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The J&J Board's Compensation & Benefits Committee obviously takes its Credo responsibilites very seriously, judging by this line in its 'philosophy' statement from the latest Form DEF 14A (Definitive Proxy Statement):
“In assessing the executive officers’ contributions to the Company’s performance, the Committee not only looks to results-oriented measures of performance, but also considers how those results were achieved — whether the decisions and actions leading to the results were consistent with the values embodied in the Credo — and the long-term impact of an executive officer’s decisions. ” (italics mine)

I'm sure that explains why it just awarded an outrageous $28.7 million in total 2010 compensation award to its illustrious leader, the Chairman & CEO. Thanks largely to the $1.6 million cut in his bonus, that was a mere $2.1 million less than the $30.8 million he equally richly deserved for 2009. And – I kid you not – they gave him 100% of his long term awards, nicely gift-wrapped in a 3% merit increase for his truly meritorious 2010 performance.

Naturally, the Committee opens its review of Weldon's performance thus:
“The Board believes that Mr. Weldon generally met expectations during 2010, a year with many successes and very visible challenges.”

Last time I checked, J&J's Credo, the gold standard in corporate responsibility statements, was crystal clear : 'Our first responsibility is to our <customers>'

Which means the Board, all honourable men and women, I'm sure, is reading off a very different Credo than the one that made this one of the world's most admired companies.

“So are they all, all honourable men”
(Mark Antony, describing Caesar's assassins: Julius Cæsar. Act iii. Sc. 2. )
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