{"id":44229,"date":"2023-08-03T22:04:01","date_gmt":"2023-08-04T02:04:01","guid":{"rendered":"https:\/\/ifintechworld.com\/news\/as-hollywood-strikes-continue-unions-call-out-excessive-ceo-pay-we-need-to-look-at-what-theyre-doing-with-executive-compensation\/"},"modified":"2023-08-03T22:04:03","modified_gmt":"2023-08-04T02:04:03","slug":"as-hollywood-strikes-continue-unions-call-out-excessive-ceo-pay-we-need-to-look-at-what-theyre-doing-with-executive-compensation","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=44229","title":{"rendered":"As Hollywood strikes continue, unions call out excessive CEO pay: \u2018We need to look at what they\u2019re doing with executive compensation\u2019"},"content":{"rendered":"
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\n \u201c<\/span>\u201cWe really think it\u2019s important that when companies tell us they can\u2019t afford it or it doesn\u2019t work for their business model that we need to look at what they\u2019re doing with executive compensation and actually call them out for the inconsistency and hypocrisy that that reflects.\u201d\u201d<\/span>\n <\/p>\n


\n \u2014 Duncan Crabtree-Ireland, SAG-AFTRA<\/span>
\n <\/small><\/p><\/div>\n<\/p><\/div>\n

As striking Hollywood writers and actors ask for higher wages and assurances around the use of artificial intelligence, one of their leaders on Thursday joined the AFL-CIO in unveiling the union alliance\u2019s annual report on executive pay. <\/p>\n

SAG-AFTRA National Executive Director and Chief Negotiator Duncan Crabtree-Ireland said during a virtual news conference highlighting Paywatch, this year\u2019s report and website from the AFL-CIO, that the issue of excessive compensation among media and entertainment executives \u201chas really come to the forefront especially when you have CEOs who are telling us it\u2019s \u2018unrealistic\u2019 to demand things like minimum-wage increases that account for inflation when you could see\u2026 they\u2019re not worried about the impact of inflation\u2026 for themselves.\u201d<\/p>\n

\n

He was referring to recent comments by Disney
\n DIS,
\n -0.94%<\/bg-quote>
\n CEO Bob Iger, who recently said during a television interview about the Hollywood strikes that \u201cthere\u2019s a level of expectation that [writers and actors] have that is just not realistic.\u201d<\/p>\n

See: <\/strong>SAG president Fran Drescher hits back at Disney CEO Bob Iger\u2019s strike comments<\/p>\n

This year\u2019s AFL-CIO report, which is based on companies\u2019 publicly reported executive compensation for 2022, shows that chief executives of S&P 500 companies received an average $16.7 million in total compensation last year. The average pay of the CEOs of the entertainment companies that are members of the Alliance of Motion Picture and Television Producers was higher: $35 million, according to Brandon Rees, the AFL-CIO\u2019s deputy director of Corporations and Capital Markets, during the news conference.<\/p>\n

Meanwhile, the average hourly pay for an actor in the U.S. was $36.06 in May 2022, according to the most recent government data.<\/p>\n

From our archives (April 2022): <\/strong>Why do bosses like the \u2018Pity City\u2019 CEO seem so out of touch?\u00a0The growing CEO-to-worker pay gap may offer a clue.<\/p>\n

The Paywatch report also highlighted the overall CEO-to-worker pay ratio last year, which was 272-to-1. <\/p>\n

\u201cWe think it\u2019s particularly important to be aware of the role of CEO pay in economic inequality as these CEOs are rushing to implement artificial intelligence in their business models,\u201d Rees said. \u201cAnd the question is: Are we going to use artificial intelligence to raise working people\u2019s living standards and make working people more productive by giving them a voice in how artificial intelligence is used in the workplace?\u201d<\/p>\n

Hollywood writers and actors have mentioned their concerns about the effects of AI on their work, and the AFL-CIO stressed Thursday that that concern cuts across most industries.<\/p>\n

\u201cPerformers are being asked to sign away the rights to their own likeness as a condition of employment so that the studios can add to their profits by digitally creating new content without them,\u201d said AFL-CIO Secretary-Treasurer Fred Redmond at the news conference. \u201cWriters not writing. Actors not acting. And their fight is our fight.\u201d<\/p>\n

For their part, the studios and streaming services represented by AMPTP have said that their AI proposal \u201cprotects performers\u2019 digital likenesses, including a requirement for performer\u2019s consent for the creation and use of digital replicas or for digital alterations of a performance.\u201d In the case of writers, the AMPTP has said it is committed to discussing AI issues with the Writers Guild of America. <\/p>\n

See: <\/strong>Netflix criticized for posting AI jobs paying up to $900,000 while writers and actors are on strike<\/p>\n

Also: <\/strong>Actors, writers, hotel housekeepers and grad-student workers are all striking for the same reason<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u201c\u201cWe really think it\u2019s important that when companies tell us they can\u2019t afford it or it doesn\u2019t work for their business model that we need to look at what they\u2019re doing with executive compensation and actually call them out for the inconsistency and hypocrisy that that reflects.\u201d\u201d \u2014 Duncan Crabtree-Ireland, SAG-AFTRA As striking Hollywood writers […]<\/p>\n","protected":false},"author":1,"featured_media":44230,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[236],"tags":[83],"class_list":["post-44229","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-news","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nAs Hollywood strikes continue, unions call out excessive CEO pay: \u2018We need to look at what they\u2019re doing with executive compensation\u2019 | iFintechWorld<\/title>\n<meta name=\"description\" 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