funds seek vote on executive pay
From Bloomberg News
Los Angeles Times
Saturday, January 3, 2007
New York's pension funds asked Home Depot Inc., Blockbuster
Inc. and Par Pharmaceutical Cos. to let shareholders vote on
whether they approved of top executives' pay packages.
The formal proposal submitted by New York City Employees'
Retirement System trustees, including City Comptroller
William C. Thompson Jr. and Mayor Michael R. Bloomberg,
would allow investors in the three companies to cast a vote
of no confidence in management.
"Institutional investors are fed up with the unbridled
excesses of executive compensation in the U.S.," Thompson
said in a statement. "We've had enough of bonus payments,
salary increases, retirement benefits and other payoffs from
equity-based plans that are often not even remotely
correlated with the performance of executives."
Since the 1990s, U.S. pension funds have been offering
different kinds of shareholder resolutions at annual
corporate meetings in an attempt to rein in rising executive