Shocked that Liberty Mutual paid its former chief executive roughly $50 million a year, three Massachusetts senators have proposed budget amendments to discourage other mutual companies from awarding outsized pay packages in the future. State Senator Brian A. Joyce, Democrat of Milton, would require mutual companies, both insurers and banks, to publicly disclose compensation for top executives, just as publicly traded companies are required to do. Senator Mark C. Montigny, a New Bedford Democrat, would give policyholders at mutual insurers a chance to vote on executive compensation, similar to the “say on pay” votes by stockholders of public companies, which was mandated by the Dodd-Frank financial overhaul bill. Senator Patricia D. Jehlen, a Democrat from Somerville, would bar directors at mutual companies from serving on ...
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