Being a good example of democratic and rightful society America has still retained many prejudices. In particular this is much evident when it comes to women’s role in the economical and political live of the nation. Forbes magazine published a post where it cited some most paid female CEOs in the US with a clause that says women are still less compensated on these positions than their male peers.
Earlier this year the US President Barack Obama signed the Lilly Ledbetter Fair Pay Act that was written to guarantee equal compensation both for men and women. As it turns in reality these equality still does not take proper place with male managers dominating in all major industries while being paid more than women even if their work bring less revenues to their companies. According to the Forbes list this year America's top-paid female CEOs earned, on average, $3.9 million which is compared to average of $11.9 million earned by male counterparts.
As many of us know compensation is a complex system which bases on how long an executive officer has been working with the company, how she returns value to shareholders, her relationship with the board and directors’ desire to retain her at the post.
So, what do we have today? Carol Meyrowitz, the chief executive of TJX, the company that owns Marshalls and TJ Maxx, earned $11.1 million over the last year. Jeffrey Immelt, the embattled head of General Electric, took home $11.5 million. TJX's 2008 sales were $19 billion, while GE's 2008 sales were $170 billion. And while the fist shows a significant achievements in making thrifty shoppers come down with money Immelt is fending off suggestions that he can't manage a company so exposed to the rocky financial system.
Lynn Elsenhans, the only woman running a big oil company, was paid $2.2 million last year by $37 billion refiner Sunoco. Bruce Smith, head of refining concern Tesoro, which had sales of $20 billion in 2008, took home $18.6 million.
And while the President Obama has appointed a person with the “pay tsar” title the female CEO community will unlikely suffer any compensation reductions just because there are no women running a big financial institution: not a bank, brokerage or insurance company.
The top-paid banking chief, Ronald Hermance, Jr., of Hudson City Bancorp, took home $42 million. The top-paid female chief executive on our list, Andrea Jung of Avon Products, earned $11.8 million.
The fact that women in America have some opportunities equally with men in the sphere of executive compensations and top manager positions is a real achievement but one thing should be noted that of the 1,000 largest publicly traded companies by revenues, a paltry 27 women are in the CEO's seat. To crown it all, women earn only 78% of what is paid to male peers.
Comments