April 14 (Reuters) - U.S. chief executives’ median compensation rose nearly 13 percent in 2014, mainly driven by increases in pension value, according to advisory firm ISS.
The median pay for CEOs in the Connecticut area rose the most at 38.7 percent, while those in the San Francisco saw their median pay increase by 19.5 percent. The median increase for CEOs in the Washington DC area was 15.4 percent.
The median pay for CEOs in the Denver area rose the least at 2.3 percent.
CEOs of the 98 New York City area corporations that have filed so far received an increase of 12.3 percent.
“Among firms that use equity compensation, the median grant date value of stock awards - most of which were allocated in late 2013 or early 2014 - increased by 11.9 percent thanks in part to optimism resulting from strong 2013 stock market performance,” said John Roe, head of advisory at ISS.
The average CEO pay totaled about $6.43 million in 2014, compared with $5.54 million for the previous year, ISS said.
Excluding pension changes, the median increase in total CEO compensation was 7.2 percent, according to ISS, which analyzed companies reporting financials through April 13.
The advisory firm’s study covered more than one-third of Russell 3,000 companies where the CEO’s tenure lasted a minimum of two years. (Reporting by Rohit T. K. in Bengaluru; Editing by Saumyadeb Chakrabarty)