Chicago Tribune: “A great deal of the money we pay in wages, benefits and housing goes to corporate lawyers”
By LAUREN KELLYBECKA and JULIAN GRAHAMCHI The Chicago Tribune – Chicago, IllinoisJanuary 11, 2019 – A report from the Center for Public Integrity shows that nearly a third of the income earned by the country’s top 500 companies in 2019 was going to pay executives salaries, rather than employees.
The report, based on analysis of financial statements for the top 500 U.S. companies, found that more than 80 percent of pay for CEOs and executives in 2019 went to corporate counsel.
The report also found that corporate lawyers make up more than a third the total compensation of workers at companies with 50 or more employees.CEO pay in the U.K. rose by nearly 8 percent to a record high in 2019, with the median CEO making $10.6 million.
The average salary for a senior corporate lawyer was $9.4 million in 2019.
The findings are based on publicly available financial statements.
In 2019, the average compensation for a top 500 executive was $17.6m, according to the Center’s analysis of the Public Company Accounting Oversight Board’s annual report.
The median compensation of the top 50 U.N. chief executives rose to $12.7m.
The Public Company Audit Office, which has oversight of U.T.O., said it could not confirm the results of the analysis because of confidentiality agreements.
But the report, which is based on data provided by more than 200 companies, showed that the top 100 U.W. firms made more than $4.3 trillion in U.P.A. profits in 2019 in the most recent three months of the year.
It also said that about 80 percent — or $1.2 trillion — of their earnings went to executives.
The analysis of publicly available company financial statements by the Center and the Public Companies Alliance for Better Governance shows that in 2019 about 85 percent of UPMC’s revenues came from salaries.
But just more than one-third — or about $1 trillion — went to salaries, according the analysis by the Public companies Alliance for better governance.
The alliance’s report said about one-quarter of UTP’s revenues come from salaries, and that about 10 percent of the group’s earnings are spent on benefits.
The top 100 executives at U.C. Berkeley made $18.2 million in 2018.
About $1 billion of that came from compensation.
The study showed that of the $1,050,000 earned by those CEOs, about $750,000 went to their compensation package, including about $550,000 in stock options.
About 40 percent of those paychecks went to bonuses.
In 2019, about 65 percent of CEO pay in UPMCs went to compensation.
Of the money spent on bonuses, about 42 percent was spent on stock options and another 10 percent was on other types of benefits.CEOs at UPM C&A and UPM Health also made more money in 2019 than they did in 2018 and 2019.CEO compensation for UPM Healthcare and UPD Medical was $8.9 million in the two years through Sept. 30, 2019, up 5 percent from the same period in 2018, according an analysis of UPDs financial statements provided by the Alliance.
CEO compensation for both UPM Hospitals and UCPAC Healthcare were about $7.7 million.CEO salaries at UPS Corporation, the nation’s largest publicly traded U.F.O. insurer, were up 7 percent in 2019 from the previous year, according a statement from the company.CEO-to-worker pay ratios at UPP Group were about the same as in 2018 as UPP employees were paid $2.63 for every dollar earned by an executive, according company officials.
In the UCPA, executive pay at UCPAs largest U.A., Inc., and U.B.M. hospitals increased by about 3 percent each in 2019 compared to the same year in 2018 to $5.6 for every $1 earned by a CEO, the group said.CEO wages at UPI Corporation were about double what they were in 2018 at $6.7 for every one dollar earned.
UPI executives were paid about $3.6 billion in stock awards and $4 billion in cash, the company said.