Google continues to demonstrate its particular brand of goofy-yet-financially sound thinking, as the company indicated
in a proxy filing
yesterday. CEO Eric Schmidt and co-founders Sergey Brin and Larry Page will collect $1 in salary for 2006, just as
they did for 2005. According to the filing, "Their primary compensation continues to come from returns on their
ownership stakes in Google. As significant stockholders, their personal wealth is tied directly to sustained stock
price appreciation and performance, which provides direct alignment with stockholder interests."
(On
a multiples basis, however, they might have the highest bonuses anywhere; Brin was paid $1,723 in bonus, with Schmidt
and Page collecting a tidy $1,630, over 1600 times their annual salaries!)
Google also announced that the
company intends to forgo dividends to its shareholders "in the foreseeable future."
Google co-founders, CEO keep $1 salary for 2006
Posted Apr 1st 2006 4:22PM by Sarah Gilbert
Filed under: SEC filings, Management, Insiders, Google (GOOG)
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