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Industry Insights
US economic gains fuel rises in CEO compensation
As strong financial results push stock prices up in the US, a number of large companies are rewarding those in senior executive jobs with heftier pay packages – a further indication of executive pay coming into closer alignment with company performance. This trend has become more pronounced in the past three years. In 2010, when the American economy started rebounding, CEOs of large publicly traded companies earned 24% more on average.
Read More >>Interim CEO appointed to Bank of Cyprus
The Central Bank of Cyprus recently announced the appointment of Christos Sorotos as interim Chief Executive Officer of Bank of Cyprus. The executive hiring arose from a decision on the part of the bank’s board of directors as well as consultations with the Ministry of Finance, with the central bank acting as the resolution authority. Bank of Cyprus was placed under central bank control in March, and CEO Yiannis Kypri was ousted shortly thereafter.
Read More >>Executive pay gets tepid support from ExxonMobil shareholders
In a recent say-on-pay vote, 71% of shareholders voted in favour of American oil and gas giant Exxon Mobil Corp.’s executive compensation plan. Last year’s pay plan garnered 78% approval. This compares with an average of 91% in shareholder support for executive compensation in the US last year, according to proxy advisory firm ISS. The firm had recommended shareholders vote against CEO Rex Tillerson's compensation, citing Exxon’s modest shareholder returns in 2012.
Read More >>Executive compensation: Solidifying the link between pay and performance
As shareholders in the US become increasingly bold in their opinions about the pay packages awarded those in executive jobs, signs continue to appear that compensation is growing more aligned with company profits and stock returns. Shareholders have become more involved since 2011 legislation requiring publicly traded companies to hold “say-on-pay” votes at shareholder meetings, and while the votes are nonbinding, some companies have revised their executive compensation practices.
Read More >>French Finance Minister nixes cap on executive pay
As France continues to muddle through recession, with an unemployment rate at 11%, Finance Minister Pierre Moscovici announced at a recent press conference that the government will not pass a law to cap the salaries of people in executive jobs. Rather, he is encouraging private sector companies to impose their own limits. The French government is, however, forging ahead with plans to legislate a 75% tax on executive salaries above €1 million.
Read More >>Associates
Lisa Amore
(T): +1 212.949.9400
lamore@boyden.com
Jeanne E. Branthover
(T): +1 212.949.9400 x230
jbranthover@boyden.com
J. Gregory Coleman
(T): +1 212.949.9400 x226
gcoleman@boyden.com
Andrei Costache
(T): +1 212.949.9400 x244
acostache@boyden.com
Howard J. Gross
(T): +1 212.949.9400 x228
hgross@boyden.com
Kate Quinn
(T): +1 212.949.9400 x229
kquinn@boyden.com
Andrew Reese
(T): +1 212.949.9400 x224
areese@boyden.com
Ken Rich
(T): +1 212.949.9400 x232
krich@boyden.com