The Golden Parachute is Alive and Well

Despite Dodd-Frank "say on pay" provisions, where shareholders have a right to vote on executive compensation (including these golden parachutes), ISS reports that only a small percentage of firms have had these shareholder votes (which are non-binding in any case). Recent examples of very, ahem, generous severance packages include $17 million+ for Robert Kelly formerly of Mellon New York Bank and $10 million for Carol Bartz, formerly of Yahoo! who was unceremoniously (and rather classlessly) given the boot -- a Yahoo! Board member delivered the news over the phone.

http://www.nytimes.com/2011/09/30/business/outsize-severance-continues-for-executives-even-after-failed-tenures.html?_r=1&ref=todayspaper