OAKLAND, Calif., Feb. 17, 2016 /PRNewswire-USNewswire/ -- Leading mutual funds and pension funds have approved the excessive compensation of the 100 most overpaid CEOs of the S&P 500, according to a new report from shareholder advocacy organization As You Sow. Fund managers from Blackrock, Vanguard, Calamos, Steward, TCW, and Waddell & Reed, are among the 10 mutual fund families most likely to rubber stamp excessive compensation for CEOs.
The 100 Most Overpaid CEOs: Are Fund Managers Asleep at the Wheel? is available online at http://www.asyousow.org/ceopay. This report cites David Zaslav of Discovery Communications, Safra Catz and Mark Hurd of Oracle, and Leslie Moonves of CBS, as being among the most overpaid CEOs in America. Of the top 25 most overpaid CEOs, 11 made the list for the second year in a row. The complete list is available online.
Lead report author Rosanna Landis Weaver of As You Sow, said: "The 100 most overpaid CEOs deserve more scrutiny than they are getting from mutual and pension fund managers. Shareholders need to become more engaged in their analysis of executive pay and look closely at who awards and approves these packages."
- The most overpaid CEOs represent an extraordinary misallocation of assets.
- The company that ranked first for poor CEO pay practices last year, Nabors Industries, has seen such a decline in market capitalization that it was removed from the S&P 500.
- Pension funds are making some progress on opposing high CEO pay.
- Mutual funds are far more likely to rubberstamp high CEO pay than pension funds.
- Socially Responsible Investing (SRI) mutual funds were more likely to vote against excessive pay packages.
- Directors play a key role in enabling excessive CEO compensation.
Nell Minow, noted corporate governance expert, said: "I hope investors will use these findings to shift their investments to managers who pay attention to pay issues and to vote against directors who have lost sight of their fiduciary obligation to shareholders."
As You Sow CEO Andrew Behar said: "The process which determines CEO pay is broken adding to the massive income inequality we are seeing today. Fortunately, responsible investors are leading the way in providing solutions."
Download the full report at http://www.asyousow.org/ceopay
Read our full statement at http://www.asyousow.org/100-most-overpaid-release
CONTACT: Patrick Mitchell, (703) 276-3266, firstname.lastname@example.org
SOURCE As You Sow