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AFSCME Urges Shareholders to Vote against Executive Compensation at Pfizer (PFE) and Johnson & Johnson (JNJ)
Date:4/12/2011

with the issues.' Heads he wins, tails shareholders lose!"(18)Pfizer - Vote No MSOP and for One Year SOP - 4/28/11 AGMAFSCME urges shareowners to vote AGAINST management Say on Pay proposal at Pfizer (Item 3) for misalignment between executive pay and performance.  Pfizer’s poor pay practices have resulted in pay for failure through a golden goodbye to retired CEO Jeffrey Kindler and a golden hello to its new CEO Ian Read. Additionally, we urge shareowners to vote FOR “One Year” for the frequency of future advisory votes executive compensation (Item 4).

I. Pay for Performance IssuesA. Pay for Failure - Pfizer’s board has paid for failure twice now in the last five years. First former Chairman and CEO Hank McKinnell walked away with a reported $200M (19) when he was fired in 2005. Now former Chairman and CEO Kindler is walking away with 2010 compensation that is a $10M raise over what he was paid for 2009, despite Pfizer’s underperformance. For 2010, despite resigning, Kindler still received a $3.25M bonus.(20)

B. Pay for Performance Disconnect - Kindler received over $72M in reported compensation for 4.5 years of service during which time the stock price dropped by more than a third. As the table shows, Kindler’s yearly pay increases did not track Pfizer’s yearly stock price decreases.  

YearTotal Kindler Pay(21)% ChangePFE  stock price as of 12/31% change$25.99 (22)2006

$9,799,234$25.90

-0.35%2007

$9,513,440

-2.92%

$22.73

-12.24%2008

$13,770,422

44.75%

$17.71

-22.09%2009

$14,898,038

8.19%

$18.19

2.71%2010

$24,688,849

65.72%

$16.72 (23)

-8.08%Total$72,669,9832006-2010-35.67%And despite underperforming its peers over one- and three-year time frames, Pfizer paid Kindler over $53M the same three-year time period, including a 60 percent increase in tot
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SOURCE American Federation of State, County and Municipal Employees
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