Imagine the last six months if CEOs had cut their own salaries before any workers were laid off.
right before their companies entered into bankruptcy protection. CEOs might claim it’s their fiduciary responsibility to cut payroll and force workers to take the brunt of sacrifice so that their businesses can survive—but it doesn’t have to be that way.
All companies are governed by legal documents, such as articles of incorporation and bylaws. A clause in these governing documents—call it a “parity pill”—could automatically redistribute part of top earners’ compensation when a crisis occurs. The funds could be used to prevent layoffs or bolster the paychecks of the most economically vulnerable workers, and would incentivize leaders to avert the crises they can.
Like income in general, corporate compensation has become shockingly concentrated at the top of some organizations. In 1965, the ratio between CEO pay and the typical worker’s compensation was 20 to 1. Now it is at least
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