Newspaper article St Louis Post-Dispatch (MO)

May's CEO Receives $3.02 Million in Stock

Newspaper article St Louis Post-Dispatch (MO)

May's CEO Receives $3.02 Million in Stock

Article excerpt

Farrell's compensation package slips to $7.5 million, plus options, in 1996.

David C. Farrell, chief executive of May Department Stores, got $3.02 million in restricted stock last year, which boosted his total pay to more than $7 million.

But that still fell short of the $9.21 million he got in 1995. Compensation for Farrell and other top executives was disclosed in the proxy statement for this year's stockholder meeting, which is scheduled for May 23. At the meeting, shareholders will vote on a resolution designed to discourage May's patronage of sweatshops. The Southern Regional Joint Board of the the Union of Needletrades, Industrial and Textile Employees says that May has been "implicated repeatedly in worker abuse and sweatshop scandals." The union wants May to review conduct standards at factories that produce the clothing its stores sell, to be sure the vendors are complying with fair labor standards and to improve its own monitoring procedures. The union, which owns 37 shares of May stock, said that Thai garment workers in California identified May as the buyer of clothing made at a factory in El Monte, Calif., where the workers were held captive under threat of rape or murder and were paid as low as 50 cents an hour. May opposes the resolution and says it had not bought merchandise from the El Monte plant. Alleged abuses at another plant had stopped before the factory produced clothing for May, the company said. May also said it requires vendors to certify that they and any third-party vendors have complied with labor laws, regulations and codes, including laws relating to child labor and prison labor. Last year, the company adopted a statement of principles on supplier legal compliance developed by the National Retail Federation, the proxy says. Another shareholder resolution asks May to start electing all directors every year. …

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