SOURCE: The Corporate Library

The Corporate Library

October 26, 2009 11:00 ET

Female CEO Pay Declined More in 2008 Than Male CEO Pay

Female Chief Executives Pay More for Poor Performance Than Males

PORTLAND, ME--(Marketwire - October 26, 2009) - Female chief executives took a bigger hit to compensation than males in the wake of the financial crisis, according to a new survey of female CEO pay from The Corporate Library, an independent corporate governance and executive compensation research firm. Total realized compensation for female CEOs declined by a median of 18.5 percent between 2007 and 2008 compared to only 6.1 percent for male CEOs. (Realized compensation includes the value realized on the exercise of options and vesting of other equity.) The report was released to reinforce The Corporate Library's commitment to independent environmental, social and governance (ESG) coverage and analysis.

"Comparisons between male and female pay can be complicated," said Research Associate Greg Ruel, author of the report. "Though the female sample is much smaller than the male sample, there are nonetheless notable differences in the way male and female CEOs are compensated."

Additional findings from the survey include:

--  On average, female CEOs earned just 58 percent of what males earned in
    realized compensation (78 percent at the median).
--  On average, male CEOs' discretionary bonuses were more than 3.5 times
    larger than female CEOs, and males' perquisite payments were nearly twice
    the amount received by females.
--  At the median, female CEOs earned $40,000 more in base salary than
    male CEOs.
--  Martine A. Rothblatt of United Therapeutics Corporation was the only
    female CEO among the top 150 earners of 2008 in total realized

The study of female CEO pay strengthens The Corporate Library's coverage of social issues as it continues its commitment to expand its services of independent ESG analysis.

The report, titled "The Corporate Library's Female CEO Pay Survey 2009," is available for $125 from The Corporate Library's online store at

About The Corporate Library

For ten years, The Corporate Library has been the leading independent research firm offering corporate governance information products, research services and data products. It produces the definitive ratings of U.S. corporate boards of directors, allowing businesses that subscribe to the service to evaluate governance as an element of investment and other risk. Additional information can be found at

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    Media Relations, The Corporate Library
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