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U.S. Bancorp Message Board

  • jrlrjt jrlrjt May 11, 2006 12:19 PM Flag


    US Bancorp CEO urges defeat of exec pay proposal
    Wed Mar 22, 2006 8:11 PM ET

    By Jonathan Stempel

    NEW YORK, March 22 (Reuters) - U.S. Bancorp <USB.N> Chief Executive Jerry Grundhofer urged shareholders in a letter on Wednesday to reject a proposal giving them a say in how the No. 6 U.S. bank pays its top executives.

    Grundhofer's unusual letter, accompanied by 10 pages of backup materials, came amid growing concern among some investors and governance experts about rising executive pay, and shareholders' lack of influence over it.

    The proposal from the American Federation of State, County and Municipal Employees, or AFSCME, would allow U.S. Bancorp shareholders to vote annually on an advisory resolution to approve the report of the bank's compensation committee.

    AFSCME said a vote would not affect actual compensation.

    In his shareholder letter, Grundhofer, 61, called the proposal "a matter of serious concern" that, if adopted, "could put U.S. Bancorp at a serious competitive disadvantage.

    "We are an inappropriate target for this type of proposal, given that we pay for performance," Grundhofer said. U.S. Bancorp ranked ahead of 12 of its largest competitors in shareholder returns over the last decade, he said.

    Grundhofer's compensation rose 1 percent last year to $17.98 million, including a $5 million bonus

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