ILO report says huge growth in executive pay does not boost performance; CEO pay at 15 top US firms jumped to 520 times average earnings in 2007
Oct 17th, 2008 | By Finfacts Ireland Business & Finance Portal | Category: News worldwide
The huge growth in executive in recent years has not only exacerbated income inequality but appears to have done little or nothing to improve company performance. Despite strong economic growth that produced millions of new jobs since the early 1990s, income inequality grew dramatically in most regions of the world and is expected to increase due to the current global financial crisis, according to a new study published on Thursday by the research arm of the International Labour Organization (ILO). CEO pay at the 15 largest US companies earned 520 times more than the average worker. This is up from 360 times in 2003.