Also, for the purposes of this report, we considered the disclosed pay of the highest paid CEO if there was a CEO change during the year covered. This level of opposition represents a significant improvement from 2017, when PIMCO voted against only 1 percent of both the S&P 500 and the 100 most overpaid CEOs. We have analyzed how the largest investors in S&P 500 companies, namely mutual funds, ETFs, and public pension funds, have voted their shares on the issue of CEO pay. As You Sow shall not be responsible or liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with use of or reliance on any such content, goods or services available on or through any such websites or services. In many cases common metrics, targets, and thresholds are not suitably stretching. These companies are marked with an *. MeiraGTx Holdings plc CEO Alexandria Forbes' 2019 pay falls 63% to $8.5M, MeiraGTx Holdings plc CEO Alexandria Forbes' 2018 pay jumps 1,949% to $23M, BODY & MIND COO Stephen Hoffman's 2020 pay jumps 106% to $451K, Cerence CEO Sanjay Dhawan's 2020 pay jumps 12,173% to $13M, Marinemax CEO W McGill's 2020 pay jumps 29% to $3M, Geospace Technologies CEO Walter Wheeler's 2020 pay slips 2% to $583K. Rhode Island Office of the General Treasurer. There was a time when it seemed Google could do no wrong—and then came “the memo.” Penned by a former software engineer critical of the company’s diversity initiatives, the now infamous 2017 document tarnished the tech titan’s reputation. As Figure 7 illustrates, pension funds typically have a higher level of opposition to overpaid CEOs than mutual funds. “It takes a CEO days to earn your annual wage.” BBC 9 Jan. 2019. This report was made possible by the generous support of the Stephen M. Silberstein Foundation. ISS recommended voting against 11.8 percent of the CEO pay packages at S&P 500 companies, and 33 percent of the 100 most overpaid CEOs. According to the PSRS/PEERS of Missouri Comprehensive Annual Financial Report, the largest fund manager for large-cap equity is BlackRock.32. In addition to improving its voting practices, New York State, under the leadership of New York State Comptroller Thomas P. “Proxy Voting Guidelines.” Investments.treasurey.ri.gov. “amended … parameters applied to remuneration votes in North America,” according to a Jan. 17, 2018 email to As You Sow overpaid CEO pay packages. Stock . It also sub-advises a number of mutual funds. The CEO is no stranger to big compensation—SoftBank paid him about $300 million during his tenure. AllianzGI, May 2018. "Our voting policy does not support a The report goes on to describe seven specific engagements – without naming the companies involved – including two where the fund voted against the packages. Robert Reich has been a cogent advocate for reasonable executive compensation and economic justice for decades and generously joined us as a panelist for our release webinar. GAMCO Investors, founded in 1977, offers investment advisory services and investment partnership, mainly in the USA. overpaid CEO pay packages. Rick Warzman recently wrote in “When it comes to investment giants furthering social good, many see a disconnect between words and action” that “the investment giants all seem to be saying the right things” but their voting does not match. Many experts believe this “performance pay” loophole from 1990s tax legislation was a factor in the spiraling increase of CEO pay that followed. Last year CalPERS voted against only 17 percent of pay packages of the S&P 500 and 53 percent of the overpaid CEO pay packages. Burckart, Clark, Lydenberg, and Musuraca. Pay ratio information is also being used in taxation. At the time, we found that far too many funds and managers were rubber stamps for these excesses. According to Institutional Shareholder Services (ISS) the average pay for a CEO in the S&P 500 grew from $11.5 million in 2013 to $13.6 million in 2017. Glass Lewis, 2019. While in the aggregate CEO pay packages still receive a large number of positive shareholder votes, that number is declining. Bloomberg’s Alicia Ritcey and Jenn Zhao compiled the CEO-to-worker compensation ratios for companies in the Russell 1000 Index and found that “the median employee compensation for 104 of the companies is below the federal poverty level of $25,750 for a family of four. Several funds, with assets of over $100 billion each have more than doubled the number of CEO pay packages they vote against. NOTE: Due to timing of the SEC rule implementation, some of the companies on the above list were not required to include pay ratio data in the proxy statement covered by this report. SSGA also notes that total CEO compensation at Honeywell has been reduced over time, in part Overall, cash and equity performance-based compensation now make up approximately 58 percent of total pay, compared to 34 percent in 2019. Web. This table summarizes more than 100 financial fund managers on their CEO pay votes at all S&P 500 companies and the 100 companies with the most overpaid CEOs. According to the report, "We discussed executive compensation in about half our engagements. All votes reported cover the time period from Jul. “Asset Manager Stewardship and the Tension Between Fiduciary Duty and Social License.” (2019): 4. Weaver holds a bachelor’s degree in English from Goshen College and a master’s in American Studies from the University of Notre Dame. As we’ve noted in this report, the UN PRI and other studies have shown why shareholder engagement matters. Web. Stewart points out, "If we vote against one program for disclosing inappropriately low targets, we can't and shouldn't support another program that doesn’t disclose them at all." The second ranking identified the companies where the most shares were voted against the CEO pay package. ... Interview With CEO Eileen McDonnell. Others take the opportunity to expound on broader employee-compensation practices. 433 (2018): 3. Bouwnijverheid), British Columbia Investment Management Corporation (BCI), Caisse de dépôt et placement du Québec, California Public Employees’ Retirement System (CalPERS), California State Teachers' Retirement System (CalSTRS), Canada Pension Plan Investment Board (CPPIB), City of Philadelphia Board of Pensions and Retirement, Colorado Fire & Police Pension Association (FPPA), Employees' Retirement System of Georgia (ERS), Los Angeles City Employees’ Retirement System (LACERS), Los Angeles County Employees Retirement Association (LACERA), Maryland State Retirement and Pension System, Massachusetts Pension Reserves Investment Management (PRIM), New York State Teachers' Retirement System, North Carolina Department of State Treasurer, Northern Ireland Local Government Officers Superannuation report that Rosanna Landis Weaver has written for As You Sow. Jefferson City: Public School & Education Employee Retirement Systems of Missouri. Sign up for updates on how you can move companies, and to learn about what’s happening. The mutual fund section of the report was based on data provided by Morningstar Fund Votes database. The process, according to Miles, was laborious, but left the firm with "confidence that we are representing the views of our fund investors.". When shareholders were evaluating compensation packages in spring 2018, they had a new piece of information: the ratio of the pay of the CEO to the pay of the corporation’s median worker. In Germany, where workers are represented on boards of directors, it is 136:1.33. index by an incredible 10.5 percentage points and actually destroyed shareholder value, with a negative 5.7 percent financial As can be seen in Figure 6, some SRI funds are now more likely to vote against excessive pay packages. “We are increasingly concerned that, where companies receive high levels of dissent on advisory votes on pay, the only solution offered is more engagement with shareholders…Engagement alone is not enough.” writes Governance and Stewardship Director Deborah Gilshan in that report.13, Allianz Global Investors voted against 75 percent of the pay packages of S&P 500 companies; it voted against 77 percent of the 100 most overpaid CEO pay packages, and it abstained on an additional 6 percent.14, AllianzGl Analyst Robbie Miles explained in a January 9, 2019 phone interview with As You Sow that, “We apply a corporate governance guideline globally.” The guidelines were completed with the engagement from the full staff, making used of the “thought, wisdom, and experience” of analysts from across the world. If so, we have used pay ratio data that has since been released. Web. pay package. Valley Forge: Vanguard. We are neither licensed nor qualified to provide any such advice. Web.Â, Institutional Shareholder Services. That’s the number below which workers are eligible for government assistance.”4. For example, FSBA would likely vote against a plan that "discloses a metric such as EPS [earnings per share], but the threshold Thus, we (and they) are unable to create assessments on how their shares are voted on the CEO pay or any other issue. The year 2018 has brought a massive change. Here is some specific language — collected from guidelines or disclosure on particular votes — that illustrates reasons for opposition. without discussion or justification." “When it comes to investment giants furthering social good, many see a disconnect between words and action.” Fast Company 30 Jan. 2019. Web.Â, Proxy Insight. This 2019 study is the fifth report of our research results. We do not express an opinion on the future or expected value of any security or other interest and do not explicitly or implicitly recommend or suggest an investment strategy of any kind. Why and how investors can respond to income inequality. It is due to their research that we were able to vastly expand the number of funds covered in the report. justification," and "we may ask the board to explain."16. Although over 50% of the $4.4bn is attributable to one individual’s granted compensation (Elon Musk, Tesla: $2.28bn). By ExecPay News. They are really the only solution.”. AllianzGl follows three primary beliefs regarding Burckart, Clark, Lydenberg, and Musuraca. SSRN. Inc., and Salesforce.com and withdrew its shareholder resolutions with the companies. Copyright © 2019 As You Sow. Much of the mutual fund voting analysis was based on data provided by Morningstar®, which acquired Fund Votes Research in September 2018. The information provided in The Most Overpaid CEOs 2019 is provided “AS IS” without warranty of any kind. FSBA receives reports from both Glass Lewis and ISS, as well as data from Meridian and other advisors, and analyzes the data to make decisions in-house. The votes are not binding. a proxy vote sends a much clearer and less ambiguous message.”10. By connecting questionable corporate tactics and “no” votes on CEO compensation, this report can serve as a roadmap for institutional investors to consider revisiting their guidelines to, as PRI puts it, “reframe how CEO compensation is incentivized.”37. PIRC, one of the largest proxy advisors in Europe, recommended voting against approximately 72 percent of the CEO pay packages at S&P 500 companies, and 90 percent of the 100 most overpaid CEOs. Praxis has informed As You Sow that its policy on voting on compensation proposals is under review in preparation for the 2019 proxy season. In its Annual Stewardship Report, Vanguard did identify executive compensation as one of its four areas of concern, yet it rarely votes against CEO pay packages. * First date w voting avilable 2014 **First data w voting available 2015 *** First data w voting available 2016. Retirement Fund announced it had reached agreements with Microsoft Corp., CVS Health Corp., Macy's Inc., The TJX Companies State, Letts, Andrew. The emphasis on more active voting is "tied to our overall thinking on responsible investing." Salary: $1,800,000. These numbers are based on the default ISS “standard” policy. Boston: State Street Global Advisors. "Disclosure of metrics as well as targets and thresholds is an important part of our voting decisions, because we don't approve things we don’t understand, and you can't understand what you don't know." Mario J. Gabelli. Web. The increase in performance-based pay continued this year, despite concerns about a potential reversal. "It isn't enough for a company to provide the Web.Â. BlackRock. Jacobius, Arleen. Aberdeen: Aberdeen Standard Investments. options more often reflect changes in market than rewarding individual effort; and. 2019 MeiraGTx Holdings plc President and Chief Executive Officer CEO compensation surged in 2017. Web. The average of these CEO pay to median worker pay ratios as of Sep. 5, 2018 was approximately 273:1. ROIC is sourced from Thomson Reuters WorldScope, which sources data from companies’ annual reports and investor filings. (Chart to left. In comparing our overpaid list to pay ratio data collected by the AFL-CIO, we found that the vast majority of the companies we identified were in the highest quartile of pay ratios. It included a specific matrix as well, noting that votes will be cast against packages in which: Minnesota's SBI voted against 77.4 percent of pay packages of the S&P 500 companies; it voted against 91.7 percent of the 100 most overpaid CEO pay packages. incentives: Miles notes that the plans are looked at holistically, with factors ranging from stock ownership guidelines and clawbacks also considered. Comprehensive Annual Financial Report. ASI also issues quarterly Global ESG Investment reports, which cover broad topics as well as details of engagement with specific companies. In all cases managers are allowed to vote proxies according to their own policies. According to FAQs issued December 2018, ISS will “continue to explore the potential for future use of Economic Value Added (EVA) measures to add additional insight into a company's financial performance” and will display those measures in reports this year.7 Glass Lewis recommended shareholders vote against 9.5 percent of CEO pay packages at S&P 500 companies, and 27 percent of the 100 most overpaid CEOs. As discussed in the pay ratio section of this report, the city of Portland, Oregon was the first to introduce a corporation tax rate based on this ratio. Last year, these 10 firms again, in aggregate, dramatically underperformed the S&P 500 index, this time by an embarrassing 15.6 percentage points. The series is supplemented using a Thomson Reuters Asset4 data set that captures the single largest pay package for each (company, year) pair. Specifically, Nzima told Chief Investment Officer,24 "If the CEO pay is going up and the return to shareholders is not, then we do not support that. In addition, they also claim that deferring to management “could also affect the private interests of the index fund manager.” The deference can spring from a “web of financially-significant business ties” (for example, managing a firm’s 401(k) plan), or from fear of public or political backlash. When analyzing compensation, Segal Marco does a first screen to identify corporations with good financial performance and less-than-anticipated pay. Office of New York State Comptroller, 21 Dec. Lally, Rosemary. Fidelity National In order not to overweight votes on securities held in many separate funds managed by a particular manager, each vote is recorded only once across that manager’s many funds. “DiNapoli and NY State Pension Fund Reach Agreements with Major Companies on Executive Pay.” osc.state.ny.us. The State Board of Investments of Minnesota (SBI) votes proxies for Minnesota State Retirement System (MSRS), Public In its 2018 guidelines that policy changed. Iowa Public Employees Retirement Systems uses comingled funds at BlackRock and Mellon Capital Management, which vote quite differently. We concluded our 2018 study by urging shareholders to have their voices heard. For additional information about the 2018-2019 CEO & Senior Executive Compensation Report for Private Companies, please visit CompReport.ChiefExecutive.net. For example, "VeriFone Systems, Inc., and Exelon Corporation acted to improve their compensation structure As Chairman, President and Chief Executive Officer at HALLIBURTON CO, Jeffrey A. Miller made $12,614,314 in total compensation. Vanguard voted against 3.5 percent of pay packages of the S&P 500 companies; it voted against 14 percent of the 100 overpaid CEO pay packages. Quite a bit, and not enough. CFOs earned a 4% median salary increase in fiscal year 2019, down from 4.8% in 2018 but well above inflation, which was 1.75% last year, according to a survey by Compensation Advisory Partners. In 11 S&P 500 companies the number of positive votes was below 50 percent; in 35 S&P 500 companies, it was below 70 percent. Bogle, John. The full list of the 100 most overpaid CEOs using this methodology is found in Appendix A. Web. 2018. responsible business practices, so that they are sustainable for years to come." Value of stock awards: $13,188,269. Quantum of pay should be in line with peers and performance. In the United Kingdom — the only other non-U.S. country besides India where CEOs make more than 200 times their employees — the ratio is estimated at 201:1. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. LACERA voted against 13 percent of pay packages of the S&P 500 companies; it voted against 42 percent of the 100 most “CalPERS Rejects Pay Packages for 43% of US Companies.” Chief Investment Officer 18 Sep. 2018. Washington. However, long-term incentive (LTI) plans were up 8.3%. Web. The analysis showed that when ISS and Glass Lewis recommended “against” a pay package, the correlation of voting with recommendations was low. The Tax Cuts and Jobs Act, which became effective in 2018, has been called a giveaway to corporations, which used their huge tax savings to buy back their own stock instead of creating more jobs or raising worker pay ($4,000 a year was promised), as supporters claimed would happen. The Costco CEO to median worker pay ratio was 191:1, one fifth of the ratio at Walmart. Success At Cleveland Clinic And The Future Of Healthcare. In other cases, it is more complex. Home Page For The World’s Business Leaders. “Reflections on CEO Compensation.” Academy of Management Perspectives (2008): 21. pay packages are low performance grades, poor disclosure practices, excise tax gross ups and single trigger change-in-control Overall unqualified support from a global perspective fell from 83 to 78 percent. The AFL-CIO has been tracking these ratios as they appear in company proxy statements. Additional support was provided by the Arkay Foundation, the Arntz Family Foundation, the Keith Campbell Foundation for the Environment, the Firedoll Foundation, the Hanley Foundation, the Libra Foundation, the Manaaki Foundation, the New Belgium Family Foundation, the Roddenberry Family Foundation, the Roy and Patricia Disney Family Foundation, and the Singing Field Foundation. Together these three funds control between 15 percent and 20 percent of the shares at almost every single public company in America, and their refusal to vote against more than just a very, very few CEO pay packages stands out. Stewardship 2017. BlackRock, March 2018. Web. Chief executives of this year's Fortune 500 companies weigh in on federal regulation, artificial intelligence, and more. inspiring tactical moves to boost quarterly earnings but planning for sustainable growth. covered in last year’s report, Standard Life, which had approximately $384 billion in AUM, opposed only 9.4 percent of CEO pay packages in the S&P 500 in 2017. During these five years, what has changed? This Trump-driven turnabout could be witnessed throughout the financial markets. "23 Simiso Nzima, CalPERS's investment director of global equity governance, explained in multiple interviews that the primary issue was pay beyond what was merited for performance. As in prior years, we note that pension funds give CEO pay packages more scrutiny and a greater level of opposition than financial manager controlled funds. Vanguard’s votes do not appear to represent the view of Vanguard's founder, recently deceased John Bogle, who wrote, "CEO compensation is seriously out of line, and too often has provided excessive and unreliable lottery-type rewards based on evanescent stock prices The votes of the newly merged company are similar to those of Aberdeen in prior years, but now represent approximately twice as many shares, and are much improved over the previous votes by Standard Life. This table lists Overpaid CEOs, as calculated by the HIP Investor regression analysis, seeking to link CEO pay amount to company financial performance. He is placed in number 10 in the highest paid CEO’s of the world 2019. Forbes recently announced the 2019 CEO Reputation Rankings.To view, click here. This year the ISS SRI policy recommended against approximately 14 percent of these pay packages, and a policy tailored to Taft-Hartley pension plans, recommended against 24 percent. Companies that received overwhelming shareholder opposition to the pay package of their CEO include Fleetcor Technologies, Wynn Resorts Ltd., Ameriprise Financial, and McKesson. Jahnke, Patrick. In its Quarter 3 2018 report, ASI discussed how companies should respond to failed CEO pay advisory votes in the context of one particular engagement. As part of this merger a new ASI custom policy was implemented for 2018, which included Web. Now in its 19th year, the prestigious Forbes Global CEO Conference will be held in Singapore on October 15-16, 2019. Those that don’t fit in that category receive a secondary screening on a variety of pay practices (from accelerated vesting to gross-ups). This year there were 87 funds that voted against more than half of the 100 overpaid CEOs. Those companies generally receive a “yes” vote. Highlight the titles in any column to sort numerically or alphabetically. . Many individuals who wish to align their investments – and the shareholder proxy voting of their investments – with their values opt to invest in socially responsible investing (SRI) funds. Sustainable businesses are under attack by the current administration, tax breaks and favoritism have warped the relation between shareholder returns and actual future risk, and the market experienced a sharp downturn in late 2018 — the biggest since the 2008 global financial crisis. Bonuses were also down, by 3.2%, largely due to slowed financial growth from 2018 to 2019. However, it voted against pay at all of them, as well as at all of the 46 S&P 500 companies in its portfolio. Those with highest excess are ranked in the table below – and constitute this list of Overpaid CEOs of the S&P 500. . ViacomCBS Inc.- CEO Joseph Ianniello (Former Acting CEO of CBS) Awarded $116.5 million in 2019, another media figurehead rises on the Bloomberg Index. BlackRock's disclosure is substantially less useful than that of other funds. – and this even in one of the longest bull markets in history. Walt Disney Co. Chairman and CEO Bob Iger’s compensation fell 28% to $47.5 million in 2019, one year after shareholders had signaled their unhappiness with his … Forbes Forbes Forbes 2019 CEOs Who Are Transforming Customer Experience. 2018. 2017. Employees Retirement Association (PERA), and Teachers Retirement, based on the guidance of a four-person proxy committee Parker S Kennedy Total Compensation: $4.9 mil 5 (# 237) 5-Year Compensation Total: $8,990 thou Parker S Kennedy has been CEO of First American for 12 years. Ppa ) PPA ) they have been in previous years not appear on the respective filings. Index series, using trailing periods behind Jun as can be seen in Figure 6, some SRI are... 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