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Disparity in CEO compensation extends to ag sector: Head of food processing company pockets more than combined net income of more than 3,300 farmers
(Wednesday, Oct. 9, 2002 -- CropChoice news) -- Keith Dittrich, president of the American Corn
Growers Association (ACGA) and a corn farmer from Tilden, Neb., today
revealed that the disparities in CEO compensation, when compared to the incomes of
ordinary American workers, extends well past the financial, communications and
manufacturing sectors. "It has been reported by several news organizations
the that annual compensation of current CEO of ConAgra Foods Inc. exceeded
$11 million. That is about equal to the combined average net income from
farming operations for farm households that will be realized by over 3,300
American farmers this year. We are not opposed to anyone making a decent living,
but when the average American farm household can expect less than $10 a day
this year for their labor, management and investment, we must ask where are the
priorities of this nation?"
According to reports by the Associated Press, ConAgra's CEO, Bruce Rhode,
made four times more in total compensation this year than last. ConAgra's
profits reportedly increased by 23 percent over the same period. "While at the
same time, the U.S. Department of Agriculture has projected a 21-percent
decrease in net farm income this year and the net income for farm households from
on-farm sources is projected to be $3,274 - or about $8.97 per day."
Citing an economic analysis by Dr. Daryll E. Ray, Institute of Agriculture,
University of Tennessee, Dittrich said that, in constant dollars, 2002 would
be the third worst year for the farm economy in 68 years. "Only twice since
1934 has net farm income been this bad, and that is just the forecast. I
predict the situation could be much worse, especially for farmers and ranchers
facing natural disasters for the second year in a row."
"This is why we need Congress to pass, and President Bush to enact,
disaster relief for America's farm families prior to the Congressional election
recess," said Dittrich. "We urge swift action on HR 5383, the 'Emergency
Agricultural Disaster Assistance Act of 2002.' This important legislative
initiative would provide for emergency assistance for crop losses incurred due to
drought and other natural disasters during both the 2001 and 2002 crop years,
including devastating quality losses such as aflatoxin in this year's corn in
multiple geographic locations."
The American Corn Growers Association represents 14,000 members in 35
states. See http://www.acga.org | |
