Props to Abigail Disney (good read)

[Cobra Jet]

The below couldn’t have been said ANY better and props off to her for making such statements; the “worker bees” never get the credit (or monetary value) they so deserve when working not only their daily tasks but going above and beyond to make those at the top of the business entity successful and rich...

Just passing it along and the credit goes to her and the online news outlets.

https://www.cnbc.com/2019/03/07/dis...-pay-says-the-rich-should-pay-more-taxes.html


Original CNN link:
https://www.cnn.com/2019/04/22/media/abigail-disney-bob-iger-pay/index.html

Content of CNN link:

Roy Disney's granddaughter thinks Bob Iger's paycheck is 'insane'

New York (CNN Business) — Disney (DIS)CEO Bob Iger made nearly $66 million last year, and a Disney family member thinks that's "insane."

Abigail Disney, the granddaughter of company co-founder Roy Disney, criticized Iger's multimillion dollar pay in several tweets on Sunday. Roy Disney was Walt Disney's brother.

"By any objective measure a pay ratio over a thousand is insane," she said of Iger's compensation.

Iger's $66 million package last year was 1,424 times that of the median salary of a Disney employee, which is $46,127, according to a study from Equilar. His pay was largely boosted by long-term incentives associated with his contract extension, which was announced alongside the deal for Disney(DIS) to purchase most of 21st Century Fox. This year, his compensation package is worth as much as $35 million.

"When he got his bonus last year, I did the math, and I figured out that he could have given personally, out of pocket, a 15% raise to everyone who worked at Disneyland, and still walked away with $10 million," Disney said, according to Fast Company, at an event Thursday. She added that Iger's level of pay has a "corrosive effect on society."

"There's a point at which there's just too much going around the top of the system into this class of people who — I'm sorry this is radical — have too much money," she said at the event.

She dove deeper into her remarks Sunday in nearly two dozen tweets.

Last year, the Disney company signed a new deal with unions that would hike the minimum wage for Walt Disney World Resort workers to $15 an hour by 2021. Disneyland workers making minimum wage were bumped up to $15 an hour at the start of this year.

Even though that's about double the federal minimum wage of $7.25 an hour, Disney questioned on Twitter why a company that is "more profitable than it's ever been" is paying "anything so close to least the law allows at all." The company reported a record annual profit in 2018.

"Pointing out the incongruity of pay at the top and pay at the bottom provokes a reaction because it so violates of our innate sense of fairness it is impossible not to wince," she said.

Disney, who also complimented Iger as "brilliant," questioned the $1,000 cash bonusthat the company gave to 125,000 employees last year because of the new tax law.

"It's nice to give a bonus to a person pulling down a salary," Disney wrote. "Everybody loves that. You know what everybody loves more than that? A raise. And if the tax cut makes a bonus possible and that tax cut is permanent doesn't it stand to reason you could have given a raise instead?"

While acknowledging "complicated" math, Disney proposed spreading around half of Iger's pay and some of executives bonuses, further saying on Twitter that the company "could move significant resources down the line to more evenly share in the great success."

She wrapped her criticism saying the company should "at least respect the dignity of those you pay."

"If what they do is necessary to conducting your business successfully, then they deserve to be paid what they need to conduct their lives successfully. Because they are contributing something ... to your success. Anyone who contributes to the success of a profitable company and who works full time to do so should not go hungry, should not ration insulin, and should not have to sleep in a car," she stated.

She has previously said CEOs are "paid far too much," saying that "if your CEO salary is at the 700, 600, 500 times your median workers' pay, there is nobody on Earth, Jesus Christ himself isn't worth 500 times his median workers' pay."

Disney, the company, said in a statement Monday that it has made "historic investments" in its workers' pay and benefits, including education initiatives that allow hourly employees the ability to earn a college or vocational degree "completely free of charge."

The company also defended Iger's pay, which it said is "90% performance-based."

"He has delivered exceptional value for shareholders: Disney's market capitalization has grown exponentially over the last decade, rising $75 billion in the last month alone, and the stock price has increased to $132 a share from $24 a share when Mr. Iger became CEO in 2005," a Disney spokesperson told CNN Business.

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[Timeless]

Gotta love people that complain about the system that got them there in the first place.....

 

[Hack]

Well let's see... if your leader makes a crappy decision it could lead to the company going out of business and every single employee losing their jobs.

So - is the CEO job important? Duh.

 

[Blue Moon]

I have no problem with anyone making any amount of money. But when they make their millions by taking advantage of the people under them, that's not right. A good boss feels morally obligated to see to the well-being of his employees. It disgusts me when I read about bigshots getting huge bonuses as people get laid off and their companies go bankrupt.

 

[HoosierDaddy]

He makes $3 mill per year. The rest was performance bonuses, which I assume means the company value increased more than the bonus was.

But there should be some way to share the bonuses. Part of the problem is employees who get raises do NOT contribute more than the cost of raises or they would be getting them already. Taxing the fat cats more will absolutely not help the typical employee. Employees would be MUCH better off getting a share of bonuses or some ownership stake in the company than what would trickle down to them after the govt gets more taxes from the fat cats.

 

[Cobra Jet]

He makes $3 mill per year. The rest was performance bonuses, which I assume means the company value increased more than the bonus was.

But there should be some way to share the bonuses. Part of the problem is employees who get raises do NOT contribute more than the cost of raises or they would be getting them already. Taxing the fat cats more will absolutely not help the typical employee. Employees would be MUCH better off getting a share of bonuses or some ownership stake in the company than what would trickle down to them after the govt gets more taxes from the fat cats.

He may make $3M as a “salary”, but his overall compensation (like in most large Corporations) includes all of the annual bonuses as well as stock options - bonuses and stock options are still “cash” and included to his income. He can take those stock options and CASH out - that’s why his reported annual amount is being said it’s over $65M.

As of August 2018, BI held over 1 Million Shares of DIS stock - multiply that by the current stock price - it’s liquid. Just like ANY other CEO, they get granted X-amount of shares every year, it’s not like his compensation is being decremented, in addition to whatever other bonuses or annual increase of salary.

Many employees who perform their daily tasks, but also go above and beyond in their positions by taking on additional work as well as working OT in many instances are not being compensated in any significant amounts higher than peers on equal levels who are not contributing any more to the business other than coming in, doing their routine and leaving.

Even if the worker bee is given a 5% annual raise (commonly said to be “above” the average of 2-3%), that’s not keeping up with annual inflation costs.

Not every worker bee working for large Corps like Apple, Google, Disney, Comcast, Whirlpool, WalMart, Amazon, etc are getting 5% annual increases let alone any type of bonuses. Those who do work well and are high performers, who make their Managers or Higher-ups shine, usually don’t benefit in any bonuses or stock options... and most likely in their lifetime won’t make $20k an HOUR like some of these CEO’s.

Put it this way - the “above and beyond” worker who’s even lucky to get their Corp’s “max” annual increase of 3% barely sees that increase after their so called Company Sponsored Health Plan also increases nearly 3%, inflation is bumped another 3-5% and Federal/State income taxes are deducted...

I don’t care how much money anyone makes - but take it into the perspective as outlined in the article, which is only outlining BI’s compensation - NOT what Disney Corp is making annually - just with BI’s current compensation alone, if 15% of THAT was distributed to every Disney employee - he’d still have $10M (annually)...

Yes, compensate the CEO as needed for him/her doing a great job - but when the compensation is grossly overstated and the actual workers are not benefitting or being fairly compensated, when is enough enough?

The CEO does have a normal routine, does have to travel, does work OT, does have to make public appearances and make big make it or break it deals - but when it comes down to it, it’s all the folks UNDER that level who have worked hard to be able to provide reports, make financial forecasts, collect debt, or have procured multiple deals that rolled UP to the top in order for the top to shine.

Without the bottom, the top is nothing.

 

[Timeless]

He makes $3 mill per year. The rest was performance bonuses, which I assume means the company value increased more than the bonus was.

But there should be some way to share the bonuses. Part of the problem is employees who get raises do NOT contribute more than the cost of raises or they would be getting them already. Taxing the fat cats more will absolutely not help the typical employee. Employees would be MUCH better off getting a share of bonuses or some ownership stake in the company than what would trickle down to them after the govt gets more taxes from the fat cats.

Oh they can choose to share anytime they want, but the share holders would rather have that bonus.

Remember the Trump tax cuts and the one time bonus many companies gave out? Any company can choose to do it.

 

[Hack]

The reason CEOs make a lot of money is that businesses are competing to hire the best CEO. The potential CEO decides whether to work at a company partially based on the pay.

And the reason the guaranteed salary is relatively low is no company wants to pay millions to some stiff. The CEO has to benefit the company in order to make big bucks.

Every worker in the company has a similar situation. They have freedom to work where ever they decide to. If the job is super difficult to do or it's hard to find someone willing to take the job, the company will have to pay more. If other companies are paying a lot more for similar tasks, the workers will leave.

I don't think CEO bonuses should be shared. I think every worker at the company has the option to leave if they can get better pay somewhere else. I think it's the ultimate in fairness when companies and workers are competing in a market that is free from excessive regulation. Writing a law that companies have to do this or that other thing because someone thinks it is FAIR is a bad idea.

I also think regulations that prevent new/small companies from forming are the worst. Employees that are outstanding in some way that breaks the mold might be worth more than they will ever get paid at an existing company. They are super hard workers/very innovative/have something unique. They should be able to start their own business easily and make big bucks working for themselves.

That type of freedom to move between jobs and form businesses is what really benefits all of us. You have to realize that a business does well because their product is better than anything else out there. If the business didn't exist all of us would have to buy the other crap that we don't really want.

 

[Interceptor]

Why can all these people get these large incomes and companies still do great?


Cause us people are over paying for products?

Maybe... Just maybe

But that's what makes America great, and I'm proud to be an American

 

[Hack]

Why can all these people get these large incomes and companies still do great?


Cause us people are over paying for products?

Maybe... Just maybe

But that's what makes America great, and I'm proud to be an American

Different companies are making competing products and you decide which products you want to spend your money on. That competition is what makes America great in my opinion.

If you want to buy products based on how much (or little) the company CEO makes, you are free to do that.

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