Are you mad about the millions of dollars paid to executives of bailed-out banks? If you own shares, you can make your voice heard. As a shareholder, you have a right to vote on matters at your company’s annual meeting. If you have never voted your shares before, the U.S. Securities and Exchange Commission’s (SEC's) website explains how.
The federal government required that all financial institutions that received bailout funds submit their executive pay to a vote by shareholders. This “Say-on-Pay” vote is not binding and will not require executives to repay what they have already received, but it will allow you to send a message that business as usual is not acceptable.
Congress is now considering requiring all publicly traded companies to give their shareholders a Say-on-Pay. Other countries, such as the United Kingdom, Australia, the Netherlands, Norway and Sweden, already require shareholder votes on executive compensation.
Chase Auditorium One Chase Manhattan Plaza New York, N.Y.
You can read more about how these big banks paid their top executives in the proxy statements issued for each annual meeting. Click on each bank’s name (above) to link to its filing at the SEC.
Watch AFL-CIO President Richard Trumka discuss the 2010 Executive PayWatch. This year's PayWatch spotlights Wall Street bankers and their outrageous pay and lobbying efforts against financial reform. More Videos