Shareholders of the Bureau of National Affairs have overwhelmingly approved the compensation of named executive officers in an advisory vote. They even more strongly endorsed holding advisory votes annually at the shareholders meeting held on April 16.The vote approving compensation had 5.7 million shares for the pay, just under 1 million shares cast against it and almost 432,000 shares abstaining. In a vote on the frequency of the compensation poll, those holding 6.1 million shares opted for an annual vote with almost 303,000 shares voting for every two years and just over 394,000 shares for every three years.
Compensation was reported earlier this month and showed that CEO and chairman Paul Wojcik received $974,281 for 2010, an increase of 9 percent from $894,723. The biggest chunk of his pay was a base salary of $634,638 for the year just ended, up 2.7 percent from $618,000 in 2009. The largest increase came in the change in value of his pension, $291,172 at the end of 2010, compared to $244,650 the prior year. The increase still left him short of the $995,031 he received in overall compensation in 2008.
Since BNA is not a publicly held company, its executives do not receive the equity and option awards which are often the largest portion of compensation for executives at publicly traded organizations.
President and COO Gregory McCaffery received $808,861 in compensation for 2010, a hike of 10.7 percent of 2009's $730,642. CFO Robert Ambrosini received $365,725 in past last year, compared to $346,123 in 2009. CIO Carol Clark got $480,010 in 2010, up from $448,003 the prior year and general counsel Eunice Lin had $326,670 in 2010 compensation, an increase from $297,565 in 2009.
