Since 2023 the SEC has required every proxy statement to tag what the CEO was paid alongside what shareholders actually earned, and alongside the return of a peer group the company picks itself. We read those tags from 3,053 companies' filings and rank them by the gap. Two figures appear for pay: the headline total, and the SEC's mark-to-market number that revalues unvested equity at year end — the one that falls when the stock falls.
The peer group is chosen by the company, not by us and not by a regulator. A company that selects flattering peers will look better here, and that choice is itself disclosed in the proxy.
A negative gap does not mean the CEO was overpaid; pay is set before the year is known. It means the money and the outcome pointed in different directions, which is the fact the disclosure rule was written to expose.
Only companies paying over $1.0M are ranked — below that a percentage gap is arithmetic noise rather than a finding.
Source: U.S. Securities and Exchange Commission (EDGAR) and other official
government data · Updated 2026-09-04 ·
For informational purposes only, not investment advice.
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