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Executive Pay

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By Hanah Cho, The Baltimore Sun | April 17, 2011
Brian Jones, a longtime shareholder of McCormick & Co., wasn't very happy about the multimillion-dollar pay pocketed last year by executives at the Sparks-based spice maker. So he let them know on the company's proxy statement. He's part of a new wave of shareholders, fueled by anger over CEO riches, government bailouts and the financial crisis, who can now weigh in on executive pay. "In my opinion, the top executives make too much," Jones, 65, said of corporate America's compensation practices as he waited for McCormick's annual shareholder meeting in Cockeysville to begin last month.
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NEWS
October 3, 2014
If America needed another reason to press ahead with rules requiring corporations to be more forthcoming about executive pay, it arrived recently in the form of a study from the Harvard Business School. Researchers asked ordinary folks: How much more do you think a CEO earns compared to the average worker? Regular people, being somewhat sensible by nature, reckoned a chief executive officer made about 30 times the average worker - not the entry level, mind you, but the average. Bless their little generous-but-aspirational hearts, that sounded pretty good.
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NEWS
January 18, 2006
The Securities and Exchange Commission's move yesterday to require a lot more transparency by corporations in reporting their top executives' pay is needed and long overdue. The proposal, unanimously approved by the five SEC commissioners, would force companies for the first time to add up in a single table on their annual filings all the various elements of executives' pay packages - salary, bonuses, stock options, perquisites and pension deals - to accurately show their total compensation.
NEWS
By Robert B. Reich | March 19, 2014
It's often assumed that people are paid what they're worth. According to this logic, minimum wage workers aren't worth more than the $7.25 an hour they now receive. If they were worth more, they'd earn more. Any attempt to force employers to pay them more will only kill jobs. By this same logic, CEOs of big companies are worth their giant compensation packages, now averaging about 300 times the pay of the typical American worker. They must be worth it or they wouldn't be paid this much.
BUSINESS
By BLOOMBERG NEWS | February 10, 2002
WASHINGTON - A coalition of minority advocacy groups is calling on the Securities and Exchange Commission to push companies to make clearer disclosure of executive compensation in their annual reports. Corporate 10-K annual report forms should list the total compensation of a company's top five executives, including stock holdings, after-tax income and charitable donations, the San Francisco-based Greenlining Institute said in a letter to the SEC. Changes in compensation reporting requirements are needed following Enron Corp.
BUSINESS
By JAY HANCOCK | September 22, 2002
COCA COLA Co. says it must maintain the "competitive posture" of its executive pay, so last year it gave top boss Douglas N. Daft $55 million. The competitive posture of $55 million, of course, is ramrod, telephone-pole upright. The midshipmen on the Naval Academy parade ground are slouching, grubby hippies by comparison. Daft's package included a $3.5 million bonus and $48 million in performance-based stock grants. The Daft family was truly blessed, even though Coke's shares went down by a fifth last year.
BUSINESS
By JAY HANCOCK | January 18, 2006
Hide the true price" is an old and disreputable game in business that requires eternal consumer vigilance and frequent intervention by regulators. Food companies wrapped elaborate packages around tiny products, so we got unit-cost requirements showing what you pay for how much cereal or sugar. Banks tried to gouge you by disguising fees and interest rates, so we got truth-in-lending laws allowing borrowers to easily compare products. The Securities and Exchange Commission is considering truth-in-executive-pay rules for fat-cat CEOs, and it's about time.
BUSINESS
By Ken Siegmann and Ken Siegmann,San Francisco Chronicle | June 7, 1991
CUPERTINO, Calif. -- Apple Computer Inc. is expected to lay off about 750 workers and trim executive pay by about 10 percent as part of a broad cost-cutting program to be unveiled this month.In addition, the maker of personal computers will eliminate a few hundred more jobs but will give the people holding those jobs 30 days to 60 days to find new ones within the company.The plan for an executive pay cut came to light through an internal newsletter obtained by the San Francisco Chronicle.
BUSINESS
By Steve Marcy and Steve Marcy,Knight-Ridder News Service | February 10, 1992
WASHINGTON -- Stockholders should be granted greater influence over the pay and benefits of their companies' executives, the chairman of a key Senate panel has told the Securities and Exchange Commission.Sen. Christopher J. Dodd, D-Conn., chairman of the Banking Committee's securities subcommittee, said in a letter to SEC Chairman Richard C. Breeden that the SEC should not let management prevent shareholders from taking non-binding advisory votes on the level of compensation received by company executives.
BUSINESS
By Jamie Smith Hopkins, The Baltimore Sun | April 23, 2013
Exelon Corp. said Tuesday that its executive compensation package received an advisory OK from three-quarters of shareholder votes during the annual meeting, which the Chicago energy company held in Baltimore. About 20 shareholders attended the Tuesday meeting. The sole question came from Cherylyn Harley LeBon with the National Center for Public Policy Research, a Washington group that advocates for the free market and is critical of efforts on climate change. Referencing a New York Times story that detailed the company's ties with President Barack Obama, LeBon asked how much money Exelon made by influencing clean-air regulation and "surreptitiously eliminating" coal power-plant competitors.
NEWS
By Alison Knezevich, The Baltimore Sun | January 22, 2014
Baltimore County Council members approved Wednesday a $25,000 raise for the county executive, as well as an $8,500 boost for their own positions. All seven members voted in favor of the increases. The raises will take effect in December and bring the executive's annual salary to $175,000. Council members will earn $62,500 annually, with the council chairperson — who currently gets $60,000 — making $70,000. Council Chairwoman Cathy Bevins, a Middle River Democrat, said after the meeting that although the council job is considered part-time, it is a full-time job for her and several other members.
NEWS
By Robert B. Reich | July 30, 2013
Almost everyone knows CEO pay is out of control. It surged 16 percent at big companies last year, according to the New York Times, and the typical CEO raked in $15.1 million. Meanwhile, the median wage continued to drop, adjusted for inflation. What's less well-known is that you and I and other taxpayers are subsidizing this sky-high executive compensation. That's because corporations deduct it from their income taxes, causing the rest of us to pay more in taxes to make up the difference.
BUSINESS
By Jamie Smith Hopkins, The Baltimore Sun | April 23, 2013
Exelon Corp. said Tuesday that its executive compensation package received an advisory OK from three-quarters of shareholder votes during the annual meeting, which the Chicago energy company held in Baltimore. About 20 shareholders attended the Tuesday meeting. The sole question came from Cherylyn Harley LeBon with the National Center for Public Policy Research, a Washington group that advocates for the free market and is critical of efforts on climate change. Referencing a New York Times story that detailed the company's ties with President Barack Obama, LeBon asked how much money Exelon made by influencing clean-air regulation and "surreptitiously eliminating" coal power-plant competitors.
NEWS
By Hanah Cho, The Baltimore Sun | March 8, 2012
Compensation for T. Rowe Price Group's top executives went up last year, the Baltimore money manager reported Thursday. Chief Executive Officer and President James A.C. Kennedy's total package rose 10.5 percent to $7.9 million in 2011. Kennedy's base salary remained at $350,000, according to the company's proxy. His cash bonus rose to $5.5 million, from $5 million in 2010. The value of his stock options was $1.96 million, up from $1.7 million. Other compensation, which includes retirement contributions, matching charitable contributions and other benefits, totaled about $70,800, a slight increase from a year earlier.
NEWS
August 31, 2011
I just read a quote from a woman who said that she was told by Baltimore Gas & Electric that the company couldn't afford to give out dry ice to people without power. Why doesn't CEO Mayo Shattuck give up some of his millions for dry ice? If he and his cronies weren't milking the company dry, BGE could afford dry ice for its customers. Pat Harcarik, Baltimore
BUSINESS
By Lorraine Mirabella, The Baltimore Sun | July 26, 2011
Legg Mason Inc. shareholders approved a $5.9 million pay package for Chairman and CEO Mark R. Fetting in an advisory vote announced Tuesday at the Baltimore-based company's annual meeting. The nonbinding "say on pay" measure won the support of 87 percent of voting stockholders. Shareholder guidance group Glass, Lewis & Co. had recommended that investors vote against the company's executive compensation package. The Glass, Lewis report criticized the firm's executive pay practices, saying the asset manager had paid top officers slightly more but performed slightly worse than its peers.
BUSINESS
By Ameet Sachdev and Ameet Sachdev,CHICAGO TRIBUNE | April 1, 2004
The standards setter for the U.S. accounting industry recommended yesterday that companies begin counting employee stock options as a business expense next year, a proposal that would wipe out billions of dollars in corporate profits and crimp executive pay. The much anticipated bookkeeping change would address a long-standing controversy over the accounting treatment of stock options, which in the 1990s became a favorite form of employee compensation at...
BUSINESS
By Ian Johnson and Ian Johnson,New York Bureau | March 2, 1993
NEW YORK -- This year's batch of proxy statements, which are just starting to hit shareholders' mailboxes, should prove to be a lot more exciting -- and revealing -- reading than their predecessors.New government rules require that proxy statements contain three new sections that are bound to interest -- and, most importantly, be understandable -- to any shareholder. The statements, which companies are required to provide to shareholders before they vote by proxy on company matters, must clearly show how much top executives are being paid, including stock options, and how well the company's stock performed.
BUSINESS
By Andrea K. Walker, The Baltimore Sun | June 20, 2011
Shareholders of Jos. A. Bank Clothiers approved the company's executive pay package in a nonbinding "say on pay" vote Friday. During the company's annual meeting, shareholders also re-elected President and CEO R. Neal Black and chairman Robert N. Wildrick to the board of directors. Black's base salary in fiscal year 2010 was $762,500, but total compensation was nearly $4 million, including incentives and stock awards. Wildrick's total compensation was $1.2 million. Shareholders also approved a measure to vote on executive pay every year.
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