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SEC Wants Boss-Employee Pay Gap on Display
Keywords:
The SEC requirement that companies disclose the ratio between median worker pay and the pay of senior executives. The SEC says it is putting out the rule as part of implementing Dodd-Frank legislation to control excessive executive pay. Companies will be allowed to survey a fraction of their workforce as appropriate for companies with global operations. Executive pay will include pension benefits and stock options under the new rule. A WSJ chart using information from the University of Southern California and the Bureau of Labor Statistics, shows the ratio between what CEO's on average make and rank and file workers make remained at about 30 times in the post war period till about 1970, a period of rapid growth in the U.S. economy. By 1980 this climbed to about 60 times and exceeded 100 times by 1990. The period of stratospheric growth for CEO pay and extreme widening of the gap then occurs between 1990 and 2000. By 2000 the dot com boom- telecom boom and the internet- creates a surge in executive pay reaching over 500 times. This drops to about 280 times in 2008 and picks up again to reach about 320 times in 2011. Many of the poor business practices, the excessive leveraging and risktaking in the financial industry, take place against this background of excessive pay for senior executives. Some of that risk was passed on to others through such methods as securitization in the period leading to the 2008 financial crisis, so that executives were compensated with higher pay for taking excessive risk that they personally or their companies did not assume. Dodd-Frank legislation following the 2008 financial crisis sought to correct this imbalance by having pay information disclosed. The excessive pay has also coincided with an increase in the frequency of boom-bust cycles in the economy. The busts prompted the needs for intervention by the U.S. central bank, the Federal Reserve, to drop interest rates more than would otherwise have happened during this decade, culminating in the huge bond purchases and monetary easing by the Bernanke Fed. The SEC under Mary Jo White is mindful of these distortions in the economy as a result of misallocation of resources based on excessive executive pay, and the need to take action before the next crisis.
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SEC Wants Boss-Employee Pay Gap on Display
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S.E.C. Proposes Greater Disclosure on Pay for CEO's
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Its not clear whether these controls on pay practices are adequate, or too little too late. With bills being watered down in Congress on derivatives trading and other risk prevention measures. The intense lobbying of the financial industry against prudent regulation. The voices of wiser minds like Volcker and Mervyn King of the Bank of England calling for strong action. And the jobless numbers going the other way. Most recently at the Barr Trucking Company in Indiana, where 500 resumes were received for a $13 an hour assistant position.
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New York Times 12/27/2011
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S.E.C. Proposes Greater Disclosure on Pay for CEO's
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The Case Against the Bernanke-Obama Financial Rescue
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Changes to pay and bonus practices at pharmaceutical and healthcare companies 2011-2015
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SEC Wants Boss-Employee Pay Gap on Display
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S.E.C. Proposes Greater Disclosure on Pay for CEO's
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Drug Firms Expand Powers to 'Claw Back' Pay
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EU rules in 2013 for limiting excessive executive compensation and bonuses
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SEC Wants Boss-Employee Pay Gap on Display
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Wall Street Journal 03/12/2013
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Wall Street Journal 09/19/2013
Wall Street Journal 10/31/2013
The U.K.'s New Bonus Claw Back Rules
Wall Street Journal 06/24/2015
Ireland Orders Allied Irish to Hold Bonuses
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U.S. Considers New Push on Bank Pay
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UBS Makes Bid to Increase Bonus Pool
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S.E.C. and corporate pay rules in the U.S.
01/26/2011
Rules for executive compensation adopted by the S.E.C. in the U.S.
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SEC Wants Boss-Employee Pay Gap on Display
Wall Street Journal 09/19/2013
S.E.C. Proposes Greater Disclosure on Pay for CEO's
New York Times 09/18/2013
A Better Way to Compare C.E.O. Pay
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S.E.C. Tension As It Examined Mortgage Cases
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In Split Vote SEC Adopts Corporate Pay Rules
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Executive pay and bonuses are paid based on incentives to produce good performance. But the parameters that measure performance such as share price can be manipulated resulting in a perverse sytem that incentivizes bad decisions costly to the company even while executives are earning large or grossly disproportionate pay and bonuses. This happened at Merrill Lynch, Citigroup and other financial firms that collapsed or reached the brink of collapse.
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SEC Wants Boss-Employee Pay Gap on Display
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JP Morgan Chase bank CEO Jamie Dimon's views on banking, executive pay and regulation in the U.S.
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J.P. Morgan Battle Doesn't End With Dimon
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Banks Are Pressed to Expand 'Living Wills'
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S.E.C. Proposes Greater Disclosure on Pay for CEO's
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A Better Way to Compare C.E.O. Pay
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Excessive executive pay in the U.S.
04/13/2006
Executive compensation packages in the U.S. that are excessive.
Grouped Articles
SEC Wants Boss-Employee Pay Gap on Display
Wall Street Journal 09/19/2013
S.E.C. Proposes Greater Disclosure on Pay for CEO's
New York Times 09/18/2013
A Better Way to Compare C.E.O. Pay
New York Times 09/21/2013
Wall Street Bonuses Are an Outrage
Wall Street Journal 02/04/2009
Exxon Chairman Got Retirement Package Worth at Least $398 Million
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As Patients, Doctors Feel Pinch, Insurer's CEO Makes a Billion - WSJ.com
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Auto company executive pay
03/08/2012
Executive compensation at Ford and other auto companies
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SEC Wants Boss-Employee Pay Gap on Display
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New York Times 09/18/2013
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The Barclays investigation and executive bonuses
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SEC Wants Boss-Employee Pay Gap on Display
Wall Street Journal 09/19/2013
Wall Street Journal 10/31/2013
The U.K.'s New Bonus Claw Back Rules
Wall Street Journal 06/24/2015
Wall Street Journal 07/11/2012
Parliament Questions Culture at Barclays
New York Times 07/10/2012
Once Stodgy World of London Banking Loses its Old School Ways
New York Times 07/13/2012
Executive compensation and bonuses in the UK: 2010-2013
02/04/2009
Grouped Articles
SEC Wants Boss-Employee Pay Gap on Display
Wall Street Journal 09/19/2013
Wall Street Journal 10/31/2013
Wall Street Bonuses Are an Outrage
Wall Street Journal 02/04/2009
The U.K.'s New Bonus Claw Back Rules
Wall Street Journal 06/24/2015
Wall Street Journal 01/10/2011
On Street, Pay Vaults to Record Altitude
Wall Street Journal 02/02/2011
Bonuses and executive compensation in the U.S.- 2010-2013
02/04/2009
Grouped Articles
SEC Wants Boss-Employee Pay Gap on Display
Wall Street Journal 09/19/2013
Wall Street Journal 10/31/2013
Wall Street Bonuses Are an Outrage
Wall Street Journal 02/04/2009
A.I.G. Planning Huge Bonuses After $170 Billion Bailout
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The U.K.'s New Bonus Claw Back Rules
Wall Street Journal 06/24/2015
U.S. Seeks to Defer Portion of Bonuses
Wall Street Journal 02/05/2011
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