Friday, September 30, 2011

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.


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