolstered not just by Occupy activists outside but also by institutional investors inside who have started a "shareholder spring" against excessive CEO pay.

Bankers Bonanzas Protested By Blue Eagles and A Cigar-Smoking Rat
by Pratap ChatterjeeCorpWatch Blog
April 27th, 2012
Protestors have rallied this week outside annual meetings of Barclays bank in London, Citibank in Dallas, Credit Suisse in Zurich and Wells Fargo in San Francisco. A surprising number of shareholders have rallied to their side to vote down excessive executive compensation, in an unexpected victory for the Occupy movement.

Barclays Bankers Bonanza
by Pratap ChatterjeeCorpWatch Blog
March 15th, 2012
Three Barclays bankers made more than $15 million in 2011 salary packages, with the CEO making $28 million. The numbers were revealed under a pact made by the banking sector with the UK government, under Project Merlin, sparking outrage.

Is Halliburton Forgiven and Forgotten? Or How to Stay Out of Sight While Profiting From the War in Iraq
by Pratap ChatterjeeTomDispatch.com
June 3rd, 2009
At Halliburton's recent annual shareholders meeting in Houston, all was remarkably staid as the company celebrated its $4 billion in 2008 operating profits, a striking 22% return at a time when many companies are announcing record losses. Just three months ago, however, Halliburton didn't hesitate to pay $382 million in fines to the U.S. Department of Justice as part of the settlement of a controversial KBR gas project in Nigeria in which the company admitted to paying a $180 million bribe to government officials.

Norilsk Nickel: A Tale of Unbridled Capitalism, Russian Style
by Anton FoekSpecial to CorpWatch
October 9th, 2008
The launch of Russia’s stock markets in the early 90s and privatization of state assets has profoundly impacted Russian society. As the case of mining giant Norilsk Nickel illustrates, this experiment has given rise to both immense personal wealth for a new elite, and economic uncertainty for the ordinary citizen.

An Uncomfortable Spotlight in Davos
by Pratap ChatterjeeSpecial to CorpWatch
January 31st, 2008
The CEOs of three-quarters of the world's 100 largest companies have just completed an uncomfortable weekend at the tiny Swiss ski resort of Davos, while their companies' share prices nosedived on global stock markets, amid concern that the U.S. economy is staggering towards recession.

Soaring Executive Pay Attacked by Shareholder Activists
by Sam PizzigatiSpecial to CorpWatch
June 26th, 2007
Last year, the CEOs of the 500 biggest U.S. companies averaged $15.2 million in total annual compensation, according to Forbes business magazine’s annual executive pay survey. The top eight CEOs on the Forbes list each pocketed over $100 million. Stunning numbers like these have moved executive pay onto America’s political radar screen.

A Proxy Battle: Shareholders vs. CEOs
by Kevin KelleherSpecial to CorpWatch
June 13th, 2006
Earnest shareholder resolutions presented at company annual general meetings on everything from human rights to executive compensation are routinely shot down in flames. But shareholder resolutions may have an effect, even in defeat.