Shareholder Activists Target "Golden Coffins"

Shareholder activists have targeted various types of what they consider excessive executive compensation including golden parachutes and golden corporate jets. Now they're after "golden coffins" or big payouts to the families of top executives should they die in ofice.

Forty-two percent of shareholders at Johnson Controls, a Wisconsin maker of automobile and power products, supported a resolution to require a shareholder vote on a golden coffin proposal for executive death benefits.
Similar other votes are likely on golden coffins at 13 other firms by the AFL-CIO, labor-related Amalgamated Bank and other groups. An upcoming contest will be at Shaw Group which holds its annual meting Jan. 28.

Golden coffins became issues about two years ago when federal rules were changed that required more information be released about a firm's plans. Some of the payouts would indeed be large. Brian Roberts of Comcast would get $298.1 million if he dies in office and Roger Iger of Disney would get $62.4 million.