March 7, 2008
House Committee Holds Hearing on Executive Compensation
Three poster children for outsized executive compensation -- Countrywide Financial's Angelo Mozilo, former Merrill Lynch chair E. Stanley O'Neal, and former Citigroup CEO Charles O. Prince -- are scheduled to testify today before the House Oversight and Government Reform Committee. Members of the companies' boards will also testify about their pay policies and practices. NYTimes, Panel to Review Payouts Given by Troubled Firms; WSJ, House Report Says Countrywide's Mozilo Resisted Pay Cuts.
Another approach to executive compensation -- Aflac becomes the first public U.S. company to give shareholders an advisory vote on executive compensation at its May annual meeting. The Wall St. Journal interviews Aflac CEO Daniel Amos about its decision to follow a shareholders' proposal on an advisory vote. WSJ, Say on the Boss's Pay.
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