Exxon awarded CEO total pay of $34.9 million in 2011
Pepe Silvia
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http://news.yahoo.com/exxon-awarded-ceo ... 43009.html
Exxon awarded CEO total pay of $34.9 million in 2011
(Reuters) - Exxon Mobil Corp's chief executive earned 20 percent more in 2011 than the year before, and the company said it saw no reason to change its pay practices, as had been urged by some investors.
Chief Executive Rex Tillerson received $34.9 million in total compensation, up from $29 million in 2010, Exxon said in a proxy statement filed with regulators on Thursday.
The CEO of U.S. rival Chevron Corp, John Watson, collected a total of $24.7 million in 2011, his second year in the job. That was a 52 percent increase from $16.3 million in 2010, according to Chevron's proxy, also out on Thursday.
Tillerson's pay package included stock awards valued at $17.9 million and bonus and salary totaling $6.8 million. Watson received $5.6 million in salary and non-equity incentives, and the rest in stock, options, pension and deferred compensation.
Exxon's board of directors bases its compensation decisions on long-term financial targets, among other factors.
Last year, proxy firm ISS criticized Exxon's compensation practices, and argued that the company's shareholder returns did not justify executives' pay packages. Returns, ISS said, were inflated by higher crude oil prices.
In this latest proxy statement, Exxon said that it had spoken with a number of shareholders about its compensation practices following a non-binding "say on pay" proposal that won approval with 67 percent of shareholder votes.
"We believe that applying a short-term, formula-based approach to ExxonMobil's compensation program would undermine the uniquely long-term requirements of our proven business strategy," the company said in the filing, with the U.S. Securities and Exchange Commission.
In this year's proxy statement, Exxon used a chart to illustrate that its shareholder returns had outperformed those of its peers and the Standard & Poor's 500 over a 20-year period.
Exxon said its conversations with shareholders included consideration of the use of formula-based pay tied to shorter-term metrics such as one- and three-year total shareholder returns, a practice that ISS urged the oil company to adopt.
Shareholder proposals on the proxy related to hydraulic fracturing, greenhouse gas emissions and splitting the job of chairman and chief executive.
The annual meetings of both Exxon and Chevron are scheduled for May 30.
Both companies will face votes on resolutions related to the oil and gas production practice of hydraulic fracturing. Similar resolutions last year won support from 28 percent of Exxon shareholders and 40 percent of Chevron's shareholders.
Exxon awarded CEO total pay of $34.9 million in 2011
(Reuters) - Exxon Mobil Corp's chief executive earned 20 percent more in 2011 than the year before, and the company said it saw no reason to change its pay practices, as had been urged by some investors.
Chief Executive Rex Tillerson received $34.9 million in total compensation, up from $29 million in 2010, Exxon said in a proxy statement filed with regulators on Thursday.
The CEO of U.S. rival Chevron Corp, John Watson, collected a total of $24.7 million in 2011, his second year in the job. That was a 52 percent increase from $16.3 million in 2010, according to Chevron's proxy, also out on Thursday.
Tillerson's pay package included stock awards valued at $17.9 million and bonus and salary totaling $6.8 million. Watson received $5.6 million in salary and non-equity incentives, and the rest in stock, options, pension and deferred compensation.
Exxon's board of directors bases its compensation decisions on long-term financial targets, among other factors.
Last year, proxy firm ISS criticized Exxon's compensation practices, and argued that the company's shareholder returns did not justify executives' pay packages. Returns, ISS said, were inflated by higher crude oil prices.
In this latest proxy statement, Exxon said that it had spoken with a number of shareholders about its compensation practices following a non-binding "say on pay" proposal that won approval with 67 percent of shareholder votes.
"We believe that applying a short-term, formula-based approach to ExxonMobil's compensation program would undermine the uniquely long-term requirements of our proven business strategy," the company said in the filing, with the U.S. Securities and Exchange Commission.
In this year's proxy statement, Exxon used a chart to illustrate that its shareholder returns had outperformed those of its peers and the Standard & Poor's 500 over a 20-year period.
Exxon said its conversations with shareholders included consideration of the use of formula-based pay tied to shorter-term metrics such as one- and three-year total shareholder returns, a practice that ISS urged the oil company to adopt.
Shareholder proposals on the proxy related to hydraulic fracturing, greenhouse gas emissions and splitting the job of chairman and chief executive.
The annual meetings of both Exxon and Chevron are scheduled for May 30.
Both companies will face votes on resolutions related to the oil and gas production practice of hydraulic fracturing. Similar resolutions last year won support from 28 percent of Exxon shareholders and 40 percent of Chevron's shareholders.
don't compete; coexist
what are you but my reflection? who am i to judge or strike you down?
"I will promise you this, that if we have not gotten our troops out by the time I am president, it is the first thing I will do. I will get our troops home. We will bring an end to this war. You can take that to the bank." - Barack Obama
when you told me 'if you can't beat 'em, join 'em'
i was thinkin 'death before dishonor'
what are you but my reflection? who am i to judge or strike you down?
"I will promise you this, that if we have not gotten our troops out by the time I am president, it is the first thing I will do. I will get our troops home. We will bring an end to this war. You can take that to the bank." - Barack Obama
when you told me 'if you can't beat 'em, join 'em'
i was thinkin 'death before dishonor'
Post edited by Unknown User on
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Comments
The idea that Exxon, who makes a shit ton of money, still gets huge subsidies and tax breaks is maddening however.
was like a picture
of a sunny day
“We can complain because rose bushes have thorns, or rejoice because thorn bushes have roses.”
― Abraham Lincoln
would they have made so much profit with out those 'huge subsidies and tax breaks', though?
what are you but my reflection? who am i to judge or strike you down?
"I will promise you this, that if we have not gotten our troops out by the time I am president, it is the first thing I will do. I will get our troops home. We will bring an end to this war. You can take that to the bank." - Barack Obama
when you told me 'if you can't beat 'em, join 'em'
i was thinkin 'death before dishonor'
c'mon now ... 1 person responsible for so much of exxon's profits!? ... i spend a bit of time around ceo's and executives ... they aren't that smart ... they are smart enough to make themselves look good tho and usually are prepared to do things scrupulous or not to show that ...
i could go in tomorrow and be ceo of exxon and make my bonus structure ... all i really have to do is mandate a 5% reduction in payroll primarily through layoffs and the "street" will reward me ...
whole thing is a fraud ...
yep I agree on both, so what- and very maddening.
Godfather.
Absolutely not... I do have issue with that part.
was like a picture
of a sunny day
“We can complain because rose bushes have thorns, or rejoice because thorn bushes have roses.”
― Abraham Lincoln
That's why I said, "helped make shit ton of money". I'm sure there are other very smart people working with him, and they are probably very well compensated too.
was like a picture
of a sunny day
“We can complain because rose bushes have thorns, or rejoice because thorn bushes have roses.”
― Abraham Lincoln
yeah ... obviously i'm a socialist and all ... but none of my experience working for a major corporation now or when i was in a top 10 fortune 500 company leads me to believe any one person deserves that kind of compensation ...
it's a circle-jerk for lack of a better term ...
"Hear me, my chiefs!
I am tired; my heart is
sick and sad. From where
the sun stands I will fight
no more forever."
Chief Joseph - Nez Perce
I wouldn't complain if my company paid me that much.
Godfather.
-Eddie Vedder, "Smile"
so you have a problem with HOW they make their profits, by calling it 'maddening' and yet you both say so what, they deserve it for making the profits.....
do you two not see how that's a contradiction?
you think they deserve the money because they made a 'shit ton of money' which they would NOT have made without the 'huge subsidies and tax breaks' you both are so against.....how does that work?
what are you but my reflection? who am i to judge or strike you down?
"I will promise you this, that if we have not gotten our troops out by the time I am president, it is the first thing I will do. I will get our troops home. We will bring an end to this war. You can take that to the bank." - Barack Obama
when you told me 'if you can't beat 'em, join 'em'
i was thinkin 'death before dishonor'
Not a contradiction to me... The CEO is working within the system and the framework that is in place. The system really needs changed, but he's apparently doing his job well for the benefit of the company.
Are you saying that hIs success should be evaluated based on a framework that isn't in place, and not the environment that he is currently working in?
was like a picture
of a sunny day
“We can complain because rose bushes have thorns, or rejoice because thorn bushes have roses.”
― Abraham Lincoln
This needs a bump.
Also, this executive makes $34.9 million and the average pay for a soldier who gets sent to the desert to die (for what?) is around $42,000. God Bless America!!!!
First of all I doubt you know how responsible the CEO is. Second of all calling CEOs and executive not "that smart" is really stupid comment.
It is way harder than you are making it out to be. And for most CEOs it's 24/7.
Enjoy your weekend.
a person has a plan goes to school gets a job works their way to the top and does it better than the next person because they have the drive to be the best..and get paid for it I don't see a problem with that, I don't care if they're if selling diapers for men. it's called driving yourself to be the best you can be and earn the buck while doing it.
Godfather.