SL Green Realty responded to criticism that its executive compensation package is overly generous, saying that the $16.4 million payday for CEO Marc Holliday was justified by the real estate investment trust’s superior performance.
On May 22, Institutional Shareholder Services, an advisory and corporate governance firm, recommended that SL Green shareholders vote against ratifying the REIT’s compensation to named executive officers at the company’s annual meeting June 4. SL Green, the city’s largest commercial landlord, opted to pay Holliday $16.4 million in 2014, a nearly 30 percent year-over-year increase from $12.7 million in 2013. It also decided to pay President Andrew Mathias $11 million, an 18 percent year-over-year bump. [more]