As TAG tussles with the studios over contract wage hikes, and I get told by a Disney Senior Vice President that "times are tough" and we can't expect what the editors, grips and art directors have already secured at the bargaining table, (we're negotiating a contract eight months after them), Rupert Murdoch's Wall Street Journal Magazine runs this bon mot in its July issue:
PAY DAY -- Which CEOs are earning their pay, and which, well, aren't? We weigh in on pay packages that stand out -- for better or worse.
Robert Iger -- The Walt Disney Co. Pay: $30.6 million
Includes: $2 million salary, $13.9 million bonus, $13.7 million in stock and options.
Disney had a record year, with $37.8 billion in revenue, Iger's focus on franchises like the Jonas Brothers has paid off. But does that warrant a $16.3 million bonus? Even Iger may not have thought so: He trimmed $2.4 million off what the board initially approved. That seems reasonable, given Disney's stock was down 30 percent in 2008 ...
-- SMART MONEY, July 2009, p. 20.
See, falling stocks only impact the wages of run-of-the-mill employees, not Top Dogs.
Because corporate boards of directors mostly behave like this ...