Treasurer Magaziner Votes Against Excessive Pay for Corporate Executives

May 25, 2017: During the ongoing 2017 shareholder season the Rhode Island pension fund will vote "no" on management-backed compensation plans for executives at publicly traded companies including Wal-Mart, American Express, Charter Communications, and pipeline builder NuStar Energy.

"My job as Treasurer is to deliver strong financial performance for of our state's $8 billion pension fund.  Rewarding executives with excessive salaries and bonuses goes against the interest of the fund and the public whom we serve,” said Treasurer Magaziner. “Executive compensation should be transparent and based on performance.”

The “no” votes are in response to a fundamental misalignment between executive pay and company performance or because the pay packages are excessive or otherwise inappropriate.

You can read the entire press release here.