Annual meeting: April 27, 2016 Ameriprise has been on our overpaid list for the past two years. For the 2014 study it was ranked number 31, with the regression analysis suggesting that CEO James Cracchiolo was overpaid by $7.6 million. For the 2015 study, Ameriprise was ranked number 46, and the excess pay from the regression was an estimated $9 million. During the most recent fiscal year the stock has fallen more than 20%. Total disclosed compensation for CEO James Cracchiolo for 2015 was $20,671,971, reflecting a decrease in bonus, but an increase in salary.
Given that Ameriprise has consistently paid higher than peers, make this a company where a vote against is not only justified, but likely. I thought I’d take the opportunity to see how some of the funds that disclose their votes have voted. (corpgov.net again has the best resource for this).
I was surprised to find that a number of funds who offer disclosure did not yet have votes listed, despite the fact that the vote is tomorrow. As of this afternoon, no votes were listed on Ameriprise at CalPERS, CalSTRS, and COPERA. I know only too well how overwhelming proxy season can be, but to be cutting disclosure this close this early in the season is a problem.
Of those where votes were disclosed the Florida SBA and the Ontario Teachers’ Pension Plan had voted against the pay package. The Teachers Retirement System of Texas was the only fund I found with a vote in favor of pay at Ameriprise.