My view is that the current ethics crisis trumps all other crises. Another piece of this was in evidence the other day. WSJ reported that "Nabors Industries Ltd., under fire from shareholders for its executive-pay practices, cut its death benefit for Chairman and CEO Eugene M. Isenberg to $100 million in cash from $264 million, according to a regulatory filing Thursday. The Houston oil-drilling concern also said it eliminated tax reimbursements, or "gross-ups," for executives. The reduced death benefit, part of a new employment contract that rejiggered other parts of Mr. Isenberg's pay, still entitles the Nabors chief to one of the largest death-benefit packages of any executive."
This guy got paid more than $60 million in 2008, yet wants a death benefit of $264 million, to be paid to his trust or institution if he dies before 2013? This is beyond gross- it is really killing the hardworking lowly labor.
More stuff...from the WSJ.
Activist investors want to drive nails into what they call "golden coffins" -- generous posthumous payouts to senior management.
Shareholders have submitted nonbinding resolutions to curb rich death benefits at 14 U.S. businesses so far this year. Amid red-hot outrage over executive compensation, the measures are drawing substantial support, including nearly 67% of the votes cast at the Jan. 28 annual meeting of Shaw Group Inc.
Dozens of companies offer generous death-benefit packages to recruit and keep executives. Many allow heirs to collect previously unvested equity. Some promise posthumous severance payouts, supercharged pensions or years of postmortem salaries.
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