Compensation textbooks often refer to ‘compensable factors’ when discussing how to decide how much to pay someone.  In thi

CEO Pay 1,795-to-1 Multiple of Wages Skirts U.S. Law By Elliot Blair Smith and Phil Kuntz – Apr 30, 2013

Former fashion jewelry saleswoman Rebecca Gonzales and former Chief Executive Officer Ron

Johnson have one thing in common: J.C. Penney Co. (JCP) no longer employs either.

The similarity ends there. Johnson, 54, got a compensation package worth 1,795 times the average

wage and benefits of a U.S. department store worker when he was hired in November 2011,

according to data compiled by Bloomberg. Gonzales’s hourly wage was $8.30 that year.

Across the Standard & Poor’s 500 Index of companies, the average multiple of CEO compensation to

that of rank-and-file workers is 204, up 20 percent since 2009, the data show. The numbers are

based on industry-specific estimates for worker compensation.

Almost three years after Congress ordered public companies to reveal actual CEO-to-worker pay

ratios under the Dodd-Frank law, the numbers remain unknown. As the Occupy Wall Street

movement and 2012 election made income inequality a social flashpoint, mandatory disclosure of

the ratios remained bottled up at the Securities and Exchange Commission, which hasn’t yet drawn

up the rules to implement it. Some of America’s biggest companies are lobbying against the

requirement.

“It’s a simple piece of information shareholders ought to have,” said Phil Angelides, who led the

Financial Crisis Inquiry Commission, which investigated the economic collapse of 2008. “The fact

that corporate executives wouldn’t want to display the number speaks volumes.” The lobbying is

part of “a street-by-street, block-by-block fight waged by large corporations and their Wall Street

colleagues” to obstruct the Dodd-Frank law, he said.

Brand-Name Opposition

The leading opponent of mandatory pay-ratio disclosure is a Washington-based non-profit called

the HR Policy Association, which represents top human resources executives at about 335 large

corporations.

“We don’t believe the information would be material to investors,” said Tim Bartl, president of the

group’s advocacy arm, the Center on Executive Compensation. Accounting for country-to-country

differences in wages and benefits at global companies would be costly, time-consuming and all but

impossible, he said in an interview.

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Chart: How 1,000+ Workers Can Equal Just One CEO. Bloomberg's Data on

Compensation for 250 Chief Executives

The group has brand names behind it: 17 companies on HR Policy’s board of directors have CEO pay

ratios in the top 20 percent of S&P 500 corporations, Bloomberg data show. They include General

Electric Co. (GE), with a ratio of 491; McDonald’s Corp. (MCD), at 351; and AT&T Inc. (T), at 339.

Growing Ratio

These multiples are based on CEO pay for either the fiscal year ending in 2011 or 2012, as disclosed

in the companies’ most recent filings before noon on March 26. Because most companies don’t

disclose their average workers’ pay, Bloomberg used U.S. government data on worker compensation

by industry. The average ratio for the S&P 500 companies is up from 170 in 2009, when the

financial crisis reduced many compensation packages. Estimates by academics and trade-union

groups put the number at 20-to-1 in the 1950s, rising to 42-to-1 in 1980 and 120-to-1 by 2000.

“When CEOs switched from asking the question of ‘how much is enough’ to ‘how much can I get,’

investor capital and executive talent started scrapping like hyenas for every morsel,” said Roger

Martin, dean of the University of Toronto’s Rotman School of Management, in an interview. “It’s not

that either hates labor, or wants to crush their lives. They just don’t care.”

Johnson’s Multiple

J.C. Penney’s Johnson, who was replaced on April 8 after less than 18 months on the job, had the

highest pay multiple, based on $53.3 million in compensation reported in the company’s 2012

proxy. The former retailing executive at Apple Inc. (AAPL) took the top job after agreeing to walk

away from unvested Apple shares valued at about $80 million.

“The money I earned at Penney’s in 2012 was entirely to replace money earned at Apple,” Johnson

said in a telephone interview. “If Penney’s had waited until April 2012, they wouldn’t have had to

pay me a penny. The board wanted me to start sooner.”

Comparing his earnings to the $29,688 average compensation for a department store worker is the

equivalent of stacking the length of a loaf of bread — give or take a few slices — against the height of

the Empire State Building.

Johnson, who says he resigned, was replaced on April 8 after less than 18 months on the job. Six

days earlier, the Plano, Texas-based chain filed its 2013 proxy reporting his most recent annual

compensation as $1.9 million, with no bonus, stock, options or incentive pay. The company declined

to comment, said Joey Thomas, a spokesman.

Worsening Morale

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Pay-ratio supporters, led by activist investors and trade unions including the AFL-CIO and the

$52.4 billion United Auto Workers Retiree Medical Benefits Trust, say mandatory disclosure would

help inform shareholders on advisory say-on-pay votes at companies’ annual meetings.

“Executive pay at some companies is excessive and leads to a number of risks, in particular the risk

of damage to the company’s social license to operate and the risk of worsening employee morale,”

said Tim Macready, chief investment officer of the Christian Super pension fund in Australia, which

has about $700 million under management. The pay ratio is a “useful metric in identifying and

dealing with both of these risks.”

Abercrombie & Fitch Co. (ANF), the clothing retailer, and Simon Property Group Inc., the real estate

investment trust that owns and manages shopping malls, had the second- and third-highest ratios.

Ninety percent or more of the CEO compensation at each company was in stock or option awards

that vest over time — in Simon’s case, eight years — yet are required to be reported in the year

granted. If such multiyear awards were reported in the years they vested, the ratios would drop.

Say-on-Pay Votes

Both companies lost say-on-pay votes last year, getting 24 percent and 26 percent of voting

shareholders’ support respectively, according to proxy solicitor Georgeson Inc. Typically, more than

90 percent of voting shareholders back the non-binding resolutions at S&P 500 corporations.

Abercrombie CEO Michael Jeffries got $48.1 million, according to the New Albany, Ohio-based

company’s 2012 proxy. That’s 1,640 times the average clothing-store worker’s $29,310 in pay and

benefits. Jeffries’ stock-appreciation rights — valued at $43.2 million in the proxy — had no

realizable value as of April 25 because the share price fell.

His next compensation report won’t include any equity awards and “will be a fraction of the number

reported in 2012,” Phil Denning, a company spokesman, said in an e-mail.

At No. 3, Simon Property Group, CEO David Simon’s $137.2 million in compensation for 2011 was

1,594 times the average pay of $86,033 among employees of funds, trusts and other financial

vehicles.

Method Criticized

Investors thought the package “too large,” according to the company’s April 4 proxy. In response,

the CEO and the board compensation committee reduced the amounts he qualified for in the early

and final years of the eight-year agreement. The committee also tied annual incentive awards more

closely to a performance measure called funds from operations and created a peer group of

companies for comparing results.

Simon Property’s latest proxy, filed after the cutoff for Bloomberg’s analysis, reported the CEO’s

2012 compensation at $17.2 million, which would have reduced his pay ratio to about 168.

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Hugh Burns, a spokesman for the Indianapolis-based company, criticized Bloomberg’s analysis as

outdated. It “creates a completely misleading result that grossly overstates and inaccurately portrays

David Simon’s compensation and makes any comparison meaningless,” he said.

Dodd-Frank Differences

Bloomberg’s ratio is based on the SEC-required summary compensation table that companies

publish in their shareholder proxy statements. It includes the CEO’s salary, bonus, perks, changes in

pension accruals and the current value of stock-based awards made in the disclosure year.

The ratio differs from what Dodd-Frank requires in at least two respects: It’s drawn from

government pay-and-benefits data aggregated by industry instead of from each company’s actual

payroll; and it compares CEO pay to the average for all non- supervisory employees in the U.S. The

law calls for the ratio to be based on the median of all employees worldwide, including managers

and executives other than the CEO.

Bloomberg’s method is similar to one the Center on Executive Compensation suggested as an

alternative to Dodd- Frank’s in a Nov. 11, 2011, letter to the SEC.

U.S. Senator Robert Menendez, the New Jersey Democrat who authored Dodd-Frank’s pay-ratio

requirement, heard little objection when he proposed it in March 2010, said Michael Passante, a

former legislative aide — “except for one group,” the center.

Five Meetings

Since then, HR Policy Association representatives have conferred with SEC officials on the pay-ratio

rule at least five times and the center has addressed at least four letters to the agency opposing it,

the regulators’ records show.

The non-profit group shares offices and staff with the Washington law firm of McGuiness & Yager,

which lobbies Congress and federal agencies on compensation and benefits issues. Senior partner

Jeffrey McGuiness is listed as the association’s CEO. Bartl, at the compensation center, is a partner

in the firm.

McGuiness didn’t respond to requests for comment. Bartl declined to answer questions after an

initial interview.

HR Policy took in $7.2 million from members and conferences in 2011 and turned over $1.2 million

to the compensation center, according to its 2011 tax filing.

McDonald’s Chair

Richard Floersch, chief human resources officer of Oak Brook, Illinois-based McDonald’s, has

chaired the board committee that oversees the executive-compensation center, according to an entry

that appeared on HR Policy’s website earlier this month. It has since been deleted.

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Former McDonald’s CEO James Skinner, who retired in June, was No. 66 on the Bloomberg list

with a CEO-to-worker pay ratio of 351 in 2011.

“We’re proud that more than 40 percent of McDonald’s leadership, including three former CEOs,

started their careers working in our restaurants,” said McDonald’s spokeswoman Rebecca Hary in

an e-mail.

Honeywell International Inc. (HON), No. 16 on Bloomberg’s list with a ratio of 633, joined HR

Policy’s board this year. The association “discusses a wide variety of topics, not all of which

Honeywell supports and not all of which are relevant to Honeywell,” said spokesman Rob Ferris in

an e-mail.

The SEC, which has so far written 39 of 94 rules called for under Dodd-Frank, has no deadline for

completing the pay-ratio provision. In February, Commissioner Luis Aguilar suggested that

companies voluntarily disclose their ratios until the agency can develop its rule.

Repeal Sought

“Companies that can justify the amount that they are paying their CEOs and employees shouldn’t be

fearful of the ratio,” Aguilar, a Democrat, said in an interview. Bartl, at the compensation center,

responded with a letter asking Aguilar to “retract” his statement.

SEC Chairman Mary Jo White, who took office this month, and the three other commissioners

declined to comment.

U.S. Representative Bill Huizenga, a Michigan Republican, is sponsoring legislation to repeal the

pay-ratio requirement. It “doesn’t do anything other than play politics,” he said in an interview. “It

doesn’t lend any useful, helpful, analytical type of information.”

The bill reprises one filed in March 2011 by former Representative Nan Hayworth, a New York

Republican, who lost re- election last year. Political action committees associated with companies on

the HR Policy board gave $78,416 to Hayworth’s 2012 campaign. Her contributions from the same

companies totaled $22,000 in the 2010 cycle, Federal Election Commission records show. She

didn’t respond to a request for comment.

Registered Lobbyists

Seven companies with pay ratios in the top 20 percent of all S&P 500 corporations registered to

lobby on the measure: Tyco International Ltd. (TYC), GE, Johnson Controls Inc. (JCI), Prudential

Financial Inc. (PRU), McDonalds, AT&T and Lowe’s Cos. Each was also represented on HR Policy’s

board last year. Except for McDonald’s, none responded to requests for comment.

Pay-disclosure rules have been controversial since the Securities Exchange Act of 1934 imposed

requirements for regular reporting of executives’ compensation on public companies.

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The rank and file were sure to seethe with discontent, wrote National Biscuit Co., later Nabisco, in a

1936 petition to the SEC. Only “criminal curiosity” underlies such interest, wrote Congoleum-Nairn

Inc., a manufacturer of linoleum flooring. The comments are cited in a history of the era’s corporate-

pay debates by Harwell Wells, an associate law professor at Temple University in Philadelphia.

Suggestion Rejected

James Cotton, a retired securities attorney for International Business Machines Corp. (IBM), may

have been the first to propose mandatory disclosure of the CEO pay ratio. He said it would have “a

significant impact by either lowering the excessive executives’ compensation or raising the average

compensation of employees and managers” in a 1997 article in the Northern Illinois University Law

Review. He got the idea shortly after joining IBM in 1970, Cotton said in an interview.

The young attorney, an Army captain during the Vietnam War, said he was listening to managers

discuss how to handle the company’s cash when he proposed giving out raises.

“They looked at me like there was something wrong with me,” Cotton recounted. “They said, ‘We

can’t do that.’” For years after that, he said, he kept an eye on the CEO’s pay and IBM’s cash

holdings, both of which increased.

Informing Workers

Cotton said he mailed his law review paper to the SEC, members of Congress and some unions,

including the AFL-CIO, and then forgot about it. Now retired at 73 and almost blind from glaucoma,

he didn’t know until recently that the ratio’s disclosure was included in the Dodd-Frank Act.

The ratios will help inform workers, he said. “‘Am I going to get ripped off? Or am I going to get a

fair price for my labor?’ If there’s anything I want to happen, it’s that.”

Nowhere was the pay multiple higher last year than at J.C. Penney, where Rebecca Gonzales made

$13,797.15 at a store in Tulsa, Oklahoma, according to her 2011 wage and tax statement.

Chart: How 1,000+ Workers Can Equal Just One CEO. Bloomberg's Data on

Compensation for 250 Chief Executives

One month after Johnson joined the company as CEO, during the December 2011 holiday rush,

Gonzales fell over a box of hangers at work, and said she couldn’t immediately stand up.

“All I remember is seeing black,” she said.

A doctor at an urgent care clinic ordered her to stay off her swollen knee, she said. When she

returned to work, she ran a cash register from a chair until a manager took the seat away, she said.

Unable to work, she filed a claim for temporary disability benefits in state Workers’ Compensation

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Court in February 2012. She’s the sole wage earner for her disabled husband and two school-age

children.

Thank-You Note

A month later, the company warned she’d lose her job if she didn’t return within 30 days, according

to a letter she received. Two weeks later, it wrote again.

Earlier at Bloomberg: McDonald's $8.25 an Hour Man and $8.75 Million CEO Show

U.S. Pay Gap

“Your employment with jcpenney has been terminated,” the letter stated. “Thank you for joining the

jcpenney team!”

A judge ordered the company to pay Gonzales $1,516 for the temporary total disability. She filed a

wrongful-termination claim in federal court seeking at least $75,000 more. That suit is pending.

Hers was one of 43,000 jobs the company cut last year as Johnson’s retailing strategy failed to take

hold. The share price fell by half between the time he took the CEO post and left it.

In January 2012, Johnson sold almost half the 1,660,578 shares he’d been granted, for $32.2

million. He still owned almost 893,000 shares, with warrants on 7.3 million more, as of J.C.

Penney’s April 2 proxy. He made the sales “entirely to pay taxes,” Johnson said.

Top Six

In all, the company awarded six top executives $190 million for the fiscal year that ended in January

2012, according to its proxy. All subsequently left the company.

Johnson’s predecessor, Myron E. Ullman — who received $34.6 million in pay and retirement

benefits in his final year — got $1 million to come back, a recent filing shows.

“The irony of the CEO pay ratio is that most people’s experience of J.C. Penney will be the people

who are paid the least, and treated most like commodities,” said Harvard Business School professor

Rakesh Khurana.

For now, Johnson and Gonzales are unemployed. The former cashier says she’s looking for work.

To contact the reporters on this story: Elliot Blair Smith in Washington at

[email protected]; Phil Kuntz in New York at [email protected]

To contact the editor responsible for this story: Gary Putka at [email protected]

®2014 BLOOMBERG L.P. ALL RIGHTS RESERVED.

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NationalPartnership.org @NPWF

1875 Connecticut Avenue, NW, Suite 650 Washington, DC 20009

[email protected] 202.986.2600

FA C T S H E E T

Quantifying America’s Gender Wage Gap by Race/Ethnicity MARCH 2021

Women of color in the United States experience the nation’s persistent and pervasive gender wage gap most severely. The gaps represent the tangible consequences of sexism and white supremacy in the United States and how our country systematically devalues women of color and their labor. Data from the U.S. Census Bureau reveal the size of that gap among women who hold full-time, year-round jobs by race/ethnicity. The cents-on-the-dollar difference adds up, resulting in lost wages that mean women have less money to support themselves and their families.

Latinas and the Wage Gap

Latinas are typically paid just 55 cents for every dollar paid to white, non-Hispanic men. The median annual pay for a Latina in the United States who holds a full-time, year- round job is $36,110, while the median annual pay for a white, non-Hispanic man who holds a full-time, year-round job is $65,208 – a difference of $29,098 per year.1 If the annual wage gap were eliminated, a typical Latina working in the United States would have enough money to pay for approximately:

 More than three additional years of tuition and fees for a four-year public university, or the full cost of tuition and fees for a two-year college;2

 Nearly 38 more months of child care;3 or  Nearly 20 additional months of premiums for employer-based health insurance.4

Native American Women and the Wage Gap

Native American women are typically paid just 60 cents for every dollar paid to white, non-Hispanic men. The median annual pay for a Native American woman in the United States who holds a full-time, year-round job is $36,577, and the annual median wage gap between a Native American woman and a white, non-Hispanic man who each hold a full-time, year-round job is $24,656 per year.5 If the annual wage gap were eliminated, a typical Native American woman working in the United States would have enough money to pay for approximately:  Nearly three additional years of tuition and fees for a four-year public university, or

the full cost of tuition and fees for a two-year college;6

NATIONAL PARTNERSHIP FOR WOMEN & FAMILIES | FACT SHEET | QUANTIFYING AMERICA’S GENDER WAGE GAP 2

 Nearly 32 more months of child care;7 or  More than sixteen additional months of premiums for employer-based health

insurance.8

Black Women and the Wage Gap

Black women are typically paid just 63 cents for every dollar paid to white, non-Hispanic men. The median annual pay for a Black woman in the United States who holds a full- time, year-round job is $41,098, while the median annual pay for a white, non-Hispanic man who holds a full-time, year-round job is $65,208 – a difference of $24,110per year.9 If the annual wage gap were eliminated, a typical Black woman working in the United States would have enough money to pay for approximately:  More than two and a half additional years of tuition and fees for a four-year public

university, or the full cost of tuition and fees for a two-year college;10  More than 31 more months of child care;11 or  More than 16 additional months of premiums for employer-based health

insurance.12

White Women and the Wage Gap

White, non-Hispanic women are typically paid just 79 cents for every dollar paid to white, non-Hispanic men. The median annual pay for a white, non-Hispanic woman in the United States who holds a full-time, year-round job is $51,324, while the median annual pay for a white, non-Hispanic man who holds a full-time, year-round job is $65,208 – a difference of $13,884 per year.13 If the annual wage gap were eliminated, a typical white woman working in the United States would have enough money to pay for approximately:

 One and a half additional years of tuition and fees for a four-year public university, or the full cost of tuition and fees for a two-year college;14

 Eighteen more months of child care;15 or  More than 9 additional months of premiums for employer-based health insurance.16

Asian American and Pacific Islander Women and the Wage Gap

Asian American and Pacific Islander women are paid as little as 52 cents, as Burmese women are, and just 85 cents overall, for every dollar paid to white, non-Hispanic men.17 The median annual pay for an Asian American woman in the United States who holds a full-time, year-round job is $56,807, while the median annual pay for a white, non- Hispanic man who holds a full-time, year-round job is $65,208 – a difference of $8,401 per year.18 If the annual wage gap were eliminated, a typical Asian American woman working in the United States would have enough money to pay for approximately:

NATIONAL PARTNERSHIP FOR WOMEN & FAMILIES | FACT SHEET | QUANTIFYING AMERICA’S GENDER WAGE GAP 3

 Nearly a full year of tuition and fees for a four-year public university, or the full cost of tuition and fees for a two-year college;19

 Nearly 11 more months of child care;20 or  More than five additional months of premiums for employer-based health

insurance.21

Women Overall and the Wage Gap

Across all racial and ethnic groups, women in the United States are typically paid 82 cents for every dollar paid to men. The median annual pay for a woman who holds a full-time, year-round job is $47,299 while the median annual pay for a man who holds a full-time, year-round job is $57,456 – a difference of $10,157 per year.22 If the annual wage gap were eliminated, a typical woman working in the United States would have enough money to pay for approximately:

 More than a full additional year of tuition and fees for a four-year public university, or the full cost of tuition and fees for a two-year college;23

 More than 13 additional months of child care;24 or  Nearly seven additional months of premiums for employer-based health insurance.25

1 U.S. Census Bureau. (2020). Current Population Survey, Annual Social and Economic (ASEC) Supplement: Table PINC-05: Work Experience in 2019 – People 15 Years Old and Over by Total Money Earnings in 2019, Age, Race, Hispanic Origin, Sex, and Disability Status. Retrieved 18 March 2021, from https://www.census.gov/data/tables/time-series/demo/income-poverty/cps-pinc/pinc-05.html (Unpublished calculation based on the median annual pay for all women and men who worked full time, year-round in 2019) 2 U.S. Department of Education, National Center for Education Statistics. (2019, November). Digest of Education Statistics: 2019 (Table 330.10, Average undergraduate tuition and fees and room and board rates charged for full-time students in degree-granting postsecondary institutions, by level and control of institution: 1963-64 through 2018-19), Chapter 3. Retrieved 18 March 2021, from https://nces.ed.gov/programs/digest/d19/tables/dt19_330.10.asp?current.asp (The average total annual cost of undergraduate tuition and required fees is $9,212 for a four-year public college or university or $3,313 for a two-year college.) 3 Child Care Aware of America. (2019). The U.S. and the High Price of Child Care: An Examination of a Broken System. Retrieved 18 March 2021, from https://www.childcareaware.org/our-issues/research/the-us-and-the-high-price-of-child-care-2019/. Estimate of $9,254 based on the average cost of child care for a four-year-old. This average is not representative of the mean and is an approximation calculated by weighting state child care cost averages by the number of programs by type reported by each state. It is not to be considered a "national average." 4 Kaiser Family Foundation. (n.d.) Average Annual Single Premium per Enrolled Employee For Employer-Based Health Insurance, 2019. Retrieved 18 March 2021, from https://www.kff.org/other/state-indicator/single- coverage/?currentTimeframe=0&sortModel=%7B%22colId%22:%22Employee%20Contribution%22,%22sort%22:%22desc%22%7D 5 U.S. Census Bureau. (2020). American Community Survey 1-Year Estimates 2019. Tables B20017C and B20017H: Median Earnings in the Past 12 Months (in 2019 Inflation-Adjusted Dollars) by Sex by Work Experience in the Past 12 Months for the Population 16 Years and Over with Earnings in the Past 12 Months. Retrieved 18 March 2021, from https://data.census.gov/. Note: The Current Population Survey does not provide disaggregated data for Native American women’s earnings. This calculation is based on a comparison of the median earnings of white, non-Hispanic men working full time, year-round with that of Native American women working full time, year-round as reported in the American Community Survey. The median annual earnings of white, non-Hispanic men in 2018 in this source was $61,233. 6 See note 2. 7 See note 3. 8 See note 4. 9 See note 1.

NATIONAL PARTNERSHIP FOR WOMEN & FAMILIES | FACT SHEET | QUANTIFYING AMERICA’S GENDER WAGE GAP 4

10 See note 2. 11 See note 3. 12 See note 4. 13 See note 1. 14 See note 2. 15 See note 3. 16 See note 4. 17 Bleiweis, R. (2021, March). The Economic Status of Asian American and Pacific Islander Women. Center for American Progress Publication. Retrieved 18 March 2021, from https://www.americanprogress.org/issues/women/reports/2021/03/04/496703/economic-status-asian-american-pacific-islander- women/ 18 See note 1; the Current Population Survey on which this fact sheet’s analysis of spending power is based refers to Asian American women alone. For a fuller analysis of the wage gap for AAPI women, see: https://www.nationalpartnership.org/our- work/resources/economic-justice/fair-pay/asian-women-and-the-wage-gap.pdf 19 See note 2. 20 See