CEO pay raises double in 2003

Watchdog group says compensation for CEOs at the helm of the largest companies in the U.S. shows calls for pay restraint are being ignored
||Last Updated: 08/25/2004

Chief executive officers at the helm of the largest corporations in the United States got healthy pay raises in 2003, according to a study by The Corporate Library, an independent watchdog group based in Maine.

Total compensation for CEOs in the S&P 500 rose by a median 22.18 per cent last year, double the raise the group saw in 2002.

Driven by the exercise of stock options and the award of restricted stock, increases of more than 1,000 per cent were seen at four companies in the S&P 500 — Oracle, Apple Computers, Yahoo and Colgate-Palmolive.