More pension funds and other large shareholders are voting against CEO pay packages considered excessive, but it will take more involvement to fix the problem, according to a report released Thursday by As You Sow, a non-profit shareholder advocacy organization in Oakland, Calif.
The report — "The 100 Most Overpaid CEOs: Are Fund Managers Asleep at the Wheel?" — is the organization's fifth year of research that focuses on the link between overpaid CEOs of the S&P 500 and shareholder activity holding those companies accountable.
The report found that, worldwide, pension funds with $100 billion or more in assets have more than doubled the number of CEO pay packages they vote against, reaching 40% in 2017. The largest U.S. pension fund, California Public Employees' Retirement System, Sacramento, has increased its votes against S&P 500 CEO pay packages by nearly eightfold.