Figures follow Elon Musk’s triumph over record $56bn Tesla package
US bosses’ pay is increasing at the fastest rate for at least 14 years, according to figures that critics say illustrate how ballooning reward packages such as Elon Musk’s risk exacerbating social inequality. In 2023, median chief executive pay at S&P 500 companies rose by 12 per cent, according to ISS Corporate findings, which is part of proxy adviser Institutional Shareholder Services. That compares with a 4.1 per cent year-on-year increase in US wage growth, according to official figures.
Peloton, Nikola, LendingTree and Paycom Software are among a handful of companies that have offered their chief executives mega stock grants only to see their share prices sink. George said he was “disappointed” by major investors, such as BlackRock and Vanguard, that “don’t step up” against excessive executive pay awards. BlackRock and Vanguard, Tesla’s largest institutional investors and the largest asset managers in the world, both voted for Musk’s $56bn pay package on Thursday.
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