Survey: Top company CEO pay grew by 11%

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NEW YORK, May 9 (UPI) -- U.S. companies compensated their leaders well in 2010, providing bonuses and stock grants for profit and share-price hikes, a survey of proxy statements showed.

The median value of salaries, bonuses and long-term incentives for chief executive officers of 350 major companies jumped 11 percent to $9.3 million, the study conducted by management consulting firm Hay Group for The Wall Street Journal revealed Monday.

The increase came after a year in which CEO pay was flat.

Viacom Inc. chief executive Philippe P. Dauman led the list, receiving compensation valued at $84.3 million, more than double his 2009 pay, thanks mainly to equity awards in a renewed contract, the study indicated.

CEO pay was measured by total direct compensation, which included salary, bonuses and the granted value of stock, stock options and other long-term incentives for service provided in fiscal 2010. That figure did not include the value of exercised stock options and the vesting of restricted stock.

The survey reviewed the 350 biggest companies filing proxies between May 1, 2010, and April 30, the Journal said.

Not all leaders saw their pay and compensation increase. The survey indicated Occidental Petroleum Corp.'s Ray Irani, who retired last week, watched his 2010 compensation contract to $14.9 million. The survey indicated the drop was mainly because of a shareholder backlash prompting the oil company to implement a new policy in 2010 that cut its leader's maximum compensation by nearly 75 percent.