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

al compensation for 2010. (24)3 Year (25)1 Year2008 - 2010201020092008PFE

-12.93

7.98

Kindler Total Pay $53,357,309

$24,688,849

$14,898,038

$13,770,422Industry

7.48

19.15C. Golden Hello to new CEO Ian Read. Read was named President and CEO on December 5, 2010 for a year in which he was CEO for a month. Read’s total compensation rose from $9.4M to $17.4M. Approximately $11M of this was the result of an increase in pension and deferred compensation largely based on a policy that offers boosted pension benefits for those whose age and years of service at Pfizer equal 90. (26)

II. Problematic Pay Practices1. Performance payouts for below median performance – Performance shares are paid out even when Pfizer underperforms two-thirds of its peers. In 2010, this system of below median payout resulted in awards of $535,834 for Kindler and $226,252 for Read for when Pfizer’s TSR ranked 7th out of nine companies for the 2008-2010 Performance Period.(27)  Payout for below median performance subverts pay for performance and rewards below average results.

2. Increased guaranteed pay– For 2010, former Chairman and CEO Jeffrey Kindler had a base salary of $1.8M, and received $1,620,455 in salary, far above the $1M tax deductible limit. New CEO Ian Read received $1,199,000 in salary for 2010. And for 2011, Read’s salary has been increased to $1.7M, once again far above the $1M tax deductible limit and a more than 40% increase from his 2010 salary.(28)

3. Annual Cash Incentive Awards based on discretionary judgment – “Decisions about individual compensation elements and total compensation are ultimately made by the Committee, using its judgment, focusing primarily on each Named Executive Officer’s performance against his or her individual financial and strategic objectives, as well as Pfizer’s overall performance.
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SOURCE American Federation of State, County and Municipal Employees
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