Amazon said it would send Bezos to testify “at a hearing with the other CEOs this summer.”įacebook and Alphabet have also said they would be willing to send Zuckerberg and Pichai respectively, Bloomberg reported last month.Īntitrust scrutiny of giant technology companies is accelerating. Earlier, Apple said it would send an appropriate executive to testify before the panel, without promising Cook. The companies have previously shown reluctance to send in their top executives even though Cicilline has said he would be willing to subpoena CEOs that didn't voluntarily agree to appear before the committee. Apple did not immediately respond to requests for comment. A Google spokesman deferred to the committee. If no inputs are disclosed, the securities are valued using Bloomberg’s internal estimates.īecause of these adjustments, the figures may not match what was reported by the company in regulatory filings.Facebook and Amazon spokespeople declined to comment. Options are valued by using the Black-Scholes inputs disclosed by the company, and the closing price at its fiscal year end.
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In some instances, such as when companies state an intention to not grant additional awards for the duration of the existing awards, they are annualized over the full performance period It also includes the value of stock grants and option awards, valued as of the company’s fiscal year end, not the date they were granted.Ĭash and equity awards that depend on a company’s performance during more than one year are applied to the first year of that period. The figures include salary, performance-based and discretionary cash bonuses, changes in the executive’s pension and deferred compensation, and the taxable value of perks. The index is based on information disclosed in regulatory filings. The Bloomberg Pay Index is a ranking of the highest-paid executives of publicly traded companies that file compensation data to the U.S.
10 on the Bloomberg Pay Index) a shot at obtaining the equivalent of 2.7% of the company’s stock if the share price rises a bit more than fourfold over the next decade.
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“It’s up to the board to decide if they agree.”Īt Paycom, which makes software for human resources, the board last year offered its founder and CEO Chad Richison (No. chairman of advisory firm Jamieson Corporate Finance, who’s negotiated pay on behalf of CEOs for decades. “I never blame the executive for asking if they sincerely believe it’s justified,” said Michael Sirkin, the U.S. But it also made it easy for executives to look at how much rivals get-and seek more. The transparency was meant to rein in extravagances. That’s because public companies must detail their CEOs’ rewards in public filings. Mega grants can ripple through industries. “There’s a veneer that it’s been earned,” she said.
What does it matter, then, if Musk gets his billions?Īt the same time, the “pay-for-performance” mantra has made massive payouts more resistant to criticism, said Carol Bowie, the former head of Americas research at proxy adviser Institutional Shareholder Services. If it works, some of them reasoned, we’ll reap huge returns. More than two-thirds of them backed the pay package in a non-binding referendum. Could a board really defend paying just one employee tens of billions of dollars, even if the company’s market value rose by more than tenfold? Most investors thought so. On paper, Musk’s grant struck some as ludicrous both in size and ambition. Only five of the country’s 100 top-paid executives last year were women.ĭata from governance advisory firm ISS Corporate Solutions and interviews with compensation advisers and lawyers who help shape and negotiate pay packages show Tesla’s moonshot grant set off a lingering echo in many executive suites. Behind him is a string of other mostly male, mostly white corporate leaders with awards projected to pay out nine or 10 figures. executive for three consecutive years, according to the Bloomberg Pay Index. So far, Musk’s award has yielded him about $33 billion of paper gains and made him the highest-paid U.S.
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