A Push for Executive Accountability

The effort to give stockholders a “say on pay”—determining the compensation packages of companies’ top executives—gained traction in 2009 as 38 publicly traded companies said they would address compensation issues. While some companies saw the writing on the wall regarding executive pay in the slumping economy of 2009 and pledged to adjust pay packages, others still resisted. At Cisco Systems, the technology corporation, shareholders forced a vote on the issue for the second year in a row in 2009. They prevailed this time, garnering 51.4 percent of all shares voted. The issue has also picked up steam in Washington, where government officials rescued financial firms through its Troubled Assets Relief Program and joined the outcry when some bailed-out firms still produced hefty bonuses for top executives.

Comments are automatically closed two weeks after an article's initial publication. See our comments policy for more.

Advertisement
Advertisement

Don't miss the best from America

Sign up for our Newsletter to get the Jesuit perspective on news, faith and culture.

The latest from america

A blockbuster exhibition profiles one of the 20th century's great bridge figures.
Rob Weinert-KendtApril 26, 2018
History records many great men and women who would have been set aside without the aid of someone able to see past their faults.
Terrance KleinApril 26, 2018
Patrick J. Conroy, S.J., seen here in June 2017, had been the chaplain of the U.S. House of Representatives since 2011.  (CNS photo/Rhina Guidos)
Patrick Conroy, S.J., submitted his resignation earlier this month. The Hill reports that a prayer seen as critical of the Republican tax bill may have been a factor.
Speaking in Chicago to a gathering of U.S. priests, Archbishop Wilton Gregory addressed racism, sexism and a host of other societal challenges that "continue to hold us captive."