Corporate Governance

2022 Corporate Governance and Executive Compensation Survey - 20th Annual

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Shearman & Sterling LLP 87 | CEO Pay Ratio Pay Ratios Less than 100:1 100:1 – 199:1 200:1 – 299:1 300:1 – 399:1 400:1 – 499:1 500:1 – 699:1 700:1 – 899:1 Over 900:1 74 of the Top 100 Companies used the same median employee as the prior year The CEO pay ratio rules permit companies to use the same median employee for up to three years. This year we saw an increase in pay ratios above 400:1; however, most CEO pay ratios remained below 400:1. 2022 represented the fifth proxy season that companies were required to disclose the ratio of CEO pay to pay of the median employee. 31 6 22 14 7 5 3 12 Data CEO Pay Ratio

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