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article imageCEO execs’ pay escalates 23% in 2010

By Lynn Herrmann     Apr 19, 2011 in Politics
Washington - A new report released on Tuesday shows CEOs at 299 US companies in 2010 earned a combined total compensation of $3.4 billion, for an average salary of $11.4 million, an amount equal to more than 102,000 median workers’ jobs.
The AFL-CIO, America’s largest labor union, released the report, 2011 Executive Paywatch, and at a Washington news conference, union President Richard Trumka said: “The disparity between CEO and workers’ pay has continued to grow to levels that are completely stunning,” according to Bloomberg.
Labeling the ongoing issue as “runaway CEO pay,” the report listed the top pay of several CEOs. Among the highest CEO compensation packages noted in the report were Viacom’s Philippe Dauman, who received a total package worth $84.5 million, and Occidental Petroleum CEO Ray Irani, who received a compensation package worth more than $76 million.
Dauman, 54, saw his compensation package in 2010 more than double his 2009 pay package of $34 million, Bloomberg reports.
“The game is pretty rigged when it comes to the directors,” said Trumka, Huffington Post reports. “It is getting a little better because the spotlight that we have been trying to shine on this for 15 years is starting to get a littler brighter now. We are having a moderating effect. But I think if the spotlight were to go away the game would go right back to what it was before,” he added.
According to the AFL-CIO report, the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act contains instruments designed to help limit the staggering pay scale and bonuses. A new “say-on-pay” vote for executives’ salaries is granted to shareholders of publicly traded companies. Although these votes are non-binding, they can help shine an embarrassing light on the growing trend.
“The levels of pay that we are seeing today are simply unacceptable,” said Brandon Rees, the AFL-CIO’s Office of Investment Deputy Director, according to HuffPo.
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