Switzerland just had a referendum in which it voted to give company and bank shareholders veto rights over the salaries, bonuses and overall compensation packages of senior executives and board directors.
The House Financial Services Committee has voted to repeal a provision in last year’s Dodd-Frank financial reform law requiring public corporations to report the ratio between CEO and median worker pay. (more)
With Labor Day approaching, it must not go unnoticed that Angelo Mozilo, chief executive of Countrywide Financial—the company that has helped drive world markets into turmoil with its lending—raked in $42.9 million last year. The Nobel laureate Harold Varmus, chief executive of the Memorial Sloan-Kettering Cancer Center, was paid $2.5 million.