How Much Would You Pay the CEO of Bear Sterns?
President-elect Barack Obama sponsored a Senate bill to require that the shareholders of all public United States companies vote on whether they want say on pay. This means that it could very well be on the agenda in 2009.
On Thursday morning, James Keyes will be joined by a fantastic panel to discuss the future of say-on pay and corporate governance reform. Info below:
Giving Shareholders a 'Say On Pay'
THURSDAY, NOVEMBER 13, 2008 8:00–10:00a.m.
The Harvard Club
35 West 44th Street (Between 5th & 6th Avenues)
New York, NY 10036
light breakfast will be served
Space is limited. RSVP and registration are required. Admission is free.
Please RSVP by email to: dmi "at" drummajorinstitute "dot" org
JAMES W. KEYES
Chairman & CEO, Blockbuster Inc.
As compensation for top corporate managers has skyrocketed, even executives who mismanage their companies or demonstrate mediocre performance often receive lavish pay. Blockbuster Inc., led by CEO James Keyes, is at the forefront of efforts to provide greater accountability to shareholders. In March 2008, Blockbuster’s Board of Directors voted to grant shareholders an annual non-binding vote on executive compensation. Beginning in 2009, shareholders will directly advise the board on whether they approve of the pay levels of the company’s top executives. A majority of Blockbuster shareholders, headed by the New York City Employees Retirement System, first called for a ‘say on pay’ in 2007. In Britain, laws requiring say on pay have been credited with reining in exorbitant CEO retirement packages. A small number of other U.S. companies, including AFLAC and Verizon, have also adopted the reform.
HON. WILLIAM C. THOMPSON
New York City Comptroller
Senior Vice President
Walden Asset Management
SEIU Capital Stewardship Program
ANDREA BATISTA SCHLESINGER
Drum Major Institute for Public Policy
The Drum Major Institute for Public Policy is a non-profit, non-partisan organization generating the ideas that fuel the progressive movement.
For more information, please visit: www.drummajorinstitute.org.