(September 22 – 11:15 ET) – Chief Executive Officers took home less total pay in 1998 than they did in 1997 according to a study by the Executive Compensation Practice of professional services firm Ernst & Young.
The average total remuneration earned by CEOs in a sample group of 350 Canadian public companies dropped by approximately 20 percent in 1998 compared to the year before, according Alisa Dunbar, Partner in charge of the firm’s Executive Compensation Practice.
“Cash payments – salary, bonus and other compensation – to CEOs were similar to those paid out in 1997,” said Dunbar in a prepared statement. She attributed the overall average decline to reduced returns from stock options.
The Ernst and Young analysis also identified some other significant trends, Dunbar said. “We found that executive bonus practices that have normally been associated only with larger companies appear to have filtered their way down to medium sized organizations.”
IE Staff
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