Season update: The height of proxy season is behind us. We expect to do a full post season analysis in the next month, but have some early data to share:
- CEO pay continues to climb. Even at companies with overpaid CEOs, as identified in our report, more boards increased than decreased pay (52 out of 86 evaluated). Among those increasing pay the median increase was an astounding 18%.
- Shareholders are waking up at some of these companies with overpaid CEOs. Their support for these outrageous pay packages fell by between 15 to 30% at ATT, Baxter, Bristol Myers, Chevron and Honeywell.
- Several companies with overpaid CEOs that faced substantial opposition to pay packages last year significantly reduced the pay of their CEOs this year.