New York State Comptroller Thomas DiNapoli today announced that the New York State Common Retirement Fund has reached agreements with Microsoft, CVS, Macy’s, The TJX Companies, and Salesforce.com to reexamine their CEO and executive pay “and adopt policies that take into account the compensation of the rest of their workforces.” In response to the agreements, the Fund withdrew its shareholder resolutions with the companies.
“We’ve seen a growing disparity in corporate income in the United States for years, with CEO pay rising dramatically while wages for most other company employees have remained flat,” DiNapoli said in a statement. “We are encouraging companies to adopt policies that take their entire workforce into consideration rather than setting CEO pay solely by benchmarking it against other CEOs. Overall employee compensation and executive pay has been and will continue to be a key factor for how we engage with companies going forward.”
