I suppose that I would expect Remuneration Committees to be more effective in tieing CEO rewards to performance. However I now note that Yahoo Finance withdrew their article on Ace's CEO compensation after I posted my message, and have rewritten it to show that his compensation was $14.7m and not the $23.7m they originally reported! I bet the language on the phone line or email between Ace and Yahoo was pretty colorful on this wildly inaccurate report. Obviously the comp. is not so egregious as $23.7m, but still feel it is way over the top. At some stage Independent Directors should stand up against these hugely inflated packages that bear little or no relation to performance.
Less we forget the Compensation Committee also gave Brian $5million for leaving ACE. I think the combination of Evans pay package and Brian’s go away package compared to the skimpy rewards given to the real worker bees who make ACE the company it is, is shameful.