A recent report published by Economic Research Institute and Dow Jones & Co. Inc.’s CareerJournal.com tracks executive compensation, and there was an interesting footnote – the highest paid executive on the survey was Apple Computer Inc. CEO Steve Jobs, even though he’s not actively collecting a salary in his role.
The Executive Compensation Index tracks how corporate executives are being paid, and has been active since 1997. It tracks total cash compensation – to wit, salary and bonuses – for the highest-paid executives at 45 major U.S. businesses. It also compares executive compensation to corporate revenues.
The report said that Steve Jobs was the highest paid executive for the most recent survey period – although he collected no salary, he did get a US$43.5 million bonus, according to the data collected.
All in all, executive pay raises have “fallen dramatically” since 2000, according to the Executive Compensation Index report. Executive compensation increased 2.1 per cent last year, and 1.5 for the first quarter of 2002, followed by a 1.9 per cent decrease in Q2, 2002. What’s more, the report noted that executive compensation hasn’t dropped as rapidly as company revenues have – 2.1 per cent in the second quarter.