Corporate Accountability

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Investigation into Mortgage CEO Compensation Expands

As part of its ongoing investigation into executive pay, the Oversight Committee asked Countrywide Financial, Citigroup, and Merrill Lynch to provide documents relevant to the compensation of Angelo R. Mozilo, Charles Prince and E. Stanley O’Neal.

In addition, the Committee invited the chairs of the compensation committees at these companies to testify on March 7 about how the compensation and severance packages for these executives were determined and on what basis they were approved.

Update: The hearing previously scheduled for February 7 has been rescheduled to March 7.

Oversight Committee to Examine Mortgage CEO Severance Packages

As part of its ongoing investigation into executive pay, the Oversight Committee invited three CEOs implicated in the subprime mortgage crisis to testify on February 28 about their severance and compensation packages: Mr. Angelo Mozilo, the CEO of Countrywide Financial; Mr. Charles Prince, the former CEO of Citigroup; and Mr. E. Stanley O’Neal, the former CEO of Merrill Lynch.

Update: The hearing previously scheduled for February 7 has been rescheduled to February 28.

Hearing Examines Executive Pay and Compensation Consultants

On Wednesday December 5th, the Committee held a hearing to examine the role played by compensation consultants in determining the pay packages of senior executives at the largest publicly traded corporations. Corporate governance experts, institutional investors, and compensation consulting firms testified regarding the role of consultants in setting executive pay, efforts to prevent and manage conflicts of interest, and the adequacy of the information available to shareholders and the public.

Committee Subpoenas Documents from Towers Perrin

The Oversight Committee issued a subpoena today to Towers Perrin in connection with a Committee inquiry into potential conflicts of interest relating to the advice consultants provide to corporate boards on executive pay.

Chairman Waxman Asks Towers Perrin to Reconsider Refusal to Cooperate with the Committee

In a letter to Mark Mactas the CEO of Towers Perrin, Chairman Waxman asks Towers Perrin to reconsider its refusal to cooperate with the Committee’s inquiry into potential conflicts of interest relating to the advice consultants provide to corporate boards on executive compensation.

Chairman Waxman Requests Information from Executive Compensation Consultants

Chairman Waxman writes to six leading executive compensation consulting firms seeking information about the services they provide to large U.S. corporations.

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