MASSEYLAND - Blankenship Now Gets $24 Million, Stockholder Wants Political Disclosure

(04/21/2008)

Massey Energy's Chief Executive Don Blankenship's compensation has soared more than 35 percent. Blankenship's 2007 salary, bonus and perks, including use of a company-owned house, has topped $23.7 million, according to the Securities and Exchange Commission. Blankenship's was paid about $17.5 million in 2006. Massey's profit more than doubled to $94.1 million in 2007. The net profit was $41 million the previous year. Massey joins several hundred national and multi-national corporations that pay their CEO's wages in excess of $15 million annually. With the political activities of Blankenship again in the spotlight, a Massey Energy Co. shareholder is pushing for greater disclosure of the coal producer's spending in that arena. Massey's board opposes such disclosure. "Our board of directors is confident that our political contributions align with our long-term interests and thus does not believe a special report detailing those decisions is either necessary or an efficient use of our resources," the company said in a message to shareholders. The stockholder filed for disclosure with the U.S. Securities and Exchange Commission after the media reported millions of dollars spent on the campaign of Supreme Court Justice Brent Benjamin. Disclosures in a federal lawsuit revealed that Blankenship's spending topped $3.8 million during that election cycle.

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