The Corporate Library’s Female CEO Pay Survey 2009 is based on compensa􀆟on data from more than 3,300 companies listed on United States exchanges.

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2. The Corporate Library’s
Female
CEO Pay
Survey
2009
By Greg Ruel, Research Associate
October 2009
$125
© 2009 The Corporate Library, LLC. All rights reserved. No part of this publication may be
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3. The Corporate Library’s Female CEO Pay Survey 2009

4. Execu�ve Summary
The Corporate Library’s Female CEO Pay Survey 2009 is based on compensa�on data
from more than 3,300 companies listed on United States exchanges. Excluded from the
study were companies with CEOs who had not served for the full 12 months of the latest
fiscal year because of promo�ons, appointments, or resigna�ons, as well as companies
which did not report CEO compensa�on in a proxy filing during the period from August
2008 through June 2009, reducing this number to 2,704 companies. Compensa�on for
only 78 female CEOs was available for the study compared to 2,625 males, with one
individual’s gender undeterminable based on a review of proxy statements. This means
that women make up only about 3 percent of CEOs in the study. The overall number and
percentage of female CEOs in the 2009 study is nearly iden�cal to our study from 2008,
when 80 female chief execu�ves comprised slightly less than 3 percent of CEOs in the
group.
In The Corporate Library’s 2009 CEO Pay Survey, released in September 2009, we
concluded that CEO compensa�on had declined for the first �me since we began our
annual series of pay surveys in 2002. This report will compare male and female CEO
pay in order to determine differences in overall compensa�on and the various pay
components of which it is comprised. Addi�onally, we compare a matched sample subset
of CEOs on the job for the whole of the last two years in order to calculate changes in
pay.
Comparisons between male and female pay can be complicated. In addi�on to
represen�ng only 3 percent of our CEO popula�on, women also tend to be sta�oned
at smaller companies. For example, there are 47 female CEOs in the Russell 2000 as
opposed to only 22 in the Russell 1000. Similarly, there are 22 female CEOs among S&P
SmallCaps in our sample but only 13 in the S&P 500. These figures suggest that women
are more likely to serve as CEO at companies of smaller market capitaliza�on, where
earning poten�al is typically lower. Other factors to consider when comparing male and
female CEO pay include industry representa�on, tenure, and performance. As discussed
throughout this report, each of these factors can affect the total realized compensa�on
sum received by these execu�ves.
© 2009 The Corporate Library, LLC 3

5. Key findings of the survey include:
• At the median, female CEOs earned $40,000 more in base salary than
male CEOs.
• On average, men’s discre�onary bonus amounts were more than 3.5
�mes larger than women’s.
• On average, men’s perquisite payments are nearly twice the amount
received by women, though the difference is negligible at the median.
• On average, female CEOs earned 80 percent of what male CEOs made
in annual compensa�on (excluding equity), but just 58 percent of what
males earned in realized compensa�on (including value from op�ons
exercise and the ves�ng of shares). At the median, females earned 91
percent of male annual compensa�on and 78 percent of male realized
compensa�on.
• On average, realized compensa�on in 2008 was $4.8 million for men,
but $2.8 million for women. At the median, men earned $1.7 million
compared to $1.3 million for female CEOs.
• Mar�ne A. Rothbla� of United Therapeu�cs Corpora�on is the only
female CEO among the top 150 earners of 2008 in total realized
compensa�on.
• In our matched sample analysis, female realized compensa�on declined
by a median of 18.5 percent compared to 6.1 percent for male CEOs,
though female annual compensa�on saw a slight increase compared to a
slight decrease for males.
• On average, total realized compensa�on in the S&P 500 was $13.7 million
for men and $7.4 million for women CEOs.
• At the median, female CEOs in the S&P 500 out-earned males in terms of
annual and realized compensa�on. 2008 median annual compensa�on in
the S&P 500 was $3.2 million for women and $2.5 million for men. Total
realized compensa�on was $7.6 million at the median for females in the
S&P 500 as opposed to about $6.6 million for males. Thus, while very few
women (only 13) lead S&P 500 companies, those that do receive above-
median compensa�on for that index.
4 © 2009 The Corporate Library, LLC

6. Methodology
Source Data
Compensa�on data for over 3,300 companies was examined for the purposes of the
survey, drawn from proxy statements filed in the U.S. between August 2008 and June
2009 for CEOs who served a full 12-month term. For the most part, this data reflects
compensa�on received during the 2008 fiscal year, though occasionally, the fiscal year
end may fall in early 2009.
Defini�ons of Compensa�on
The Corporate Library primarily uses two measures of compensa�on: total annual
compensa�on (which excludes equity compensa�on) and total realized compensa�on
(which includes equity, but measures it by actual market values at the �me of ves�ng or
exercise, rather than by accoun�ng es�mates).
Total annual compensa�on includes:
• base salary
• bonus
• non-equity incen�ve compensa�on
• all other compensa�on (perquisites and benefits)
Total realized compensa�on includes:
• total annual compensa�on
• change in pension and non-qualified deferred compensa�on (NQDC)
• value realized on exercise of op�ons
• value realized on ves�ng of other equity
• any payments from a vested re�rement benefit plan
Because of this way of handling equity compensa�on, our total realized compensa�on
represents compensa�on that has actually been received by the CEO, rather than
any no�onal es�mates, accoun�ng costs, or other uncertain�es. For this reason, The
Corporate Library’s figures will differ from those of many other commentators and pay
survey producers. Our figures also differ from the total summary compensa�on figures
provided by companies in the proxy statement’s Summary Compensa�on Table, which
represents an accoun�ng cost, rather than actual compensa�on received or receivable.
While other figures have value for certain purposes, The Corporate Library con�nues
to be more interested in outcomes rather than inputs, real compensa�on rather than
es�mated compensa�on.
Table 1 compares the full sample of male and female CEOs on the basis of individual pay
components and in terms of dollar amounts received for the 2008 fiscal year. Though
the female sample is much smaller, there are nonetheless notable differences in the way
male and female CEOs are compensated. The maximum column alone illustrates this,
with females earning maximum salaries, bonuses, perquisites and total compensa�on at
a frac�on of the amounts earned by males.
© 2009 The Corporate Library, LLC 5

7. Full Sample Analysis
Table 1: 2008 Compensa�on—All CEOs (Source: The Corporate Library)
Count Minimum 25th Percen�le Median Mean 75th Percen�le Maximum
Base Salary Male 2,625 $426,602 $600,000 $677,478 $875,000 $8,100,000
Female 78 $150,000 $443,390 $640,000 $686,330 $860,217 $1,503,366
Bonus Male 2,625 $241,886 $14,316 $76,951,000
Female 78 $66,176 $3,042,000
NEIC Male 2,625 ($299,624) $124,373 $598,355 $687,473 $18,590,000
Female 78 $149,626 $509,637 $634,600 $5,186,075
All Other
Male 2,625 ($10,231,206) $13,666 $42,947 $174,929 $133,900 $45,927,900
Compensa�on
Female 78 $16,032 $42,962 $90,962 $154,912 $708,696
Total Annual
Male 2,625 ($7,831,206) $637,646 $1,029,470 $1,690,819 $1,841,870 $79,726,817
Compensa�on
Female 78 $287,326 $606,959 $933,002 $1,353,104 $1,621,303 $6,650,241
Total Realized
Male 2,625 ($4,640,149) $846,664 $1,722,985 $4,808,293 $4,117,457 $702,440,573
Compensa�on
Female 78 $287,326 $739,359 $1,348,710 $2,800,075 $3,350,520 $21,825,700
Contrary to a recent trend among high-profile male CEOs, no female CEO forfeited her
base salary in 2008 or reduced it to a dollar, resul�ng in a minimum of $150,000 in
salary for all females in the sample. At the median, female CEOs earned $40,000 more
in base salary than males did in 2008. On average, that difference is reduced to less
than $9,000, but this is hardly a surprise as the male maximum is more than five �mes
that of the maximum female base salary. There are also 58 male CEOs making more in
salary than the highest salaried female, which is likely to inflate the average. S�ll, female
CEOs had higher median and average base salaries than males in both 2007 and 2008. In
2007, women earned 3.6 percent more than men in base salary at the median and 0.68
more on average. In 2008, those figures increased to 6.7 percent at the median and 1.3
percent on average, indica�ng that female CEOs are effec�vely nego�a�ng compe��ve
base salaries compared to their male peers, and even exceeding males in terms of
median amounts for consecu�ve years. However, when it comes to less guaranteed
components of pay such as the discre�onary bonus, there is a clear separa�on of the
sexes.
The bonus column of the summary compensa�on table is reserved primarily for
discre�onary bonuses, or those independent of weighted performance metrics and
targets. Only 26 percent of all CEOs in our sample received a bonus in 2008; this
represents 22 percent of female CEOs compared to slightly more than 26 percent of
males. Though males are only about 4 percent more likely than females to receive a
discre�onary award, men’s bonuses were, on average, more than three and a half �mes
the amount of women’s bonuses. Indeed, 65 percent of the discre�onary bonuses
awarded to females were under $200,000, as opposed to only 37 percent under that
total for males. Clearly, any leverage women have in base salary nego�a�ons does not
extend to discre�onary bonuses.
6 © 2009 The Corporate Library, LLC

8. The median non-equity incen�ve compensa�on (NEIC) cash bonus for female CEOs
was a full 20 percent higher than that of males, though lower on average, at the upper
quar�le and at the maximum. Fi�y-eight percent of females received an NEIC cash bonus
in 2008 compared to 55 percent of male CEOs surveyed, meaning that women were 3
percent more likely than men to receive a bonus when the payment was a result of a
pre-determined formula, as is the case with NEIC bonuses. However, 24 percent of the
cash bonuses awarded to females were $1 million or more, compared to 32 percent of
men’s NEIC bonuses. Simply put, while a higher percentage of female CEOs received NEIC
bonuses in 2008, and females earned more at the median, the male cash bonus was
much more likely to be at least a million dollars in total value.
All other compensa�on shows li�le difference at the median, though the average level of
the men’s perquisites is nearly twice that of females. There are tremendous fluctua�ons
in all other compensa�on amounts for males, from a minimum value of nega�ve $10
million due to the nega�ve accoun�ng value of share-based equity awards for John J.
Lipsinki of CVR Energy, Inc., to a maximum of almost $46 million for Mario J. Gabelli of
GAMCO Investor, Inc. By contrast, the lowest all other compensa�on amount received
by a female CEO is simply zero, and Lorna Nagler of Christopher & Banks Corpora�on
was the only female CEO surveyed to receive more than half a million dollars in all other
compensa�on (she received $708,696).
Female CEOs earned about 91 percent of what males earned in median annual
compensa�on ($1,029,470 for males and $933,002 for females) and 78 percent of what
males earned in median realized compensa�on ($1,722,985 for men and $1,348,710
for women) in 2008. In 2007, female CEOs earned about 88 percent of male median
annual compensa�on amounts and 85 percent of male realized compensa�on earnings.
On average in 2008, female CEOs made 80 percent of what male CEOs made in annual
compensa�on ($1,690,819 for males and $1,353,104 for women) and just 58 percent of
average male realized compensa�on ($4,808,293 for men and $2,800,075 for women).
In 2007, women also earned 80 percent of male annual pay on average, but earned
much more in average realized compensa�on at 76 percent of what males earned. The
disparity in realized compensa�on indicates a broader separa�on in pay when profits
from stock op�on exercises and vested restricted stock are factored in, which could be
at least par�ally explained by performance. Average return vs. peers for the 78 females
surveyed is -16.7 percent over the last one-year period and -19.6 percent over the last
three-year period, but a posi�ve return of 17.5 percent vs. peers over the last five-year
period. If more female-run companies delivered returns that are below peer averages in
the short term, this could par�ally explain lower total realized compensa�on when pay is
compared to males.
© 2009 The Corporate Library, LLC 7

9. CEO tenure could also be a factor in the realized compensa�on difference. For instance,
the average tenure for female CEOs surveyed was 7.3 years as opposed to an average
of 8.7 years for males. This compares to similar averages in 2007, when the average
female CEO had been in office 7.5 years, compared to a male average of 9.3 years. This
is likely to be a contribu�ng factor in males earning more than females in total realized
compensa�on, as there are addi�onal long-term equity gains in the form of stock op�on
exercises and vested restricted stock that become realized over that increased service
�me of about a year and a half on average.
Table 2 shows the top 10 highest paid female CEOs of 2008 in terms of total realized
compensa�on. In 2007, eBay, Inc. CEO Margaret Whitman earned nearly $117 million in
stock op�on profits upon resigning as chief execu�ve. This liquida�on of op�ons resulted
in her inclusion on our top ten highest compensated CEOs of that year. In 2008, no
female CEO came close to penetra�ng the top 10 in terms of total realized compensa�on.
In fact, no female ranked in the top 80.
8 © 2009 The Corporate Library, LLC

10. The Top 10 Earning Female CEOs of 2008: Realized Compensa�on
Table 2: 2008 Top 10 Female CEOs (Source: The Corporate Library)
Total Realized
Company Name CEO Name Industry
Compensa�on
United Therapeu�cs Corpora�on Mar�ne A. Rothbla� Ph.D. Pharmaceu�cals $21,825,700
Avon Products, Inc. Andrea Jung Consumer Products $13,916,408
TJX Companies, Inc. (The) Carol M. Meyrowitz Retail $12,782,791
Xerox Corpora�on Anne M. Mulcahy Photographics $10,987,553
PepsiCo, Inc. Indra K. Nooyi Beverages Nonalcoholic $10,765,395
Reynolds American Inc. Susan M. Ivey Tobacco Products $10,309,669
Kra� Foods Inc. Irene B. Rosenfeld Ph.D. Food Products $8,399,059
Ventas, Inc. Debra A. Cafaro Real Estate Investment Trusts $7,600,514
Alaska Communica�ons Systems Group, Inc. Liane J. Pelle�er Communica�on Services $6,940,423
AnnTaylor Stores Corpora�on Katherine Krill Retail Apparel $5,251,592
A few comparisons illustrate the differences between the overall top 10 highest paid
CEOs of 2008 and the top 10 highest paid female chief execu�ves. Mar�ne A. Rothbla�
of United Therapeu�cs Corpora�on earned just under $22 million in 2008, roughly 3
percent of the more than $702 million in realized compensa�on accrued by Stephen
Schwarzman of The Blackstone Group L.P., the highest overall earner in our 2009 CEO
Pay Survey. Realized compensa�on earned by Dr. Rothbla�, 90 percent of which was
comprised of stock op�on profits, was the 84th highest amount accrued by all CEOs in
our study. She is also the only female CEO among the top 150 earners of 2008. Each
female CEO to earn at least $5.25 million in realized compensa�on is represented on
this top 10 list; in contrast, a CEO had to earn more than $70 million to make it into the
overall top 10. Indeed, 21 percent of male CEOs earned at least $5 million in realized
compensa�on, compared to just 14 percent of female CEOs.
The only industry represented more than once in the female top 10 is retail, whereas the
overall top 10 was 70 percent comprised of petroleum execu�ves enriched by climbing
share prices in the industry. The only female CEO in our pay survey sample who headed
a petroleum company in 2008 was Cindy B. Taylor of Oil States Interna�onal, Inc., an
S&P SmallCap company. In her second year as CEO, she earned $1.4 million in realized
compensa�on.
Interes�ngly, the only discre�onary bonus earned by a female CEO in this top 10 was
a bonus of $22,500 paid to Dr. Rothbla� at United Therapeu�cs Corpora�on, based
on performance in the first half of 2008. Compare this to the overall top 10, where six
out of 10 CEOs received a discre�onary bonus. The lack of discre�onary bonuses is
accompanied by a lack of lucra�ve perquisites for females in the top 10, again evidenced
by Dr. Rothbla�, who despite being the highest paid female CEO of 2008, earned just
$16,000 in perquisites. In fact, Anne M. Mulcahy of Xerox Corpora�on, at $470,764, was
the only CEO in this list to earn more than $215,000 in all other compensa�on. Indeed,
the median amount in perquisites for the female top 10 is just $158,973. This compares
© 2009 The Corporate Library, LLC 9

11. to a median of $921,421 in perquisite amounts for the overall top 10. For example,
three CEOs in the overall top 10 earned aircra� usage reimbursements averaging
$609,755. Three of the female top 10 earned aircra� usage reimbursement as well, but
at an average of only $116,564. Not a single female in this top 10 list received any type
of security reimbursement, as is some�mes policy at companies with high execu�ve
compensa�on. In the overall top 10, three CEOs received security reimbursement in the
amounts of $1.4 million, $575,407 and $279,662.
Matched Sample Analysis
Included in The Corporate Library’s 2009 CEO Pay Survey is a matched sample analysis,
calcula�ng changes in pay for a matched sample of 2,062 CEOs who were on the job
for the whole of the last two years. It is from this smaller sample that changes in CEO
compensa�on are calculated, in order to compare pay changes by gender. We discovered
that total annual compensa�on for our en�re matched sample declined by a median of
just less than one-tenth of a percentage point from 2007 to 2008. The median decrease
in total realized compensa�on was greater, with a median change of -6.38 percent. With
these figures in mind, the data was then broken down further in order to compare male
and female CEOs’ compensa�on changes. Chart 1 below represents a sample containing
59 female CEOs and 2,003 male CEOs in office for all of the last two years.
Chart 1: 2007/2008 Fiscal Year CEO Median Pay Changes (Source: The Corporate
Library)
10 © 2009 The Corporate Library, LLC

12. Base salary increases were slightly larger for the males in the sample, about 4.5 percent
for men and 4 percent for women. The median annual compensa�on decline was less
than one-tenth of a percentage point for our en�re matched sample, as discussed in our
2009 CEO Pay Survey; this number is different when factoring in gender. While male CEO
annual compensa�on was down almost a tenth of a percentage point, female CEO annual
compensa�on actually increased by nearly two-tenths of a percentage point. The most
notable difference, however, is the change in total realized compensa�on. Male CEOs had
a realized compensa�on decline of 6.1 percent compared to a decline of 18.5 percent for
females.
Realized compensa�on does fluctuate a certain amount annually based upon when a
CEO chooses to exercise in-the-money stock op�ons as well as when restricted stock
vests. Realized compensa�on is also significantly affected by stock price, as a steep
decline can render stock op�ons underwater or reduce op�on profits, and restricted
stock awards can become less valuable than intended when granted. When factoring
in stock price declines, the industry affilia�ons of female CEOs could be a key factor in
determining why CEOs’ total realized compensa�on declined by a mul�ple of three �mes
more for women than for men in 2008.
In our 2009 CEO Pay Survey, we calculated median pay changes by industry from 2007
to 2008 for this matched sample of CEOs. In five industries among the 100 examined,
realized compensa�on increases for CEOs were at least 40 percent, including Alcoholic
Beverages, Farm Products, Hospitals, Jewelry and Video Rental. Aside from Video
Rental, these were all successful industries for CEOs in 2007 as well, with total realized
compensa�on increases of 27 percent to 46 percent per industry. However, there isn’t a
single female CEO in any of these industries.
There were an addi�onal six industries where CEOs registered at least a 25 percent
increase in compensa�on, including Automo�ve Services, Farm Equipment, Paint &
Coa�ngs, Petroleum & Coal Services, Rail Transporta�on and Tex�les. Aside from
Automo�ve Services and Paint & Coa�ng, these industries were also profitable for CEOs
in 2007, with realized compensa�on of 20 percent to 74 percent across these industries.
There was, however, only one female CEO surveyed from any of these industries,
Veronica Hagen of Polymer Group, a tex�le company. All four industry categories
associated with petroleum—Extrac�on, Equipment, Products and Services—saw median
increases in total realized compensa�on of at least 16 percent for 2008. These four
industries included just one female in our sample, compared to 161 males. There were,
however, three female CEOs in Retail Apparel, where sampled CEOs saw a realized
compensa�on decline of about 30 percent, and another four female CEOs in Restaurants,
where realized compensa�on declined about 40 percent from 2007 to 2008. It would
appear that a certain amount of the realized compensa�on discrepancy could be chalked
up to industry membership—that is, women CEOs primarily worked in industries that
were nega�vely impacted by the financial crisis and other economic developments, not
in industries that have prospered over the last couple of years.
© 2009 The Corporate Library, LLC 11

13. 2008 Compensa�on by Gender in the S&P Indices
One final vehicle for gender comparisons is a look inside the S&P indices, where
compensa�on trends noted throughout the report are largely repeated. The following
chart displays average amounts of 2008 pay for 1,288 male CEOs and 43 female CEOs
from the S&P 500, S&P MidCaps, and S&P SmallCaps.
Chart 2: 2008 S&P Indices Average Compensa�on by Pay Compenent (Source: The Corporate
Library)
Base Salary Bonus NEIC All Other
Compensa�on
Female CEOs out-earned their male counterparts in the S&P 500 in terms of base salary
by about 8 percent on average in 2008, up from last year when females earned about 2.9
percent more in salary. In 2008, men earned 3.7 percent more on average in base salary
at S&P MidCaps, though it was females who earned nearly 9 percent more on average
in 2007. At S&P SmallCap companies, men earned 8 percent more in base salary than
females compared to 2007, when they earned roughly 1 percent more in salary. Since
we have established that base salaries are climbing across our en�re coverage universe,
these differen�als likely have more to do with sample changes among the few women
surveyed rather than any significant policy changes.
Discre�onary bonus amounts for female CEOs are lower than male amounts across the
board and virtually non-existent for women at S&P MidCaps. Bonus amounts for S&P
500 male CEOs were 165 percent higher than females, $628,373 for males compared
to only $236,692 for females. The difference at the MidCap level is more substan�al,
with males taking home $174,358 on average and females just $2,813, though MidCap
12 © 2009 The Corporate Library, LLC

14. figures incorporate just eight female CEOs. At S&P SmallCaps, which has the largest
concentra�on of female CEOs in our S&P sample at 22, the female bonus was 211
percent less for females ($43,000 for women compared to $133,783 for men).
Female S&P Midcap CEOs earned a 24 percent higher NEIC bonus than males on average,
but the differen�al shrinks to less than 1 percent in the S&P 500. In the S&P SmallCap
index, which has the largest concentra�on of female CEOs in the S&P Indices, male NEIC
bonuses were 89 percent higher than females on average, which could be a byproduct
of performance or of target-se�ng policy. All other compensa�on is most similar at
S&P SmallCaps, where males earn only about 2 percent more in perquisite payments
than females. At S&P Midcaps, perquisite payments were 64 percent higher for men on
average and at S&P 500 companies, men earned about 96 percent more in perks. There
is li�le doubt that at the biggest companies in the country, women do not see the level
of perquisites that men receive.
Chart 3 below illustrates average annual and realized compensa�on by gender in the S&P
for 2008.
Chart 3: 2008 S&P Indices Average Total Compensa�on (Source: The Corporate Library)
Total Annual Compensa�on Total Realized Compensa�on
© 2009 The Corporate Library, LLC 13

15. In the S&P 500, male CEOs earned about 14 percent more than females in average
annual compensa�on but a full 84 percent more in realized compensa�on. These
numbers are down from last year, when S&P 500 males earned 22 percent more in
annual compensa�on and 117 percent more in realized compensa�on. Indeed, 2008
average total realized compensa�on was $13,674,504 for male CEOs in the S&P 500 and
$7,431,511 for females. In 2007, male CEOs in the S&P 500 earned $15,310,000 in realized
compensa�on on average compared to $7,045,000 for females. At the MidCap level,
female CEOs earned 5 percent less than male CEOs in terms of annual compensa�on,
and roughly 4 percent less in realized compensa�on on average in 2008. This is also an
improvement over 2007, when S&P MidCap males earned 8 percent more in annual
compensa�on and about 90 percent more in total realized compensa�on on average.
Again, the year-to-year percent changes are due at least in part to changes in sample
and the rela�vely few female CEOs surveyed, as well as the changes in market cap
classifica�on a�er the deple�on of much shareholder value in the wake of the financial
crisis. At SmallCap companies in 2008, female CEOs earned 35 percent less in annual
compensa�on, and 72 percent less in realized compensa�on on average compared to
males. In 2007, women CEOs earned 19 percent less in annual compensa�on and only 17
percent less in realized compensa�on compared to men at SmallCap companies.
MidCap companies show the closest alliance between male and female pay, with women
earning only 5 percent less than men in annual and realized compensa�on. However,
there were only eight female CEOs in this MidCap analysis. The highest-earning female
CEO of 2008, United Therapeu�cs Corpora�on founder, chairman and CEO Mar�ne
A. Rothbla�, is among this group. Her stock op�on profits of nearly $20 million were
enough to inflate the average female realized compensa�on for the set, where realized
compensa�on for females fell more typically in the $1 million to $5 million range. At the
median for MidCap companies, men earned about 3 percent more than women in annual
compensa�on and almost 9 percent more in realized compensa�on. The la�er figure
is perhaps more representa�ve of the disparity in pay between the genders, as stock
op�on profits for each female CEO other than Dr. Rothbla� were less than $1 million in
2008.
There are 13 female CEOs in the S&P 500, none of whom earned $14 million in total
realized compensa�on for 2008. By comparison, 25 percent of the 438 male CEOs in
the S&P 500 made at least $14 million in realized compensa�on. While males certainly
make more than females on average, median figures for companies surveyed show
females out-earning males in the S&P 500. Female CEOs earned nearly 27 percent more
in 2008 annual compensa�on than males ($3.2 million for women compared to $2.5
million for men). Female CEOs also made about 15 percent more than men in realized
compensa�on: $7.6 million for women and just under $6.6 million for males. Unlike
the average S&P 500 sta�s�cs, which factor in the large bonuses, perquisites and
$100 million realized pay packages found at some of the na�on’s largest corpora�ons,
median sta�s�cs show women out-earning men in 2008. In 2007, when we examined a
similar set of S&P 500 CEOs, women out-earned men in median annual compensa�on
by a margin of $3,295,000 to $3,205,000, or 2.8 percent. Despite earning more in
annual compensa�on, females made 64 percent less in median realized compensa�on:
14 © 2009 The Corporate Library, LLC

16. $9,318,000 for males and $5,678,000 for females. For the 507 S&P SmallCap companies
surveyed, 22 of which had female CEOs, annual compensa�on for males was 15 percent
higher than females at the median compared to a 35-percent differen�al favoring men
in average annual compensa�on. Median realized compensa�on shows males earning 23
percent more than females, while male average realized compensa�on was 72 percent
higher. Only 9 percent of female SmallCap CEOs earned $3 million or more in realized
compensa�on for 2008, compared to 24 percent of the male CEOs in the index, indica�ve
of the disparity in pay noted in these average and median figures.
Conclusion
There are s�ll very few women CEOs, and they s�ll make less than men do, but this
is partly because women chief execu�ves tend to have shorter tenures, lead smaller
companies, and work in industries which have fared less well in the recent economic
climate. As women become more broadly accepted at the top levels of American
business, these differences may lessen, though the percentage of females occupying
the CEO role does not appear to be on the increase currently. At the same �me,
an examina�on of compensa�on policy at companies run by the 10 most highly
compensated women CEOs suggests that certain features of poor compensa�on
governance—including large discre�onary bonuses and generous perquisite alloca�ons—
may be less prevalent at companies with female CEOs. It is beyond the scope of this
study to assess whether this superior compensa�on governance is in fact present at
the majority of women-led companies, and if it is, whether such policies are to any
degree related to gender or of other factors which currently happen to coincide with
female leadership (such as industry affilia�on or market capitaliza�on). It might also be
instruc�ve to know whether the compensa�on commi�ees at women-led companies
tend to differ in any respect from those at the popula�on generally (for instance,
whether they are more likely to include women). Other areas of future research related
to gender pay differen�als could include differences in male and female CEO employment
history, career trajectories, and stock ownership.
© 2009 The Corporate Library, LLC 15

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