chapter  8
34 Pages

Corporate assets and resources

WithPhilip Monaghan

The 'say-on-pay' campaign is a brave attempt to stop banking and other corporate executives awarding themselves undeserved and risk-inducing, huge pay rises. Local authorities in Connecticut and elsewhere in the USA are trying to tackle corporate greed in the wake of the bank bailouts. Inefficiencies vary from wasting scarce resources to poor use of one's assets. A concerted effort by local government pension funds with socially responsible investors, labour unions, religious investors and others for 'say-on-pay' executive compensation advisory votes at major United States corporations came to a head during 2009. Social Investment Forum CEO Lisa Woll synthesised this: The say-on-pay movement shows what concerned investors can do when they put their financial clout to work together. This unique investor network started in 2007—comprised of many socially responsible investors, public pension funds, labor funds, asset managers, foundations and religious investors.