Executive Compensation  

Commentary and research from Equilar frequently appears in leading business and trade publications. Recent coverage includes mentions in Bloomberg, BusinessWeek, Fortune, The New York Times and The Wall Street Journal. To learn more about Equilar in the news, please read the articles below or search through our news archives.

Members of the press who are interested in obtaining information from Equilar for their stories can direct inquiries to press@equilar.com or call (650) 286-4567.

The New York Times Executive Pay Special Issue April 6, 2008		CNBC Featured Video April 9, 2008
•  A Brighter Spotlight, Yet the Pay Rises          •  Executive Pay: The Bottom Line for Those at the Top          •  In the Boardroom, Every Back Gets Scratched          •  Calculating the Pay Figures		CEO Pay: Are They Worth It?

Current Articles

Treasury & Risk Magazine, May 8, 2008 New Challenges Shape Pay Levels "The chief driver of that decline was in annual performance-based bonuses, which were down 8.2%. 'For finance chiefs, like other executives, this has been a turbulent year on the compensation front,' says Alexander Cwirko-Godycki, research manager at Equilar. 'Overall pay levels are climbing at a slower rate than past years, and bonus compensation appears to be down.'"

The Washington Post, May 6, 2008 Say-on-Pay Movement Loses Steam "In 2007, 42 percent of the compensation for chief executives of companies in the Standard & Poor's 500-stock index was linked directly to predetermined performance goals, compared with 40 percent in 2006 for the same group of executives, according to Equilar, an executive-compensation research firm. Stock options were not counted as part of performance-based pay. Over the same period, the number of Fortune 100 companies disclosing specific performance targets for executives increased from 56 to 66 percent, Equilar said."

The Indianapolis Star, May 5, 2008 Exec Pay is Smorgasbord of Handouts "Average annual total compensation for the chief executive of Standard & Poor's 500 companies was $8.83 million last year, according to compensation research firm Equilar. That's about 194 times greater than Indiana's median household income of $45,394. Median S&P 500 CEO salary reached $1.03 million."

San Francisco Chronicle, May 5, 2008 Web Salary Charts Tell All, and We Love It "The federal Securities and Exchange Commission implemented new rules last year designed to make corporations report their executive pay in plain English, Challenger said. In theory, this has made it easier for the average citizen to figure out what Equilar, an executive compensation firm on the Peninsula, reported in April: That the median compensation for a top corporate chief executive officer jumped to $8.8 million last year from $8.7 million in 2006 — even though the bonuses they received for doing well were down to a measly $1.8 million."

Toledo Blade, May 4, 2008 Local CEOs Feel Effects of Slower Economy "Mr. Kinzel, at Cedar Fair, received the biggest bonus in the area, $1.2 million. But Fred Klipsch, vice chairman of Health Care REIT, received a bonus of $1.2 million that was labeled a "finder's fee" for a real estate transaction he helped generate. Performance-based bonuses were down and discretionary bonuses not linked to performance were up — in general by 5 percent — among 200 larger firms studied by Equilar, a compensation research firm."

Bloomberg, April 30, 2008 CBS's Moonves Gets Triple Pay of Viacom's Dauman "To put the pay packages of Dauman and Moonves into perspective, I compared them with the CEOs of 500 other companies, all with market values of $3 billion or more. Data for this study were obtained from Equilar Inc. After controlling for differences in company size, as measured by net sales, and for differences in pay risk, as measured by the percentage of options in the pay package, I found that Dauman's $22 million pay package was 94 percent above a competitive level, ranking him as the 40th-highest-paid CEO."

Fox Business News, April 29, 2008 In Search of: Citigroup's Robert Rubin "Rubin has a largely non-operational role at Citi. He doesn't oversee a P&L for any division. As he hobnobs with the likes of former US president Bill Clinton and former Federal Reserve chairman Alan Greenspan, Rubin provides guidance to bank executives, works with clients, and is considered to be a sterling name Citi can use to lure clients and smooth out problems with regulators. Rubin is paid handsomely for his work, Citi sources say. As the Times has reported, Citi has paid Rubin $126.1m since 1999, according to Equilar, a research outfit. Citi confirmed that number."

The New York Times, April 28, 2008 Where Was the Wise Man? "That meant, he says, a position that didn't carry direct management responsibilities and allowed him to serve as elder financial statesman — albeit one who was lavishly paid. Since arriving at Citigroup, Mr. Rubin has been awarded compensation worth at least $126.1 million, according to Equilar, a research firm. That would place him firmly in the top 25 percent of earners if compared to the chief executives of Fortune 500 companies."

The Indianapolis Star, April 28, 2008 Exec Auto Perk Eases Burden of Gas Price's Rise "Hoosier companies are hardly alone. According to executive compensation research firm Equilar, 68 percent of Fortune 250 companies gave an automobile allowance — with a median value of $18,708 — to their CEOs. The trend of providing extra car cash may be waning, though. Bristol-Myers Squibb and KB Home are among companies recently to cut perks such as car allowances and financial-planning assistance, according to Equilar Research Manager Alexander Cwirko-Godycki."

Agenda Magazine, April 28, 2008 Disclosure of Performance Goals up Sharply "The prevalence of Fortune 100 companies with incentive plans that disclosed performance targets increased from 55.8% in fiscal 2006 to 66.4% in fiscal 2007, according to research firm Equilar. The increase was even larger for companies with annual bonus plans. That figure rose from 44% to 68.3%. Among the companies revealing figures are Allstate, Dupont, Motorola and Wachovia. 'It's been a major point of emphasis for the SEC over the last year,' says Alexander Cwirko-Godycki, research manager at Equilar."

Maryland Daily Record, April 24, 2008 New SEC Rules Make it Harder to Figure Out What CEOs Take Home "According to Equilar's analysis, at least one executive on this list made double what his company reported for 2007 and another made 22 percent less than his firm calculated because Equilar does not include pension value changes or deferred earnings in its breakdown. That helped to account for the $6.8 million difference from what Bethesda-based Lockheed Martin Corp. reported as chairman, president and CEO Robert J. Stevens' compensation and the findings of the research firm."

Investment Dealer's Digest, April 21, 2008 Salary Scrutiny "Alexander Cwirko-Godycki, research manager at Equilar, an executive-compensation research firm, notes that in its current form, most say on pay proposals are non-binding, meaning that companies do not necessarily have to change their pay practices after a negative result. However, like withholding votes for directors, even non-binding results can send a strong message to companies and act as a catalyst for change, he says."

Investment News, April 21, 2008 Firms Hit Executives in Wallet "The average chief executive received a $1.7 million bonus last year, a nearly 42% decrease from $2.9 million in 2006, according to an analysis of the compensation packages of the chief executives at 36 financial services companies by Equilar Inc. an executive-compensation research firm. The average base salary rose just 2.7% to $963,875 last year, according to Equilar."

Bloomberg, April 16, 2008 Comcast's Two Roberts Gorge, Shareholders Starve "Brian Roberts has an effective base salary of $4.8 million, consisting of his $2.6 million paid currently and another $2.2 million deferred. In a search of CEO base salaries in 6,888 companies followed by Equilar Inc., I could find only a single CEO who had a higher base salary. That was News Corp.'s Rupert Murdoch, with a base of $8.1 million. Perhaps not coincidentally, News Corp. is in Comcast's pay comparator group."

Reuters, April 15, 2008 More Executives Think CEO Pay is Too High "There are some signs, however, that companies are becoming better at linking CEO pay with their performance and growth. While the median compensation for U.S. large-company chief executives who had been in their jobs at least two years increased 1.3 percent last year to $8.8 million, the rate of growth has slowed, according to a report from Equilar, an executive compensation research firm."

Compliance Week, April 15, 2008 Top Option Grants, Stock Awards in March "According to Equilar, several grants of 'premium-priced' options were awarded in March, an increasingly common compensation practice. Awards are considered premium-priced when the exercise price of the grant is higher than the stock price on the grant date. Such awards are not well loved by executives, as the awards are immediately 'underwater;' the company's stock price has to rise to the level of the exercise price for the award to have any value."

Reuters, April 14, 2008 U.S. Manufacturing CEO Pay Up, but Grows More Slowly "Some of the largest companies in the sector, including diversified conglomerate General Electric Co and manufacturer Honeywell International Inc, cut the pay packages of their top executives, Equilar Inc, an executive compensation research firm, said on Monday. 'Pay is up, but by a small amount and it grew at a slower rate than the year before,' said Equilar analyst Alexander Cwirko-Godycki. 'Pay packages reflect the turbulent situation right now, in that bonuses are down across the board.'"

The Wall Street Journal, April 14, 2008 Shared Goals "According to Equilar Inc., a Redwood Shores, Calif., executive-compensation research firm, about three-quarters of Fortune 250 companies surveyed in 2006 had executive stock-ownership guidelines. Typically, the guidelines require or strongly encourage chief executives and other senior managers to invest between one and 10 times their annual base salary in their company's stock, within three to five years of employment."

The Wall Street Journal, April 14, 2008 Terminated? Who Cares? "It is a slow process, as these packages are still sacred cows at many firms. And even at companies that have reduced potential severance payouts, CEOs stand to become multimillionaires if they are terminated without cause or following a merger. Nevertheless, at two-thirds of large companies, CEOs would receive cash severance worth three times their current base salary plus three times their bonus following a change in control, according to Equilar Inc., an executive-compensation research firm in Redwood Shores, Calif."

Christian Science Monitor, April 14, 2008 At Work, the Best Bottom Line is an Evenhanded One "New figures on executive pay, compiled by the compensation research firm Equilar, are likely to further erode some employees' and shareholders' trust. They show that compensation for CEOs at 200 companies averages $11.7 million. Bonuses average $2.8 million."

Portfolio, April 11, 2008 Believe It or Not: Average Joes Trump C.E.O.s in Pay "Did C.E.O. compensation gains fall behind that of other Americans? The median pay for 233 chief execs of S&P 500 companies who were in office for at least two years rose 1.3 percent last year, according to an updated analysis by executive compensation research firm Equilar."

Portfolio, April 11, 2008 Rest Easy. C.E.O. Pay Is Holding Up "Things may not be hunky-dory for companies or the investors who own them, but chief executive compensation is holding fast. Indeed, according to the compensation consultants at Equilar, median C.E.O. pay rose by 1.3 percent, to a still comfortable $8,828,589, last year. Equilar, based in Redwood Shores, California, came up with those figures by reviewing the proxy statements of 233 members of the S&P 500-stock index."

Reuters, April 10, 2008 Median CEO pay climbs 1.3 percent in 2007 "The median compensation for U.S. large-company chief executives who have been in their jobs at least two years increased 1.3 percent last year to $8.8 million, according to a study released on Thursday. While CEO pay levels are still rising, the rate of growth has slowed, according to the report from Equilar, an executive compensation research firm."

Portfolio, April 10, 2008 More Say About Pay "A new study by Equilar, an executive compensation benchmarking company shows that over all disclosure is up among Fortune 100 companies. At the same time, more are detailing specific performance targets for their executives to meet. This covers all types of compensation plans. From 2006 to 2007, the number of companies doing so rose about 10 percentage points, to 66.4 percent, according to an Equilar review of filings with the Securities and Exchange Commission."

Directorship, April 10, 2008 More Disclosure of Financial Targets "A study released by Equilar also found that Fortune 100 companies which issued annual bonus plans for their executives, disclosed the performance targets their executives met to earn their payouts. Such disclosure detail increased from 44 percent in 2006 to 68 percent in 2007."

CNBC, April 9, 2008 CEO Pay: Are They Worth It? (Video) "These CEO pay numbers are from a preliminary study by Equilar that will be released tomorrow. Equilar tallied-up the total compensation of the 233 CEOs of the S&P 500 companies who filed their proxies so far this year. Equilar says that a decline in short-term cash bonuses and smaller stock option grants were behind the meager pay raise."

The Wall Street Journal, April 7, 2008 More CEOs Are Saying No (Voluntarily) to Bonuses "The heads of at least eight major U.S. companies — ranging from Bear Stearns Cos. to Zions Bancorp — turned down last year's bonus, while a ninth requested a shrunken one, a study of recent regulatory disclosures shows. 'Those numbers are likely to increase as more proxy statements appear,' says Alexander Cwirko-Godycki, research manager at Equilar Inc., which did the study for The Wall Street Journal. By contrast, only four CEOs of the 1,000 biggest businesses curbed their fiscal 2006 bonuses, Equilar found."

CIO Magazine, April 7, 2008 A Closer Look at High-Tech Executives' Big Paydays in 2007 "At the top of the list is Oracle's bold and brash leader, Larry Ellison. He took home $61 million in total compensation in 2007, which was a 100 percent increase from his 2006 total compensation. The compensation data on the CEOs comes from a recent article in The New York Times that offered accounting breakdowns and comparative analysis of chief executive pay at 200 companies with revenues of at least $6.5 billion. The data was gathered by compensation researcher Equilar."

Financial Week, April 7, 2008 Free Agent Jensen Can Write Own Ticket "And Mr. Jenson, for one, has already succeeded in getting paid better than most CFOs, and to a lesser degree, even some CEOs: Mr. Jenson's total compensation of $5.6 million ranks him as the 61st highest paid CFO, according to Financial Week data. By comparison, this pay package is not too far below the median compensation of $8.5 million that was doled out to CEOs at S&P 500 companies, according to data from compensation research firm Equilar."

Agenda Magazine, April 7, 2008 Can CEOs Own Too Much of the Company's Stock? "Currently, 76% of Fortune 250 companies require named executives to own a prescribed minimum of company stock, according to Equilar, an executive compensation research firm. The median level for these Fortune 250 CEOs is five times their base salary in stock."

Agenda Magazine, April 7, 2008 CEO Performance Bonuses Fall Amid Market Turbulence "At 178 companies with annual revenues of more than $1 billion, the median value of CEO bonuses linked to annual performance plans for 2007 dropped 18.6%, according to compensation research firm Equilar. Such bonuses came at fewer companies, too, down to 70.4% from 77.5% in 2006. Equilar concluded its research in March and based it on the SEC's new compensation disclosure rules."

The New York Times, April 6, 2008 A Brighter Spotlight, Yet the Pay Rises "The compensation research firm Equilar recently compiled data about chief executive pay at 200 companies that filed their proxies by March 28 and had revenues of at least $6.5 billion. And the data illustrates Mr. Hodgson's point. It shows that average compensation for chief executives who had held the job at least two years rose 5 percent in 2007, to $11.2 million (If new C.E.O.'s are counted, that number is $11.7 million)."

The New York Times, April 6, 2008 In the Boardroom, Every Back Gets Scratched "Goldman's chief, Lloyd C. Blankfein, was paid $54 million last year. To be sure, the firm did well in 2007, but the stock has been tanking. It's now at $175.40, down from $250.70 on Oct. 31. Similarly, Stephen A. Schwarzman of Blackstone, which has lost about 40 percent of its value in the past six months, got more than $350 million. This is a company that has been a nightmare for investors since its debut last year as a public company. Pay at this level is art. Blackstone wasn't included in Equilar's compensation survey because its revenues were below $6.5 billion."

The New York Times, April 6, 2008 Calculating the Pay Figures "To measure the amounts that executives were paid last year, Sunday Business asked Equilar Inc., an executive compensation research firm, to compile and analyze the compensation data included in the corporate filings of 200 large public companies that had revenues of more than $6.5 billion, and that had filed their proxies by March 28 this year."

San Jose Mercury News, March 30, 2008 Applied executives hit option window "The popularity of 10b5-1 plans, which were first adopted in 2000, has been growing. A report by Equilar, a Bay Area research firm that benchmarks trends in executive and board pay, shows that the number of Fortune 500 companies with active 10b5-1 plans for executive officers increased from 28.7 percent in 2006 to 31.8 percent in 2007."

Reuters, March 28, 2008 U.S. CEO bonuses hit by rough market conditions "'It's the first time in several years that we are seeing declines in CEO bonus payouts,' said Alexander Cwirko-Godycki, research manager at Redwood Shores, California-based Equilar. 'Those declines are being led by a pretty steep drop in annual performance-based bonuses.' The median value of annual performance-based bonuses awarded to CEOs covered by the report fell 18.6 percent in 2007. These awards were given based on an executive's performance in the year based on various measures set by the company's board."

Financial Week, March 28, 2008 Performance-based bonuses down, discretionary bonus up in '07 "While the individual CEOs included in the study did not see a decline in their paychecks last year, the total CEO compensation paid out by the 178 companies declined 4.7% in 2007 (from $393.5 million to $375.1 million). And only 70.4% of the CEOs in the group received a performance-based award last year, down from 77.5% in 2006. 'Performance-based bonuses are down, both in terms of median value and prevalence, which broadly indicates a positive connection between pay and performance,' said Alexander Cwirko-Godycki, research manager at Equilar."

Portfolio, March 28, 2008 Guess Who's Making Less These Days? "The median value of such bonuses tied to annual performance plans for 2007 fell by 18.6 percent, according to a study completed in March. Equilar, a Redwood Shores, California, executive compensation benchmarking company, gleaned the information from new compensation data required by the Securities and Exchange Commission. Fewer companies were handing them out, too: 70.4 percent last year compared with 77.5 percent in 2006."

Bloomberg, March 26, 2008 Chenault Was No. 1 in 2007 Pay, Buffett Lowest "$12.1 million. That's the average total compensation in 2007 for a chief executive officer at the 107 largest U.S.-based companies who have so far released their proxy statements. The pay increase was 12 percent from 2006. Pay ranged from a low of $175,000 for Warren Buffett of Berkshire Hathaway Inc. to the $56 million for Kenneth Chenault of American Express Co. Compensation data for this study was obtained from Equilar Inc."

Footnoted.org, March 26, 2008 Meet Marvel's Newest Superheroes "A quick skim of the proxy filed late yesterday shows that Marvel's board has some super-sized salaries. Three directors made over $300K last year and one — Chairman Morton Handel — made more than the company's CFO did last year. Just to be clear, we're talking about cash fees here, which according to a study by Equilar have remained flat as companies shift to more performance-based compensation. At Marvel, adding stock awards makes the figures even higher."

Agenda Magazine, March 24, 2008 Board Adds Clawback for Director Pay "Arkansas Best has adopted a clawback for director compensation. That's according to research by Equilar. While clawbacks for executive pay have become more prevalent over the last few years amid shareholder pressure and an increasing number of restatements, such policies have been rare for director compensation. Wal-Mart added one a couple of years ago after one of its former executives and directors was caught stealing hundreds of thousands of dollars from the company. The provision allowed the company to recoup up to two years of a director's compensation for gross misconduct."

Agenda Magazine, March 24, 2008 As Clawbacks Grow in Popularity, Specifics Vary "Equilar research finds that 42.1% of Fortune 100 companies had disclosed a clawback policy in 2006, up from 17.6% a year earlier, according to Financial Week. Shareholder pressure and a rash of restatements are adding pressure on boards to adopt the policies. Financial restatements, ethical misconduct, negligence, or some combination of the three reportedly constitute the most common trigger for clawbacks and are used by 77.5% of adopters, according to Equilar's research."

The New York Times DealBook, March 17, 2008 What to Do With Bear's C.E.O.? "JPMorgan Chase is obviously acquiring a lot in its $236 million purchase of Bear Stearns. For pennies on the dollar, the banking giant is buying extensive prime brokerage and clearing operations, as well as a $1.2 billion office building. ... Mr. Schwartz has been paid handsomely for his services. From 1993 through 2007, he was paid more than $160 million, according to Equilar, an executive compensation research firm. Should he decide to leave, Mr. Schwartz is unlikely to receive the kind of big payout that is known as a 'golden parachute'."

The New York Times, March 17, 2008 JP Morgan Pays $2 a Share for Bear Stearns "James E. Cayne, Bear Stearns's former chief executive and one of its largest individual shareholder, will likely walk away with a little more than $13.4 million, the value of his Bear stock holdings, according to James F. Reda & Associates. Those would have been worth $1.2 billion in January 2007, when Bear's stock was trading at a $171.51. Mr. Cayne has taken home more than $232 million in salary, bonus and other pay between 1993 and 2006, the time period for which there is publicly available data, according to Equilar, an executive compensation research firm."

Financial Week, March 17, 2008 Corporations Claw Their Way Into Investors' Good Graces "The most common trigger for these recoupment policies (77.5% of the adopters) is financial restatements and/or ethical misconduct or negligence, said Alexander Cwirko-Godycki, Equilar's research manager. 'The more prevalent these policies become, the easier it is for boards to make the case that they need to adopt their own,' Mr. Cwirko-Godycki said."

The New York Times, March 14, 2008 All Told, the Price Tag for Citigroup's New Chief Is $216 Million "In practice, they were given multimillion-dollar deferred cash and equity awards in January. Mr. Kaden added $8.3 million to his $500,000 salary in 2007, according to an analysis by Equilar, an executive compensation research firm. Mr. Klein received cash and equity awards worth $19.3 million in addition to his $212,500 salary. Mr. Volk was paid $10.3 million of similar awards on top of his $212,500 salary."

San Francisco Chronicle, March 12, 2008 Visa CEO Could Make Millions In IPO "The award is worth $11 million, based on the expected increase in Visa's share price over time, the company calculated in its IPO registration statement filed with the Securities and Exchange Commission. 'When you consider that ... the CEO did not receive equity awards last year ... and that Visa's peers routinely grant equity on an annual basis, it is not surprising that Visa's board would approve substantial awards at the time of the IPO,' said Alexander Cwirko-Godycki, research manager of Equilar, a Redwood City executive compensation research firm."

Compliance Week, March 11, 2008 Top Option Grants, Stock Awards in February "According to Equilar, several grants of 'premium-priced' options were awarded in February, an increasingly common compensation practice. Awards are considered premium-priced when the exercise price of the grant is higher than the stock price on the grant date. Such awards are not well loved by executives, as the awards are immediately 'underwater;' the company's stock price has to rise to the level of the exercise price for the award to have any value."

Financial Week, March 10, 2008 WaMu's Executive Bonuses Ignite Backlash "The decision by WaMu's board is all the more baffling considering an increasing number of its Fortune 100 peers are adding shareholder-friendly compensation recovery policies, or so-called clawbacks. Late last month American Express joined 40 other big companies with such a provision—more than double the number in 2005—that allows boards to recoup money doled out to employees if misconduct or negligence leads to a financial restatement, according to Alexander Cwirko-Godycki, research manager at Equilar."

Agenda Magazine, March 10, 2008 Boards Buck Trend by Cutting Their Own Pay "While director compensation continues to rise to reflect increased responsibilities, some companies are bucking the trend. Their reasons could have implications for other boards working to align their pay with corporate performance in a time of economic uncertainty. So the Equilar CEO Blog reports. Take Ford Motor and General Motors, for example. Both automakers reduced director pay by half in 2006, Equilar points outs. GM reportedly explained in its proxy that the move was tied to company turnaround plans."

WIB Directors Digest, March 10, 2008 Board Independence at Western Banks "Pressure to adopt strong independent leadership in the boardroom has never been higher. Over the past few years, boards in all industries have grown more independent with fewer affiliated directors and a greater prevalence of non-executive chairs and lead independent directors. In this article, we look at some of the numbers behind these trends and investigate how these pressures are affecting the boards of Western banks with assets under $5 billion." (Written by Equilar research analyst David Sasaki)

Baltimore Sun, March 7, 2008 Clawbacks Are Gaining Favor "Forty-two percent of Fortune 100 companies had clawback policies in a 2007 report by Equilar, an executive-pay research firm in Redwood Shores, Calif., although that was twice the portion from the year before. Clawback clauses are far less prevalent at smaller companies, says Equilar research manager Alexander Cwirko-Godycki."

BusinessWeek, March 3, 2008 CEO Bonuses Down "Feeling down after your boss scrimped on your bonus this year? You're not alone. In an early look at this year's proxy filings by compensation number crunchers Equilar, CEO bonuses were down, too. For the 108 CEOs who have filed proxies and whose fiscal years ended after Aug. 31, 2007, bonuses were down a median 4.5%, compared with a 27.1% increase for the same executives the year before. The data represents a wide base of industries, says Equilar spokesperson Alexander Cwirko-Godycki, who expects the bonus fall to accelerate as the proxy season goes on and more financial-services firm chiefs weigh down the average."

Agenda Magazine, March 3, 2008 Director Stock Ownership Disclosure Climbing "The number of Fortune 250 companies disclosing stock ownership policies for their directors is on the rise, climbing from 70.6% in 2005 to 77.6% in 2006. That's according to a new study by executive compensation research firm Equilar that examines director stock ownership trends among the largest companies. The study's results reflect a growing push to align directors' interests with shareholders'."

Conde Nast Portfolio, February 29, 2008 Reining In C.E.O. Perks "'There is no doubt there has been an increase in companies disclosing cutbacks in executive perks,' said Alexander Cwirko-Godycki, research manager at Equilar, a compensation research firm. The trend, added Cwirko-Godycki, started last year. 'In 2006, 16 Fortune 100 companies announced compensation cuts, whereas in 2005 only two companies made similar disclosures,' said Cwirko-Godycki. 'I would expect the number of cuts to increase this year.'"

Directorship, February 28, 2008 CEO Bonuses Declined in 2007 "The amount that CEOs received as bonuses declined nearly 5 percent from 2006 to 2007, according to a study by Equilar, an executive compensation research and benchmarking firm. Almost 40 percent received smaller payouts than they did the year before. The survey of 108 companies with revenues over $1 billion and fiscal years ending on or after August 31, 2007, finds that the median CEO bonus declined by 4.5 percent from 2006 to 2007. For the same executives, bonuses had increased by 27.1 percent from 2005 to 2006."

Conde Nast Portfolio, February 28, 2008 C.E.O. Compensation: Less Is More "In recent years, some people have complained that bonuses for chief executives have been based on a rather simplistic formula: You exist, you get. But a preliminary review of 2007 compensation deals found that the median value of C.E.O. bonuses - brace yourself - actually declined by 4.5 percent last year. Don't get too worked up. The study, published today by the executive compensation-consulting firm Equilar, notes that last year's drop was small compared with the 27.1 percent rise in 2006."

The New York Times, February 25, 2008 Visa Plans $17 Billion Public Offering "Since October 2006, Visa has reorganized its sprawling management structure, bringing together all of its global operations with the exception of those in Europe. It has also hired Joseph W. Saunders, the former head of Providian Financial Corporation, as its chairman and chief executive, giving him a pay package worth $11.1 million in cash for 2007. Upon completion of the I.P.O., he is expected to receive an additional $11.5 million in stock and options, according to Equilar, a compensation research firm."

IDD Magazine, February 25, 2008 The Dwindling Dollars "Revenue at bulge-bracket names including Goldman Sachs, Citigroup, Bear Stearns, JPMorgan, Lehman Brothers, Merrill Lynch and Morgan Stanley declined by 6.1% in 2007, to $263 billion from $279 billion in 2006, according to Equilar, an executive-compensation research firm in Redwood Shores, Calif."

Directorship, February 20, 2008 Stock-Ownership Requirements Increasing "The number of large companies with publicly disclosed stock-ownership policies for board members climbed 7 percent to 77.6 percent among Fortune 250 firms in 2006, according to a new report by Equilar, a compensation data and research company. The report also finds that the median stock-ownership target for directors neared $250,000 in 2006."

The New York Times, February 20, 2008 Microsoft Said to Plan Proxy Fight for Yahoo "Yahoo's top executives will receive their base salaries for 24 months and be eligible for the maximum $15,000 amount in outplacement-benefits reimbursements. More than 4 in 5 Fortune 200 companies have similar - and sometimes more generous - enhanced severance agreements for top executives after a merger or acquisition, according to Equilar, an executive compensation research firm. But those types of agreements rarely extend to all employees, according to Equilar."

PlanAdviser, February 19, 2008 More Companies Regulating Executive Stock Ownership "Equilar, Inc., based in Redwood Shores, California, said the percentage of Fortune 250 firms regulating executive stock ownership hit an all-time high in 2006 of 80.9%, up from 73.9% the year before. Meanwhile, the prevalence of Fortune 250 companies with publicly-disclosed director stock ownership policies climbed to 77.6%, up from 70.6% in 2005. Like ownership guidelines, the prevalence of executive holding requirements at Fortune 250 companies increased from 2005 to 2006, from 23.5% to 29%. Additionally, an increasing number of companies used both holding requirements and ownership guidelines, Equilar said."

Compliance Week, February 12, 2008 Executive Pay Tops Investors' Priority List "Last year, peer group disclosure was 'all over the map,' according to David Chun, chief executive of compensation research firm Equilar. In 2007, most companies had about 20 companies in a peer group. What wasn't clear from many companies' disclosure in their Compensation Discussion & Analysis, Chun said, was how they chose the peer group companies they did. Companies also didn't discuss why companies that met their peer group criteria weren't included."

Compliance Week, February 12, 2008 Top Option Grants, Stock Awards in January "According to Equilar, several grants of 'premium-priced' options were awarded in January, an increasingly common compensation practice. Awards are considered premium-priced when the exercise price of the grant is higher than the stock price on the grant date."

Agenda Magazine, February 11, 2008 Comp Consultants Getting Slammed in CEO Pay Flap "Formal policies mandating that the comp consulting firm be fully independent from management are now in place at Procter & Gamble, Microsoft, Sotheby's and Gaylord Entertainment. Countrywide Financial and Gaylord Entertainment have switched comp consultants to avoid potential conflicts. Still, only 1.5% of Fortune 1000 companies disclosed having separate comp consultants for the board and management team in 2006, according to a study by Equilar."

Fortune, February 8, 2008 Yahoo execs' big pay day from a Microsoft deal "But don't expect any 'golden parachutes' for these Yahoos - according to research firm Equilar and company records, there's no evidence Yahoo would give its execs cash severance benefits in the event of a take-over. However, the company does have an agreement with Decker stating that some of her previously vested options will remain exercisable for an additional three years if she leaves the company."

Conde Nast Portfolio, February 5, 2008 Are You Overpaid? Your Board Thinks So. "One in three directors of U.S.-based public companies say that C.E.O. pay is 'too high in most cases.' This information comes in a survey conducted jointly by Heidrick & Struggles, the executive recruitment firm, and the Center for Effective Organizations at the University of Southern California's Marshall School of Business." (See graphic for Equilar data)

The New York Times, February 2, 2008 If It's Hit, Strummed or Plucked, It'll Be Here "After a 40-year career at Target, Mr. Ulrich seems to have the wherewithal. He got $36.4 million in compensation in 2006; after his retirement, planned for February 2009, he will be eligible for pension and deferred compensation payments of $135 million, according to Target's April 2007 proxy as analyzed by Equilar, an executive compensation research firm in Redwood Shores, Calif. His shares in the company, held directly and indirectly, amount to about $40 million."

Directorship, January 31, 2008 Analysis Shows CEOs Opting for More Options-Based Shares "An Equilar analysis of fourth-quarter filings with the Securities and Exchange Commission found that the total number of shares awarded to Fortune 500 chief executives was approximately 30.7 million, an 18.2 percent increase over the fourth quarter of 2006. When compared to Q4 2006, the overall number of full-value shares granted to Fortune 500 chief executives in Q4 2007 fell by 10.2 percent. However, the overall number of option-based shares granted to chief executives increased by 18.2 percent, according to the most recent newsletter published by Equilar, a compensation benchmarking consultancy based in California."

The Wall Street Journal, January 30, 2008 Google CEO, Co-Founders Made Long-Term Promise "Based on Google's closing price of $550.52 on Tuesday, Mr. Page held $16.05 billion worth of Google stock, while Mr. Brin was worth $15.76 billion. Mr. Schmidt, who was recruited from Novell Inc., had $5.22 billion in shares, according to executive compensation research firm Equilar."

The Washington Post, January 29, 2008 The Bonuses Keep Coming "Seven of Wall Street's biggest firms boosted their total compensation and benefits to a combined $122 billion, up 10 percent since 2006, despite seeing their net revenue collectively fall 6 percent, according to Equilar, an executive-compensation research firm based in California. Mortgage- related losses reported by the seven firms totaled $55 billion and wiped out more than $200 billion in shareholder value."

The Washington Post, January 29, 2008 Legg Mason Picks a New CEO, Ending Founder's 37-Year Tenure "Under Legg Mason's contract with its executives, the only guaranteed payment Mason will receive after the termination of his employment is the full balance of his deferred compensation account, which as of the end of 2006 totaled $6.3 million, said Equilar, an executive-compensation research firm."

CNET News.com, January 22, 2008 Life after Google, with millions "According to the company's most recent securities filing, Google employees held 11,662,917 outstanding stock options as of September 30, 2007. At the current stock price, those shares would carry a potential value of about $4.48 billion for employees. Google co-founder Larry Page's stock holdings are also worth about $18.85 billion and Sergey Brin's, $18.51 billion, according to analysis from executive compensation firm Equilar."

Compliance Week, January 15, 2008 Top Option Grants, Stock Awards in December "According to Equilar, several grants of 'premium-priced' options were awarded in December, an increasingly common compensation practice. Awards are considered premium-priced when the exercise price of the grant is higher than the stock price on the grant date. Such awards are not well loved by executives, as the awards are immediately 'underwater;' the company's stock price has to rise to the level of the exercise price for the award to have any value."

National Mortgage News, January 14, 2008 Mozilo Will Get $112M If He Leaves "Countrywide Financial Corp. chairman, chief executive, and founder Angelo Mozilo is entitled to a severance package of about $112 million if he leaves the company, according to a report put out by Equilar, an executive compensation company. Basing its information on a year-old proxy statement, Equilar says Mr. Mozilo is entitled to a severance package of $88 million plus retirement benefits of $24 million."

The Washington Post, January 12, 2008 Big Payday Awaits Chairman After Countrywide Sale "Angelo R. Mozilo has pocketed $410 million in salary, bonuses and stock-option gains since he became executive chairman of mortgage lender Countrywide Financial in 1999, according to the executive compensation company Equilar. Now, the man at the center of the national mortgage crisis stands to collect an additional $112 million in severance when Bank of America buys the company he helped found."

MSN, January 10, 2008 $21,000 an hour, at your expense "Directors at Fortune 500 firms who were also chairmen got a median of $288,000 in 2006, according to Equilar, an executive-compensation research firm. That was more than five times the median income that U.S. households brought home that year."

Agenda Magazine, January 7, 2008 Comp Digest: Pay for Performance Alive and Well "Still, other studies show that non-performance-related pay vehicles such as golden parachutes are still alive and well in corporate America. Roughly three quarters of Fortune 100 CEOs have change-in-control agreements, according to a study by research firm Equilar. Moreover, most of those executives are in line to get cash payments of 300% of their base salaries."

Agenda Magazine, January 2, 2008 For SEC, Proxy Access Caps an Active 2007 "The year ahead will be largely shaped by the impact of the proxy access vote and by how companies disclose compensation arrangements. 'Companies are clearly on notice regarding the high level of transparency and detail in disclosure that they are expected to provide,' notes Equilar's CEO Blog."