Legg Mason's chief executive officer, Raymond A. "Chip" Mason, got bonuses totaling more than $35 million in the past two years, and shareholder advisory firm Proxy Governance told the company's investors to vote against the compensation committee directors who granted it to him in their meeting yesterday, The Wall Street Journal reports.
Those bonuses were larger than what CEOs at other fund companies earned, even though the company's profits have been in line with the industry's over the past five years, according to Proxy Governance. "We fail to understand why this amount of pay is warranted considering that performance is closer to that of peers than a year ago," the company recommended. I