TJX chief’s pay dwarfs workers

[unhappycamper]

http://www.bostonherald.com/business/business_markets/2015/08/tjx_chief_s_pay_dwarfs_workers



RICH: A new SEC rule requires TJX chief executive Carol Meyrowitz’s pay, totaling $28.69 million in 2015, be compared to the median pay of the retail giant’s workers, which is $25,000.

TJX chief’s pay dwarfs workers
Friday, August 14, 2015
Donna Goodison

Framingham’s TJX Cos. could take some heat under a new U.S. Securities and Exchange Commission rule that will require larger public companies to disclose a ratio comparing their CEO’s compensation to the median pay of their workers.

TJX CEO Carol Meyrowitz’s 2015 total pay of 
$28.69 million is 1,159 times that of TJX’s estimated median worker pay of $25,000, according to Bloomberg.

The new pay rule, set to take effect in 2017, was designed to embarrass companies “because the numbers are embarrassing,” said Charles Elson, director of the Weinberg Center for Corporate Governance at the University of Delaware. “The disclosure was never something that was demanded by large investors, because it was not considered relevant to their analysis of a company,” he said. “What it was designed to do was to inflame the employees of the company and create discontent in the organization to force boards to reconsider pay.”

A spokeswoman for TJX, owner of T.J. Maxx, Marshalls and HomeGoods, noted it added 176 new stores and about 7,000 jobs in fiscal year 2015.