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New report highlights massive pay gap between CEOs and typical workers
Key Excerpts from Article on Website of CNN
Posted: May 27th, 2018
http://money.cnn.com/2018/05/22/news/economy/ceo-pay-afl-cio...
This is the first year that businesses are required to disclose the ratio of CEO pay to median worker pay in their annual proxies, due to a provision of the Dodd-Frank financial reforms passed during the Obama administration. The AFL-CIO's annual Executive PayWatch database, released Tuesday, compiled that data and shows that in many cases, the pay for top executives is hundreds or even thousands of times that of the median worker at their companies. The largest pay gap for proxies released so far in 2018 ... belongs to Mattel (MAT), according to the AFL-CIO. But companies will continue to release their pay ratios in SEC filings in coming months, so any superlatives are subject to change. The AFL-CIO said it will keep updating its database as the relevant documents are filed. Mattel CEO Margo Georgiadis was awarded almost $31.3 million in 2017. Meanwhile, the median worker at the company, earned $6,271. The ratio? 4,987 to 1. Mattel is followed by McDonald's (MCD), where CEO Steve Easterbrook, who earned nearly $21.8 million last year, made 3,101 times as much as the company's median employee. The newly available pay ratios also highlight exactly how much standard workers earn. Amazon disclosed that the median pay for its employees was just $28,446 in 2017.
Note: For more along these lines, see concise summaries of deeply revealing income inequality news articles from reliable major media sources.
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