It’s proxy season. Insider reads these dreary documents so you don’t have to.  Three things from Clear Channel Outdoor’s 2020 proxy statement.

The board: 33% women and 89% outsiders.

Women account for 33% or 3 of the company’s 9 board seats versus an average of 25% of board seats for a typical S&P 500 company.  Fund and investment execs account for 3 positions, followed by media (2), ad agency (1), tower (1), data (1) and management (1).   The ad agency and data board members make sense in a brave new world of data and attribution.  The tower exec makes sense because Clear Channel would like to lease billboard space  to tower companies.  8 of 9 board members are caucasian.  Only one board member – William Eccleshare – is an insider.  This is a good thing.  The iHeart/Clear Channel Outdoor board was 71% controlled by insiders and we know how that turned out.

Who makes what.

Here’s a list of who’s made what at Clear Channel Outdoor for the past three years.  We’ve included all compensation (salary, bonuses, incentive plan).  You can see that salary only accounted for about 20% of the compensation of Clear Channel Outdoor’s top execs.

Eccleshare retention bonus and a pay cut.

In a March 30, 2020 press release, Clear Channel Outdoor said it was temporarily cutting William Eccleshare and Scott Wells salaries by 30% as part of post Covid-19 liquidity steps.  Don’t feel too badly for Eccleshare.  According to the proxy, Eccleshare was paid a bonus retention payment of $875,000 in January 2020 which will cover 8.4 months of reduced salary.

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