Chief executive of Simon Property Group saw pay more than triple last year to $35.4m even as shareholder return dropped by 22%
Institutional investors have vented their frustration as US executive pay has outpaced that of most employees in recent years. Shareholder support for chief executive pay declined last year, and the head of Norway’s $1.2 trillion oil fund attacked “corporate greed” and excessive rewards for “mediocre performance”.
Simon Properties, the largest shopping centre owner in the US, awarded chief executive David Simon $35.7 million for 2022, up from $10.5 million in 2021. Mr Simon, son of the company’s co-founder, was given a $28 million cash bonus. The company’s total shareholder return dropped 22 per cent last year.Vaccine maker Moderna increased pay for chief executive Stéphane Bancel by 6.7 per cent to $19.
Mr Capuano’s “compensation actually paid” was down 27 per cent in 2022 owing to a drop in the company’s stock price, Marriott said. Similar to the SEC’s “pay ratio” disclosure, the new SEC pay-versus-performance disclosures “will result in public scrutiny and public attention if [corporate] pay-versus-performance looks lopsided”, said George Georgiev, a professor at Emory University’s law school.
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