Mr. Warren Buffet came out swinging again against corporate pay excess. It is about time shareholders took a stand against the ridiculous and ever growing pay of the corporate elite. Hopefully something will be done.
Mr Buffett, 72, is one of the fiercest critics of US executive compensation and the abuse of stock option grants, which he blames for fuelling the corporate scandals of the past 18 months. Last year, he received a salary of only $100,000 and total annual compensation of just under $300,000.
He told shareholders that as owners of companies they had to "provide some countervailing force [against executives] or you will have what we had in the last 20 years - that is, an enormous disparity in the rates of compensation between people at the top and people at the bottom, and a disconnect between people at the top and the share owners who give them the money".
Mr Buffett, 72, is one of the fiercest critics of US executive compensation and the abuse of stock option grants, which he blames for fuelling the corporate scandals of the past 18 months. Last year, he received a salary of only $100,000 and total annual compensation of just under $300,000.
He told shareholders that as owners of companies they had to "provide some countervailing force [against executives] or you will have what we had in the last 20 years - that is, an enormous disparity in the rates of compensation between people at the top and people at the bottom, and a disconnect between people at the top and the share owners who give them the money".
posted by Champion at 11:04 PM
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