Do you remember the disastrous oil Spill of BP a few months ago? Tony Hayward, who was CEO of BP at the time, often gave press conferences to explain the situation of the oil leak in the gulf of Mexico. After this disaster, Tony Hayward decided to leave the company, but not for free... He stands to walk away with a golden parachute that includes about $1.5 million in salary and a pension worth $17 million. Some people might find this quite normal, but most people think this is not acceptable... especially knowing one of the highest ‘golden parachutes’ in history was $120 million.
According to Paul Hodgson, senior research associate at The Corporate Library, golden parachutes like the one of Tony Hayward are pretty standard in the U.S. Golden parachutes averaging about $40 million are quite normal these days in the U.S.
People who think these bonuses are unacceptable and not tolerable (especially in this case…think of the severe consequences for nature), don’t have to worry anymore.
Part of the ‘Dodd-Frank financial reform bill’ that was signed into law, indicates that shareholders have to decide (by voting) the amount of money a CEO should get when leaving the company.
Nicolas Pollet
Source: http://www.npr.org/templates/story/story.php?storyId=128804286
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