{"id":195974,"date":"2008-06-02T05:51:00","date_gmt":"2008-06-02T10:51:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2008\/06\/02\/the-beginning-of-executive-accountability\/"},"modified":"2008-06-02T05:51:00","modified_gmt":"2008-06-02T10:51:00","slug":"the-beginning-of-executive-accountability","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2008\/06\/02\/the-beginning-of-executive-accountability\/","title":{"rendered":"The Beginning of Executive Accountability?"},"content":{"rendered":"<p>It&#8217;s nice that shareholder activists are <a href=\"http:\/\/www.guardian.co.uk\/business\/2008\/may\/31\/hsbcholdingsbusiness.executivesalaries\">foing after undeserved executive compensation<\/a>:<\/p>\n<blockquote style=\"color: rgb(0, 0, 102);\"><p>Almost one in five HSBC shareholders refused yesterday to back a controversial executive pay scheme that could see the bank&#8217;s top six executives pocket up to \u00a3120m over three years.<\/p>\n<p>Shareholder after shareholder at a lengthy and at times fractious meeting in London brought up the subject of the huge bonuses that could be paid at HSBC despite the drop in the bank&#8217;s share price and a multibillion-dollar write-down from the US sub-prime mortgage crisis.<\/p>\n<p>&#8220;You have been paid a salary; your bonus is not for losing money, which you have consistently done,&#8221; one shareholder told the chairman, Stephen Green. &#8220;You and the rest of the board have caused misery to millions of people and yet you are there with your hands out taking everything you can &#8230; how much is enough?&#8221;<\/p><\/blockquote>\n<p>I would hope that this becomes more common, and more effective (the activists got 18% of the vote).<\/p>\n<p>This is crony capitalism at its worst.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>It&#8217;s nice that shareholder activists are foing after undeserved executive compensation: Almost one in five HSBC shareholders refused yesterday to back a controversial executive pay scheme that could see the bank&#8217;s top six executives pocket up to \u00a3120m over three years. Shareholder after shareholder at a lengthy and at times fractious meeting in London brought &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[975,1004,978],"tags":[],"class_list":["post-195974","post","type-post","status-publish","format-standard","hentry","category-employment","category-finance","category-politics"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/195974"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=195974"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/195974\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=195974"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=195974"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=195974"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}