Queen Victoria commissioned a celebratory painting of Manchester, citadel of the Industrial Revolution, which featured factories billowing sunlit pillows of smoke. Today we might forgive this romantic view of pollution as rooted in the ignorance that the smoke was a regrettable toxic byproduct that poisoned countless people in England.
Yet today, such misplaced celebration of industrial ills persists in the promiscuously large paychecks awarded to energy company executives. That’s according to a report just released by the Institute for Policy Studies.
“Money to Burn,” authored by Sarah Anderson, a veteran CEO compensation observer, critic and reform activist, surveys and analyzes executive pay at the leading fossil fuel companies. She finds that executive pay at the 30 largest firms average $14.7 million, about 10 percent more than average pay for CEOs at the S&P 500. But Anderson exposes a dystopian dynamic. “Our contemporary executive pay incentives . . . directly encouraged the reckless behavior of Wall Street executives that led to the 2008 financial crisis,” she writes. “These same misplaced incentives are today encouraging the recklessness of fossil fuel executives — and deepening our global climate crisis.”