IN 2008 and 2009, the giant companies in many sectors froze or reduced their executives’ salaries. According to the salary survey conducted every year by the Wall Street Journal, in 2009 the salaries and bonuses of CEOs in the 200 largest companies in America fell by 8.5 percent.
The decline was sharper in Britain. According to a survey by PwC, one in six of the executives at the Financial Times Stock Exchange (FTSE) 100 companies did not receive any bonus at all. In total, executives’ bonuses fell by 20 percent. Half of the companies in the FTSE 350 froze their executives’ salaries.
Coming to the sectors with the highest executive salaries… In the world as a whole, the sectors which come to the fore in salaries are finance, information technology and energy. According to a study by the independent research company The Corporate Library, the highest-earning executive in the world is Stephen Schwarzman, the CEO of the financial services giant Blackstone. In 2008, Schwarzman’s total salary was $702.44 million. Oracle CEO Lawrence Ellison ranks second amongst those who earn the highest salary. In 2008, Ellison earned $557 million. Third in the list comes Ray Irani, the CEO of the energy company Occidental Petroleum. Irani ranks third in the list with $222.64 million. The rankings are believed to have been the same in 2009.
The sectors with the highest executive salaries in Turkey follow the same pattern as those in the world as a whole. The sectors which pay high level executives the most are led by finance, telecoms, pharmaceuticals, fast-moving consumer goods, logistics and information technology.
In the banking sector, high level executives earn an average of between TL 600,000 and TL 2,500,000, well ahead of all the other sectors in Turkey. In telecoms, where there has been intense competition in recent years, the average salary starts at around TL 900,000 and rises to TL 1.5 million at the giants of the sector. The fact-moving consumer goods sector is generous towards executives. The average salary here is between TL 400,000 and TL 1 million.
There are wide salary differences at the giant holdings in Turkey. Holding CEOs earn an average of between TL 600,000 and TL 1.5 million.