Wednesday, November 26, 2008
San Francisco City Council Kills Cap On Nonprofit CEO Compensation but Institutes Reporting Requirement
The San Francisco Chronicle reports that the city's legislative body recently killed a proposal that would have mandated that city funded nonprofits limit executive compensation to six times the amount paid to the nonprofit's lowest paid employee:
The proposal by Supervisor Jake McGoldrick originally sought to limit salaries and benefits for executives to six times the total compensation of their lowest-paid full-time employee. McGoldrick said the intent was to urge nonprofit leaders to think about raising wages for workers on the front lines and to ensure city funds are not spent excessively on executives' pay.
Heck, it costs six times the average worker's salary anywhere just to live in San Francisco. For that reason alone, the proposal seems unfair to those poor millionaire CEO's!