New York City Comptroller William C. Thompson Jr., today released the following statement on President Barack Obama’s announcement to cap the pay of top executives whose companies received large amounts of taxpayer-funded federal bailout funds at $500,000:

“President Obama's plan to cap the annual pay of corporate executives at companies receiving taxpayer-funded bailout money delivers a clear message that all of us must share in the sacrifices during this recession. 

As many families across this country are confronted with the reality of job loss, foreclosure, and a struggle to put food on the table, it is not too much to ask the wealthiest of our business community to adhere to the President’s initiative, particularly when taxpayer dollars are keeping these companies afloat.

I am proud to have worked with the trustees of the New York City Pension Funds over the years to submit shareholder resolutions to a number of companies, calling for a shareholder vote on executive compensation. Compensation for corporate executives has spun out-of-control in the past, and pay packages need to be tied to the performance of company leaders, and not be the result of a culture of cronyism.

Support for our proposals continues to grow, and we plan to submit additional resolutions calling for more transparency and accountability in corporate pay. The President’s plan will further efforts to ensure greater oversight in the compensation of corporate executives.”

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