A New Landmark in CEO-Worker Pay Ratio Disclosure

Sarah Anderson Institute for Policy Studies

Honeywell has become the first large U.S. corporation to report the ratio between its CEO and median worker compensation, in compliance with a new Securities and Exchange Commision regulationbased on the 2010 Dodd-Frank financial reform legislation.

Honeywell, a Fortune 100 company that concentrates on manufacturing technologies, included the pay ratio information in a preliminary proxy statement posted on the SEC web site after 5 p.m. on Friday, February 16.

Two particularly noteworthy revelations stand out in the Honeywell disclosure.

The first: Honeywell CEO Darius Adamczyk, with only nine months of experience in his chief executive job, made 333 times as much in 2017 as the median Honeywell worker.

Adamczyk replaced long-time Honeywell CEO David Cote in April 2017. To calculate the CEO-worker pay ratio, Honeywell annualized Adamczyk’s compensation, coming up with a total of $16.5 million. The median worker pay at the firm: $50,296.

The second: The Honeywell pay ratio disclosure reveals previously unreleased information about the extent of the company’s offshoring of jobs. Honeywell revealed this information because the SEC pay ratio rule allows companies to exclude some of their foreign-based workers from the calculation of median worker pay. But companies that go this route must make additional disclosures.

Posted In: Allied Approaches

Union Matters

Human Service Workers at Persad Center Vote to Join the USW

From the USW

Workers at Persad Center, a human service organization that serves the LGBTQ+ and HIV/AIDS communities of the Pittsburgh area, voted last week to join the United Steelworkers (USW) union.

The unit of 24 workers, ranging from therapists and program coordinators to case managers and administrative staff, announced their union campaign as the Persad Staff Union last month and filed for an election with the National Labor Relations Board (NLRB).

“We care about our work and the communities we serve,” said Johanna Smith, Persad’s Development, Communications, and Events Associate. “We strongly believe this work and our connections to our clients will only improve now that we will be represented by a union.”

The Persad workers join the growing number of white-collar professionals organizing with the USW, especially in the Pittsburgh region. Their membership is also in line with the recent work the Steelworkers have been doing to engage LGBTQ+ members and improve contract language regarding issues that affect their lives.

“Workplaces are changing and evolving, and the labor movement is changing and evolving along with that,” said USW Vice President Fred Redmond, who oversees the union’s LGBTQ+ Advisory Committee as well as the USW Health Care Workers Council. “This campaign gives us an opportunity to diversify our great union while uplifting and empowering a group of workers who give their all for others.”

***

More ...

There is Dignity in All Work

There is Dignity in All Work