6% boost is set to raise salaries of PCAOB chairman and board members higher than US president George Bush
Accountancy Age, 19 Dec 2007
The US accounting oversight board's budget has been will be given a 6% boost in the coming year, following a 3-1 vote yesterday from the Securities and Exchange Commission, approving the increase.
The Public Company Accounting Oversight Board's 2008 budget will be $144.6m, which SEC officials said would allow for continued hiring by the private, non-profit board.
However compensation for board members was more contentious as Commissioner Paul Atkins voted against the budget, stating that its 3.3% increase in pay for the five-member board wasn't justified and is 'out of sync' with government and non-proift executive salaries.
Atkins proposed to freeze pay for board members at 2007 levels ,which would still leave their annual pay in excess of the $400,000 annual pay of US president George Bush and $187,000 salary of the Federal Reserve Board chairman Ben Bernanke.
The increase will raise PCAOB chairman Mark Olson's salary to $654,406 in 2008, up from $633,450 while other board members will be paid $531,995, up from $515,000.
Further reading:
The race to become the biggest firm on the planet...
Comments
Have your say on this article