Why shareholders don't complain

Mystified by the failure of big shareholders like mutual funds and pension funds to complain about the ever-rising executive pay at companies they invest in? Look at the latest proxy statement of Waddell & Reed Financial, a mutual fund company from Overland Park, Kansas, that has investments totalling $34bn. It shows that chief executive Keith Tucker's pay package for 2000 might be worth as much as $71.1m. That would be the number if Waddell & Reed's stock rises at an annual average of 10% over the life of the options he was granted. If the shares gain 5% a year, Tucker's gain would be ...