Supersized Paychecks for Oil Execs in 2005
Posted on Aug 30, 2006
CEOs of the largest 15 oil companies averaged $32.7 million in compensation in 2005. This sum is more than twice the amount paid out to CEOs at other “large U.S. firms.” More on the study released by the Institute for Policy Studies and United for a Fair Economy here. Oink, oink! (via huffpo)
Rising prices and profits translated into pay packages for oil company chief executive officers that are nearly three times the size of similarly sized businesses, a new study from two watchdog groups said.
In 2005, the CEOs of the largest 15 oil companies averaged $32.7 million in compensation, compared with $11.6 million for all large U.S. firms, according to the study, released today by the Institute for Policy Studies and United for a Fair Economy.
Amid reports of multimillion-dollar pay packages, shareholder activists have sponsored resolutions to limit compensation at companies like Exxon Mobil Corp. and Home Depot Inc. In May, three members of the House of Representatives criticized the retirement benefits of former Exxon CEO Lee Raymond and asked the company to fill a gap in its workers’ pension fund.