unnecessary expense
unnecessary expense
cross-posted from: https://lemmy.blahaj.zone/post/24651479
28 comments
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Cleaned it up for you:
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Correction: the board voted to hand the CEO that much worth of shares
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Company-wide email: "We've had our best year EVER and it's all thanks to YOU"
Me: "Great. Can I have a raise?"
"OH. We can't afford THAT."
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I don't get it, did the workers have a baby and called it CEO or what
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A good example of the ignorance of the masses and the left
The Board of Directors selects (and pays) the CEO.
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You are quite ignorant yourself.
Executive compensation is ALWAYS a question that is voted on during shareholder meetings. Guess who owns majority stock?
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Depends on the company.
Tim Cook, CEO of Apple, owns 0.02% of Apple for example. This is #1 largest company in the world.
Satya Nadella, CEO of Microsoft, owns 0.01% of Microsoft. This is the 2nd largest company in the world.
Jensen Huang is 3.5% of NVidia a serious level of ownership but a far cry from controlling the board. 3rd largest company but the biggest shareholder is Vanguard group at over 8%.
Institutional banks have the largest leeway, by far, in all of these companies. Understanding the voting structure of these companies is important if you don't want to sound like an ignorant dumbass.
Yeah, there's your Elon Musks and whatnot as exceptions. But they're really rare even in the scope of top companies of the SP500 and whatnot.
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That's meaningless pedantry that doesn't contribute to the discussion or alter the message in any way, but go ahead and give yourself a pat on the back for showing everyone how very, very smart you are.
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The board of directors removes the obvious corruption argument.
And shareholders select the board of directors anyway, so if shareholders agree to new terms of values then CEOs can and will be fired.
I'm looking at Intel for example and how they mistreated Pat Gelsinger and fired him despite being a technical leader. And the new incoming CEO is Lip-Bu Tan, who is a non-technical finance bro who is worse. Why did the shareholders (and board of directors) prefer Lip-Bu Tan?
There is a large scale hero worship bro culture that's at the root of all the problems here, a culture that millions of shareholders have which is then passed to the Board of Directors and finally the C-suite that the Board hires.
But no. Let make shitty memes that misunderstand the power dynamics and perpetuates misinformation. That will help your argument lol.
EDIT and that doesn't even get to say, all the CEOs who take a $1/year paycheck just to prove you wrong. The problem here is hero worship cult culture. The pay and salaries are a distraction and easily avoided with various simple political / Public Relations moves.
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I really don't see how that makes much of a difference. The CEOs can just leave if the board doesn't pay them what they want. And since the boards want them specifically as CEOs, they end up paying what the CEOs are asking for. So the CEOs are paying themselves with some extra steps. Or am I missing something?
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Which makes this better, how?
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It's not about better or worse. It's about being correct and understanding the people and societal structures at work here
If you aren't interested in knowing how and why CEOs get paid, maybe don't make dumbass memes about this subject.
Or do. I don't give a shit. But good luck having people believe you if you can't even get the basics correct. Or otherwise feel good that your online culture got infiltrated by blatant misinformation.
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28 comments