Chattanooga: Filing shows Unum exec compensation grew in 2008

Chattanooga Times Free Press

Compensation for top executives at Chattanooga-based Unum Group increased in 2008 despite an economic recession and negative stockholder returns, a Securities and Exchange Commission document shows.

According to Unum’s 2009 Proxy Statement, Thomas R. Watjen, president and chief executive, received $13.94 million in compensation in 2008, an almost 90 percent jump from 2007.

But according to company documents included in the SEC filing, the compensation figures are inflated by accounting and actuarial procedures.

 … Paul Lapides, director of the Corporate Governance Center at Kennesaw State University in Kennesaw, Ga., said many companies continue to increase executives’ salaries and compensation despite the company’s performance.

“It is sad that when you look at many of the companies reporting over the last year that compensation is increasing while shareholders are losing a fortune,” he said. “I think it is sad that more CEOs don’t waive all or a portion of their bonus to point out that they are willing to share in the pain.”