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US economic gains fuel rises in CEO compensation

As strong financial results push stock prices up in the US, a number of large companies are rewarding those in senior executive jobs with heftier pay packages – a further indication of executive pay coming into closer alignment with company performance. This trend has become more pronounced in the past three years. In 2010, when the American economy started rebounding, CEOs of large publicly traded companies earned 24% more on average.

Interim CEO appointed to Bank of Cyprus

The Central Bank of Cyprus recently announced the appointment of Christos Sorotos as interim Chief Executive Officer of Bank of Cyprus. The executive hiring arose from a decision on the part of the bank’s board of directors as well as consultations with the Ministry of Finance, with the central bank acting as the resolution authority. Bank of Cyprus was placed under central bank control in March, and CEO Yiannis Kypri was ousted shortly thereafter.

Executive pay gets tepid support from ExxonMobil shareholders

In a recent say-on-pay vote, 71% of shareholders voted in favour of American oil and gas giant Exxon Mobil Corp.’s executive compensation plan. Last year’s pay plan garnered 78% approval. This compares with an average of 91% in shareholder support for executive compensation in the US last year, according to proxy advisory firm ISS. The firm had recommended shareholders vote against CEO Rex Tillerson's compensation, citing Exxon’s modest shareholder returns in 2012.

Executive compensation: Solidifying the link between pay and performance

As shareholders in the US become increasingly bold in their opinions about the pay packages awarded those in executive jobs, signs continue to appear that compensation is growing more aligned with company profits and stock returns. Shareholders have become more involved since 2011 legislation requiring publicly traded companies to hold “say-on-pay” votes at shareholder meetings, and while the votes are nonbinding, some companies have revised their executive compensation practices.

French Finance Minister nixes cap on executive pay

As France continues to muddle through recession, with an unemployment rate at 11%, Finance Minister Pierre Moscovici announced at a recent press conference that the government will not pass a law to cap the salaries of people in executive jobs. Rather, he is encouraging private sector companies to impose their own limits. The French government is, however, forging ahead with plans to legislate a 75% tax on executive salaries above €1 million.

Showing 1-5 of 157