Nocera: Shareholders, Protesters Both Take Aim at Wall Street
Tuesday, May 01, 2012
As Occupy Wall Street activists take to the street this week, shareholders of some of the nation’s biggest companies are pushing back against generous executive pay packages or voting against board members.
There’s a link between protesters and shareholders’ recent unhappiness, according to Joe Nocera, op-ed columnist for the New York Times and a contributor to WNYC.
“Occupy Wall Street is complaining, at least in part, about a lack of accountability by corporate executives at the top,” Nocera told WNYC. “In some ways, that’s the same thing these shareholders are complaining about — a lack of accountability by the people at the top, taking pay packages without the performance to back it up.”
At Citigroup's recent annual meeting, more than half of shareholders voted against the $15 million pay package for CEO Vikram Pandit.
Shareholders of Goldman Sachs and Bank of America are trying to block board members from being elected.