TIAA-CREF, the largest U.S. manager of retirement funds for university and college employees, wants to force companies to report exactly how much they pay top executives.
``There's a burden on the board of directors to justify its compensation choices and explain them, so that shareholders can be confident that these are the right decisions,'' said John Wilcox, senior vice president of New York-based TIAA-CREF, which manages about $360 billion for clients.
The average U.S. chief executive officer makes $10 million a year, compared with about $22,000 for an entry-level employee, according to the Council of Institutional Investors, whose members include TIAA-CREF. The group has made compensation its top governance issue as a growing number of companies, including Morgan Stanley and Fannie Mae, were faulted by shareholders for excessive pay.
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