| Financial services executives are getting big | | | | |
| bonuses despite complaints about excessive | | | | Bonuses, noted Paul Hodgson, a senior |
| compensation. On average, top executives | | | | researcher at the Corporate Library, LLC, a |
| received $3.35 million in bonuses in 2005, up | | | | corporate-governance research firm in |
| almost 30 percent from 2004, according to | | | | Portland, Maine, "tend to be fairly |
| Investment News. The trade newspaper based | | | | reflective of actual achievements." However, |
| its figures on a review of compensation for | | | | he said, annual bonuses are now so high "that |
| some 50 financial services executives. | | | | level of compensation should only be paid out |
| | | | for long-term achievements as opposed to |
| These executives gave up a modest amount of | | | | short-term operational achievements." |
| their base salary - 1.25 percent, to be | | | | |
| specific, for an average of $550,405. | | | | Recently, a number of investors have called |
| | | | for an end to such large compensation |
| "Business is good, and when business is good, | | | | packages, and the Securities and Exchange |
| people want to get paid," New York-based | | | | Commission is considering changing disclosure |
| recruiter Michael Kelly told Investment News. | | | | rules so that perks worth more than $10,000 |
| "Trust me, that couldn't be truer on Wall | | | | is required, down from the current level of |
| Street." | | | | $50,000. |