"If we are thinking of this as a capital allocation question, then we're allocating capital to the CEO for a particular purpose. Are we getting better performance, or are we just getting wealthier CEOs?"
That's a question Adam Kanzer, Head of Stewardship for the Americas at BNPP AM, asked at a CtW Investment Group-sponsored webinar last December—and according to As You Sow's seventh annual "The 100 Most Overpaid CEOs" report, a majority of shareholders believe we're mostly just getting wealthier CEOs.
As in past years, As You Sow's report utilized data from Institutional Shareholder Services (ISS) to evaluate CEO pay at all S&P 500 companies. Data provided by HIP Investor was also used in order to provide a statistical regression model that computed what the CEO's pay would be, assuming such pay would be related to cumulative total shareholder return over the previous five years.
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Richard Binder
Richard Binder, based in New York, is part of the social media team at ALM. He is also a 2014 recipient of the ASPBE Award for Excellence in the Humorous/Fun Department.
