Legislature Approves Bill to Rein in UC, CSU Executive Pay
California Political Desk
September 10, 2009
SACRAMENTO – On a 31-5 bipartisan vote, the California Senate today approved legislation to prohibit executive pay raises during bad budget years at the University of California and the California State University.
"The UC and CSU seem committed to going down the same egregious path as AIG and other Wall Street corporations by providing for their top executives and ignoring everyone else," said the bill´s author Senator Leland Yee (D-San Francisco/San Mateo), who is also an alumnus of both the UC and CSU. "SB 86 will ensure that top execs are not living high on the hog, while the students are unfairly suffering."
In 2009 alone, the UC Board of Regents has already approved approximately $9 million in executive compensation increases.
At the last Regents meeting in July, several executives were appointed at salaries from 11 percent to 59 percent higher than their predecessors. The Regents also voted to give "administrative stipends" ranging from $24,000 to $58,625 to several employees, without any extra duties, and added several new highly paid executive positions.
All told, the Regents approved nearly $2 million in monetary compensation increases at just one meeting. That is in addition to other forms of compensation including generous pension plans, travel allowances, housing, and access to low-interest loans. UC President Mark Yudof also receives nearly a $1 million in salaries and perks.
Since 2002, top administrators at CSU have also received raises in excess of 23 percent.
"The UC and CSU appear to be tone deaf and continue to disrespect the taxpayers, students, and their low wage workers and faculty," said Yee. "There is absolutely no justification for these bloated salaries. The UC and CSU administration continuously violate the public trust by catering to the University´s elite rather than serving the students and workers they are appointed to represent. The public deserves better."
Once received, the Governor will have 30 days to sign or veto the bill.
"The UC and CSU seem committed to going down the same egregious path as AIG and other Wall Street corporations by providing for their top executives and ignoring everyone else," said the bill´s author Senator Leland Yee (D-San Francisco/San Mateo), who is also an alumnus of both the UC and CSU. "SB 86 will ensure that top execs are not living high on the hog, while the students are unfairly suffering."
In 2009 alone, the UC Board of Regents has already approved approximately $9 million in executive compensation increases.
At the last Regents meeting in July, several executives were appointed at salaries from 11 percent to 59 percent higher than their predecessors. The Regents also voted to give "administrative stipends" ranging from $24,000 to $58,625 to several employees, without any extra duties, and added several new highly paid executive positions.
All told, the Regents approved nearly $2 million in monetary compensation increases at just one meeting. That is in addition to other forms of compensation including generous pension plans, travel allowances, housing, and access to low-interest loans. UC President Mark Yudof also receives nearly a $1 million in salaries and perks.
Since 2002, top administrators at CSU have also received raises in excess of 23 percent.
"The UC and CSU appear to be tone deaf and continue to disrespect the taxpayers, students, and their low wage workers and faculty," said Yee. "There is absolutely no justification for these bloated salaries. The UC and CSU administration continuously violate the public trust by catering to the University´s elite rather than serving the students and workers they are appointed to represent. The public deserves better."
Once received, the Governor will have 30 days to sign or veto the bill.
Print
Email
