New York – Despite financial crisis and poor company performance, CEO pay vaguely decreased in 2008, according to a report released today by The Corporate Library.
The Corporate Library, an independent corporate governance and executive compensation firm, started conducting CEO pay surveys in 2002 as a means to generate proprietary data conductive to the analysis of the relationship between executive pay and firm performance.
Released today, the 2009 CEO Pay Survey shows that while the S&P 500 index declined over 37 percent during 2008, CEO pay in the same period declined by a trivial 0.08 percent. This suggests a persistent disconnection between performance and pay. Nevertheless, the findings of the report are groundbreaking in the sense that this is the first time, since the topic started being covered by The Corporate Library in 2002, that there is evidence of a decline in CEO pay.
The data for this report was collected from a survey that covered 2,700 public companies. The report was previewed this week in a webinar titled “Big Pay, Poor Performance,” which is available as a free download. Besides outlining some of the report’s key findings, the webinar offers an analysis of the CEO pay packages of five companies where the pay/performance link was most starkly broken in 2008.
For more information about the report or the webinar, please contact Cheri Grimmett, Media Relations, The Corporate Library, firstname.lastname@example.org, Phone: 207 553-5604
About The Corporate Library: Since 1999 The Corporate Library has been a leading independent research firm providing corporate governance information products, research services and data. The firm produces ratings of U.S. corporate boards of directors, allowing businesses that subscribe to the service to evaluate governance as an element of investment and other risk. The Corporate Library is also a leading publisher of corporate governance reports and studies, including reports on CEO employment contracts, governance practices, mutual fund proxy voting, and executive and director compensation, which its analysts compile using its extensive database of over 3,200 public companies and over 47,000 executives and directors.