WASHINGTON -- Finding out what executives at some of the nation's companies, including some of the credit union industry's competitors and third party vendors, earn in salaries, bonuses, stocks, and options has just gotten easier, according to the Securities and Exchange Commission.
The SEC launched its Executive Compensation Reader (http://www.sec.gov/xbrl) on Dec. 21. The online tool enables investors to compare what 500 of the largest American companies are paying their top executives. Investors can quickly glimpse the total annual pay as well as dollar amounts for salary, bonus, stock, options and company perks.
For instance, Bank of America Chairman, President and CEO Kenneth Lewis earned nearly $28 million in 2006 while Washington Mutual Chairman and CEO Kerry Killinger earned $14 million that same year. Executive compensation at non-depository credit institutions such as American Express and First Data is listed as is annual salaries for executives at insurance carriers, investment firms and brokers and dealers.
The SEC's new Web tool includes information on companies that have filed proxy statements with the commission. The new tool includes direct links to companies' proxy statements, including footnotes and the companies' explanation of their compensation decisions.
"Gone are the complicated data expeditions that forced investors to hunt through financial statements, footnotes, proxy statements, and other disclosure documents to figure out how much a company pays its top executives," said SEC Chairman Christopher Cox. "Through its new rules and the power of interactive data, the SEC has transformed the landscape of compensation disclosure. The result is quicker and better analysis, and better-informed shareholders."
--msamaad@cutimes.com
