Oil CEOs' pay up, way up
The oil industries' chief executive officers' got fat in 2007, well at least their wallets did.
Here are some excerpts from the June 17 magazine article:
Equilar's study found that for the 12 CEOs at the largest U.S.-based, publicly traded oil companies, median total compensation increased by more than four times the rate of that of executives in the Standard & Poor's 500-stock index as a whole.
Some analysts say these CEOs are receiving pay raises based more on factors they don't control-such as sharply rising oil prices-than on managerial prowess. "Energy companies' improved performance is almost entirely due to high oil prices," says Paul Hodgson, an executive pay expert for Corporate Library, a Portland (Me.) corporate governance research organization. "But if [their executives] deny culpability for high oil prices, why are they getting rewarded for them?"
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