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The SEC buries CEO pay in 200-page filings. We dig it out and explain what actually happened.
We tested 487 S&P 500 companies on a simple question: did the board raise CEO pay while shareholders lost money? 71 companies failed. 24 are wealth transfers — the CEO's realized pay rose too.
We applied two tests — the board's scorecard and the market's — to 269 S&P 500 companies. Only 49.8% pass both. The 14-point gap reveals the stock market quietly correcting board decisions.