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Thursday, Apr 25, 2024

Proposal to Limit Exec Pay Turned Down

A proposal to allow shareholders to vote on executive pay packages was turned down by Countrywide Financial Corp. but not before winning a considerable amount of support. Some 43 percent of the shares cast at Countrywide’s annual meeting supported the resolution. The proposal to allow shareholders of the Calabasas-based mortgage company to weigh in on executive pay comes as the company’s chairman Angelo Mozilo drew fire for what some have said is an excessively large pay package. Mozilo last year received about $160 million in pay, bonuses, stock options and other compensation. The resolution was sponsored by the pension funds of American Federation of state, County and Municipal Employees (AFSCME), which made similar proposals to three other public companies.

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