NDP MPP Michael Prue introduced a Private Members Bill today The Conrad Black Executive Compensation Abuse Act that would ensure shareholders have a say over the compensation packages of senior executives at large corporations.

“Abuses like the ones committed by Enron and the alleged crimes of Conrad Black have put this issue on the radar,” said Prue.

This bill requires that a vote on the executive compensation packages of the CEO and next four highest-paid executives be held at every annual meeting of shareholders of a company that offers securities to the public. It also guarantees that if these top executives do not meet their job performance standards to which their compensation is related, they must pay back a portion of their compensation.

“These provisions are just common sense. Everyone is appalled at the growing gap between those making top salaries and the average worker. Just this month we were reminded that the top 10% of the population is getting richer while the bottom 40% have seen no improvement in their finances for the past 30 years,” said Prue.

Stan Buell, President of the Small Investor Protection Association, agrees, “there is a real disconnect between all the people who are defrauded out of their life savings and CEOs who think they deserve outrageous salaries.” Also supporting this bill were the National Pensioners and Senior Citizens Federation, the United Senior Citizens of Ontario; and Pamela Reeve, a member of the Investor Advisory Committee of the Ontario Securities Commission.

“As elected representatives, we have a responsibility to protect shareholders. This bill will prevent the fat cats from getting richer,” Prue said.