May 12, 2017
More for them, less for us
In 2016, CEOs of S&P 500 Index companies received, on average, $13.1 million in total compensation, according to the AFL-CIO’s analysis of available data. In contrast, production and nonsupervisory workers earned only $37,632, on average, in 2016—a CEO-to-worker pay ratio of 347 to 1.
Here are the top ten highest-paid CEOs of S&P 500 companies in North Carolina.
|1||VFC||V.F. Corporation||Eric C. Wiseman||2016||$16,299,996|
|2||BAC||Bank of America Corporation||Brian T. Moynihan||2016||$15,940,132|
|3||SEE||Sealed Air Corporation||Jerome A. Peribere||2016||$14,809,624|
|4||DUK||Duke Energy Corporation||Lynn J. Good||2016||$13,793,594|
|5||RAI||Reynolds American||Susan M. Cameron||2015||$13,448,538|
|6||LOW||Lowe’s Companies||Robert A. Niblock||2015||$13,155,164|
|7||RHT||Red Hat||James M. Whitehurst||2016||$12,725,594|
|8||BBT||BB&T Corporation||Kelly S. King||2016||$11,610,083|
|9||LH||Laboratory Corporation of America Holdings||David P. King||2016||$10,853,497|
|10||NUE||Nucor Corporation||John J. Ferriola||2016||$10,627,499|
Corporate tax avoiders
Corporations like to complain that their federal income tax rates are too high. But lost amid the clamor to cut taxes for corporations is the fact that many U.S. corporations are not paying taxes on their offshore profits. By “permanently reinvesting” these profits overseas, they can forever defer paying federal income taxes.
Number 11 on the list of highest-paid CEOs in North Carolina was Gerald W. Evans, who got paid $9,189,543 as CEO of Hanesbrands, which ranks #3 on the list of the top 5 corporate tax avoiders in North Carolina.
|1||BAC||Bank of America Corporation||$17,800,000,000||Brian T. Moynihan||$15,940,132|
|2||VFC||V.F. Corporation||$4,400,000,000||Eric C. Wiseman||$16,299,996|
|3||HBI||Hanesbrands||$3,286,000,000||Gerald W. Evans||$9,189,543|
|4||LH||Laboratory Corporation of America Holdings||$3,144,000,000||David P. King||$10,853,497|
|5||SEE||Sealed Air Corporation||$3,000,000,000||Jerome A. Peribere||$14,809,624|
We Need Company Pay Transparency
Seven years ago, Congress passed a law that included a rule requiring all publicly traded companies to disclose their CEO-to-worker pay ratio. But Wall Street and big corporations have lobbied hard to stop the U.S. Securities and Exchange Commission from enforcing this rule. It’s time to change that.