Report: Equity Awards Drive Growth in S&P 500 CEO Compensation

CEO compensation continues to climb across corporate America. In the S&P 500, median CEO pay reached $17.5 million in 2026, up 63% from $10.7 million in 2017. From 2025 to 2026, median pay rose 6%.

Equity and performance-based awards are driving much of that growth. Since 2021, median performance-award values have increased 46% in the S&P 500, compared with a 16% increase in base salary.

The study also finds a sharp rise in personal and home security benefits for CEOs. Among S&P 500 CEOs, 34% now receive security benefits, nearly double the 18% reported in 2024.

“Executive security is increasingly a business risk and duty-of-care issue, rather than an executive benefit. As risks to senior leaders become more visible, boards need to consider how these arrangements are governed and where the line falls between business necessity and personal benefit,” said Andrew Jones, author of the report and Director of The Conference Board Governance & Sustainability Center.

These findings come from a new report by The Conference Board, produced with ESGAUGE and FW Cook. The analysis is based on Russell 3000 and S&P 500 proxy statements through September 13, 2026.

CEO Pay

Reported total CEO compensation has climbed more than 60% since 2017.

• S&P 500: Median CEO pay reached $17.5 million in 2026, up 63% from $10.7 million in 2017.
  • From 2025 to 2026, median pay rose 6%.
• Russell 3000: Median CEO pay reached $7.1 million, up 68% from $4.2 million in 2017.
  • From 2025 to 2026, median pay rose 7%.

Equity awards are growing much faster than salaries.

• S&P 500: Since 2021, median performance-award values have risen 46%, compared with a 16% increase in base salary.
• Russell 3000: Performance-award values have risen 51%, compared with a 16% increase in salary.

Russell 3000 CEO pay jumped by double digits in several sectors.

• Consumer Staples: Median CEO pay rose 25% from 2025 to 2026.
• Financials: Median CEO pay rose 22%.
• Utilities: Median CEO pay rose 16%.
• Technology: Median CEO pay was essentially unchanged.

“The growth in CEO compensation is being driven much more by equity and incentives than by salary. Companies are using equity to emphasize performance, long-term value creation and retention. For compensation committees, the challenge is ensuring that awards and outcomes remain aligned with company strategy and performance,” said Dana Etra, Managing Director at FW Cook.

CEO Security and Other Benefits

CEO personal and home security surges, especially at America’s largest companies.

• S&P 500: Personal and home security is now reported for 34% of CEOs, up from 18% in 2024.
• Russell 3000: Security is now reported for 11% of CEOs, more than double the 5% reported in 2024.
• Largest companies: Among Russell 3000 companies with at least $50 billion in annual revenue, 60% of CEOs now receive personal and home security benefits.

Personal use of corporate aircraft also remains a defining feature of large-company CEO packages.

• S&P 500: Personal aircraft use is reported for 48% of CEOs, up from 43% in 2025.
• Russell 3000: Personal aircraft use is reported for 17% of CEOs, up from 15% in 2025.

Shareholder Support

Shareholders overwhelmingly supported CEO pay packages, even as compensation increased.

• Russell 3000: 76% of companies received at least 90% shareholder support for their say-on-pay proposals, up from 72% in 2025. Fewer than 1% failed.
• Exceptional awards: Some unusually large CEO awards drew significant opposition.
  • For example,Warner Bros. Discovery received just 15.6% support after reporting $165 million in CEO compensation that included a special option award.

“Shareholder support for executive pay remains strong across the broader market. When companies depart from their regular compensation programs, however, the data show the importance of providing investors with clear context around those decisions,” said Umesh Tiwari, Executive Director of ESGAUGE.

Women CEOs

Women are nearing 10% of S&P 500 CEOs.

• S&P 500: Women now hold 9.3% of CEO roles, up from 6% in 2021.
• Russell 3000: Women hold 7.7% of CEO roles, also up from 5.9%.

Gaps remain in the leadership pipeline. Women are underrepresented in key CEO pipeline roles.

• Leadership pipeline: Women make up about 20% of non-CEO senior executives in both indexes, but only about 14–17% of CFOs and COOs—roles that often serve as pathways to the CEO role.

Reported CEO pay differences between women and men are small.

• S&P 500: In 2026, median CEO pay is $17.8 million for women and $17.5 million for men.
• Russell 3000: Median CEO pay is $7.7 million for women and $7 million for men.