pension benefits of $159 million had set a record for "the largest pension on file for a current executive of a public company, and almost certainly the largest ever in corporate America." A study in 2012 by GMI Ratings, which tracks executive pay, found that 60% of CEOs at S&P 500 companies have pensions, and their value averages $11.5 million. On June 29, 2013, The New York Times reported on research findings suggesting that "despite years of public outcry against such deals, multimillion-dollar severance packages are still common", and they continue to become "more complex and opaque". Arguments for and against Support Proponents of golden parachutes argue that the parachutes provide benefits to stockholders: Make it easier to hire and retain executives, especially in industries more prone to mergers. Help an executive to remain objective about the company during the takeover process, and possible loss of position after takeover. Dissuade takeover attempts by increasing the cost of a takeover, often part of a poison pill strategy. It helps the CEO to implement long-term targets thereby increasing revenue of the organisation (Mapetuse 2018) Opposition While critics have pointed out that: Dismissal is a risk in any occupation, and executives are already well compensated. Executives already have a fiduciary responsibility to the company, and should not need additional incentives to stay objective. Golden parachute costs are a very small percentage of a takeover's costs and do not affect the outcome. Benefits create perverse incentives. See also Golden handcuffs Golden handshake Golden umbrella Poison pill References Business terms Executive compensation Mergers and acquisitions Termination of employment