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More bad news for Exelon

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Illinois

Exelon’s board got a stern rebuke from company shareholders, who voted overwhelmingly to oppose how much the company paid CEO Chris Crane last year.

The 62 percent vote against the Chicago-based electricity giant’s 2015 compensation package in an advisory “say on pay” vote is the largest margin so far this year against any company’s pay, according to proxy advisory firm Institutional Shareholder Services. Exelon disclosed the results of the shareholder vote late on April 29. […]

In its report, ISS cited relatively easy goals Exelon set for Crane in order to earn the nearly $16 million in cash, stock and other rewards he received last year.

“Exelon’s stock performance lagged many of its peers over the last three- to five-year periods,” ISS said in a March 29 report. “However, nearly every component of CEO pay increased during FY2015 and incentive awards, both long and short, were earned at above-target levels and based on nearly flat or lowered performance goals.”

posted by Rich Miller
Tuesday, May 3, 16 @ 8:47 am

Comments

Poor guy, don’t know how he will be able to survive without raking in $16,000,000 in compensation.

Comment by pete helms Tuesday, May 3, 16 @ 9:25 am
Poor guy, perhaps the ILGA can help his performance with a “Low Carbon” bailout bill???

Comment by Reformed Public Servant Tuesday, May 3, 16 @ 9:43 am
When business runs amok, it invites regulation.

I can see a day when publicly-traded companies’ executive compensation packages are regulated.

(Of course they will shape-shift to multi-national status and run for the weak regulatory environment. Ha!)

The standard for executive pay should be measurable and performance-based. Executive compensation should also not be a historically-never-seen-multiple of that company’s work force compensation. Until 1980 the executive’s multiple was 80x that of the work force. That multiple now AVERAGES at 300x the workforce.

This is gross and unearned at the expense of shareholders,customers, and workers.

Good for Excelon’s shareholders to speak up.

Comment by cdog Tuesday, May 3, 16 @ 10:15 am
I suppose this one is my fault too.

Comment by BEST Dave Tuesday, May 3, 16 @ 11:17 am
They wanted the free market until they didn’t.

Comment by Abe the Babe Tuesday, May 3, 16 @ 12:13 pm
Move along, nothing to see, you don’t need to know what is going on, you wouldn’t understand the complex nature if corporate governance and executive compensation, he deserves all that filthy lucre because he works so hard to extract OPM from the State. /S

Comment by Huh? Tuesday, May 3, 16 @ 2:48 pm
Time for a change?

Comment by Precinct Captain Tuesday, May 3, 16 @ 4:16 pm