Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Governance Compensation topic
No spam. Unsubscribe anytime.
Board approves 3% CEO pay increase after brief debate over timing and comparator data
Summary
Board approved a 3% salary increase for the chief executive officer based on the board’s evaluation; a member moved to defer the decision pending an independent compensation survey but the motion to defer failed and the salary increase passed by voice vote.
The Washington State Investment Board approved a 3% salary increase for the chief executive officer during the meeting’s open session after the board returned from executive session.
The administrative committee chair moved the increase "based on our most recent salary survey" and on a favorable CEO performance evaluation. A board member (identified in the transcript as Speaker 22) argued the board policy requires an independent compensation survey every two years and moved to defer any salary adjustment until the board was in compliance; that motion failed for lack of a second. The proffered 3% raise was discussed in open session, including a request for clarity about the market comparators and the size of the proposed pay change; one member noted the estimated pay increase would bring total compensation near the highest comparators mentioned in the meeting materials.
After discussion the chair called a voice vote; the chair announced "the ayes have it" and the motion was adopted. The transcript records both pro and con views in debate but does not include a roll‑call tally; the action was implemented in open session and the chair announced the motion carried.
