on 2 Sep 2015
Runaway CEO pay at the 30 largest U.S. public fossil fuel
corporations rewards short-term actions, with disastrous results for the
world’s climate, a new report finds.
CEOs at big oil, gas, and coal corporations are rewarded for a
short-term fixation on pumping up quarterly share prices. They receive
pay perks for expanding carbon reserves and building unnecessary fossil
fuel infrastructure. Share prices can get a temporary boost from
corporate lobbying to maintain government subsidies and block renewable
energy initiatives, and from campaign donations that help elect climate
deniers to Congress.
In 2014, the average CEO pay package at the 30 biggest oil, gas, and
coal companies was $14.7 million, 9 percent higher than average CEO pay
on the S&P 500. These pay trends are documented in “Money to Burn: How CEO Pay Is Accelerating Climate Change,” a report I coauthored for the Institute for Policy Studies. MORE
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