RegulationCorporate GovernancePCAOB budget increase boosts board’s salaries

PCAOB budget increase boosts board's salaries

6% boost is set to raise salaries of PCAOB chairman and board members higher than US president George Bush

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:

US
SEC OKs audit watchdog’s 6 pct budget increase

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