The 20 most excessively paid CEOS in 2021 - PropertyCasualty360

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THE TOP 20 MOST OVERPAID CEOs OF 2021

20. STEVEN MELLENKOPF

QUALCOMM Inc.

CEO PAY: $23,065,052
EXCESS PAY: $9,744,629
VOTES AGAINST CEO PAY: 69.57%
CEO:WORKER PAY RATIO: 256:1
MEDIAN WORKER PAY: $90,259

(Photo: Chris Ratcliffe/Bloomberg)

19. GARY HEMINGER

Marathon Petroleum

CEO PAY: $24,129,164
EXCESS PAY: $11,768,410
VOTES AGAINST CEO PAY: 11.47%
CEO:WORKER PAY RATIO: 877:1
MEDIAN WORKER PAY: $27,507

(Photo: F. Carter Smith/Bloomberg)

18. H. LAWRENCE CULP JR.

General Electric

CEO PAY: $24,553,788
EXCESS PAY: $13,339,908
VOTES AGAINST CEO PAY: 17.61%
CEO:WORKER PAY RATIO: 486:1
MEDIAN WORKER PAY: $50,471

(Photo: Jonathan Weiss/Shutterstock.com)

17. MICHAEL F. NEIDORFF

Centene Corp.

CEO PAY: $26,438,425
EXCESS PAY: $13,257,871
VOTES AGAINST CEO PAY: 23.25%
CEO:WORKER PAY RATIO: 383:1
MEDIAN WORKER PAY: $68,987

(Photo: Patrick T. Fallon/Bloomberg)

16. ROBERT A. KOTICK

Activision Blizzard Inc.

CEO PAY: $30,122,896
EXCESS PAY: $15,867,848
VOTES AGAINST CEO PAY: 28.89%
CEO:WORKER PAY RATIO: 319:1
MEDIAN WORKER PAY: $94,308

(Photo: Patrick T. Fallon/Bloomberg)

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15. JEFFERY W. YABUKI

Fiserv, Inc.

CEO PAY: $27,601,026
EXCESS PAY: $13,842,124
VOTES AGAINST CEO PAY: 30.88%
CEO:WORKER PAY RATIO: 423:1
MEDIAN WORKER PAY: $65,254

(Photo: Casimiro PT/Shutterstock.com)

14. BRIAN ROBERTS

Comcast Corp.

CEO PAY: $36,370,183
EXCESS PAY: $23,330,783
VOTES AGAINST CEO PAY: 23.19%
CEO:WORKER PAY RATIO: 461:1
MEDIAN WORKER PAY: $78,869

(Photo: David Paul Morris/Bloomberg)

13. GARY A. NORCROSS

Fidelity National Information Services, Inc.

CEO PAY: $27,658,117
EXCESS PAY: $13,926,647
VOTES AGAINST CEO PAY: 52.78%
CEO:WORKER PAY RATIO: 467:1
MEDIAN WORKER PAY: $59,235

12. JOHN J. LEGERE

T-Mobile US, Inc.

CEO PAY: $27,756,690
EXCESS PAY: $13,798,277
VOTES AGAINST CEO PAY: 78.50%
CEO:WORKER PAY RATIO: 446:1
MEDIAN WORKER PAY: $62,195

(Photo: Chris Goodney/Bloomberg)

11. LISA SU

Advanced Micro Devices, Inc.

CEO PAY: $58,534,288
EXCESS PAY: $40,542,122
VOTES AGAINST CEO PAY: 22.63%
CEO:WORKER PAY RATIO: 604:1
MEDIAN WORKER PAY: $96,874

(Photo: Bridget Bennett/Bloomberg)

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10. LACHLAN MURDOCH

Fox Corp.

CEO PAY: $42,111,103
EXCESS PAY: $28,735,479
VOTES AGAINST CEO PAY: 53.30%
CEO:WORKER PAY RATIO: 359:1
MEDIAN WORKER PAY: N/A

(Photo: Patrick T. Fallon/Bloomberg)

9. SHELDON GARY ADELSON

Las Vegas Sands Corp.

CEO PAY: $24,680,118
EXCESS PAY: $11,976,674
VOTES AGAINST CEO PAY: 88.93%
CEO:WORKER PAY RATIO: 584:1
MEDIAN WORKER PAY: $42,228

(Photo: Andrew Harrer/Bloomberg)

8. ALAN B. MILLER

Universal Health Services, Inc.

CEO PAY: $24,473,240
EXCESS PAY: $12,397,998
VOTES AGAINST CEO PAY: 99.91%
CEO:WORKER PAY RATIO: 629:1
MEDIAN WORKER PAY: $38,931

(Photo: Chris Goodney/Bloomberg)

7. ROBERT H. SWAN

Intel Corporation

CEO PAY: $66,935,100
EXCESS PAY: $53,244,455
VOTES AGAINST CEO PAY: 40.25%
CEO:WORKER PAY RATIO: 695:1
MEDIAN WORKER PAY: $96,300

(Photo: Ashley Pon/Bloomberg)

6. MIGUEL PATRICIO

The Kraft Heinz Company

CEO PAY: $43,297,480
EXCESS PAY: $31,390,609
VOTES AGAINST CEO PAY:41.87%
CEO:WORKER PAY RATIO: 1034:1
MEDIAN WORKER PAY: $42,689

(Photo: Jonathan Weiss/Shutterstock.com).

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5. ROBERT IGER

The Walt Disney Company

CEO PAY: $47,517,762
EXCESS PAY: $34,885,856
VOTES AGAINST CEO PAY: 47.64%
CEO:WORKER PAY RATIO: 911:1
MEDIAN WORKER PAY: $52,184

(Photo: JStone/Shutterstock.com)

4. JOHN C. PLANT

Howmet Aerospace Inc.

CEO PAY: $51,712,578
EXCESS PAY: $39,321,473
VOTES AGAINST CEO PAY: 47.75%
CEO:WORKER PAY RATIO: 934:1
MEDIAN WORKER PAY: $55,497

3. LARRY J. MERLO

CVS Health Corp.

CEO PAY: $36,451,749
EXCESS PAY: $24,311,079
VOTES AGAINST CEO PAY: 79.93%
CEO:WORKER PAY RATIO: 790:1
MEDIAN WORKER PAY: $46,140

(Photo: Mark Kauzlarich/Bloomberg)

2. DAVID M. ZASLAV

Discovery Inc.

CEO PAY: $45,843,912
EXCESS PAY: $33,823,935
VOTES AGAINST CEO PAY: 85.55%
CEO:WORKER PAY RATIO: 578:1
MEDIAN WORKER PAY: $79,343

(Photo: Patrick T. Fallon/Bloomberg)

1. SUNDAR PICHAI

Alphabet Inc.

CEO PAY: $280,621,552
EXCESS PAY: $266,698,263
VOTES AGAINST CEO PAY: 69.15%
CEO:WORKER PAY RATIO: 1085:1
MEDIAN WORKER PAY: $258,708

(Photo: Diego M. Radzinschi/ALM)

At a CtW Investment Group-sponsored webinar in December, Adam Kanzer, head of stewardship for the Americas at BNPP AM, posed the following question: ”If we are thinking of this as a capital allocation question, then we’re allocating capital to the CEO for a particular purpose. Are we getting better performance, or are we just getting wealthier CEOs?”

According to As You Sow’s seventh annual “The 100 Most Overpaid CEOs” report, a majority of shareholders believe we’re mostly just getting wealthier CEOs.

As in past years, As You Sow’s report utilized data from Institutional Shareholder Services (ISS) to evaluate CEO pay at all S&P 500 companies. Data provided by HIP Investor was also used in order to provide a statistical regression model that computed what the CEO’s pay would be, assuming such pay would be related to cumulative total shareholder return over the previous five years.

After using this formula to calculate the amount of excess pay a CEO receives, As You Sow adds data ranking companies by what percent of company shares voted against the CEO’s pay package.

For this year’s report, a new calculation from Insightia used only the votes of institutional investors, which, according to As You Sow, “gives a more accurate indication of where institutional investors are most dissatisfied, most starkly in cases where insiders own a particularly large portion of stock or there are dual class shares.”

One of the takeaways from this year’s report is apparently a constant all seven years running: Larger fund managers often support a CEO’s higher pay.

Many of these managers operate passive funds that invest in every company within an index, explains the report, regardless of whether the company is run well or not. Consequently, they do not sell their shares in that company even if they find something wrong with it.

Their only options are to vote against the CEO’s pay package or to vote against re-electing some or all members of the board of directors.

As You Sow says that BlackRock is not only the largest financial manager but also the one with the worst record for voting against CEO pay packages. BlackRock voted against only 8% of the CEO pay packages in As You Sow’s report and against only 2.2% of the packages in the S&P 500.

However, over 50 pension funds voted against the pay of more than half of the CEOs on the most overpaid list. Many of those are international funds, but the opposition has also increased at many pension funds in the U.S., according to the report.

Moreover, the pandemic may have led to a reckoning on the subject of CEO pay, as some investors have indicated a willingness to reevaluate those pay packages in light of how employees and shareholders have fared due to COVID-19.

See our slideshow above for 2021′s top 20 most overpaid CEOs, according to As You Sow. No property & casualty insurance companies are represented among the top 20; however, visit the nonprofit’s website for the entire list of 100 Most Overpaid CEOS in 2021.

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