June 8, 2018
Proxy Disclosure: Did We Say $1.5 Million? We Meant $10.9 Million.
– Broc Romanek
Here’s the intro from this WSJ article by Theo Francis about amended proxy disclosures:
When Laboratory Corp. of America disclosed pay for its chief executive in March, the company said he made $1.5 million in 2016. A week later the diagnostic-lab chain filed a new document listing his pay at $10.9 million. Chief Executive David King didn’t get a retroactive raise. His employer just proofread its work.
Such a big discrepancy is unusual, but LabCorp isn’t the only big company to make significant adjustments to past pay disclosures. At least 16 companies in the S&P 500 have changed 2016 pay figures by more than 10% for one or more executives, while 17 did so for 2015 pay, a Wall Street Journal analysis of data from MyLogIQ LLC shows.