Vanguard boss paid over $10 million in a year: report

Bill McNabb, CEO of Malvern-based Vanguard Group, which invests nearly $4 trillion in clients' money, "received $10 million to $15 million in compensation for 2015," according to unnamed "people familiar" with the company's practices, Bloomberg's Anders Melin writes here.

Vanguard, which has urged hundreds of the big U.S. companies it owns 5% of through its index and actively-managed funds, has told them to pay bosses “sensible compensation tied to performance.”

Publicly-traded companies' top 5 executives' cash, stock and in-kind compensation has been publicly disclosed since 1993 in annual reports to shareholders and the Securities and Exchange Commission.

But as a private, for-profit company, Vanguard doesn't disclose its own pay -- and hasn't since it reorganized its funds under Maryland law in the 1990s.

In the mid-2000s when he was on the board, Vanguard paid in the bottom 10% of large U.S. companies, Princeton finance prof. Burton "Random Walk" Malkiel told me here.

Another interesting question: how much is Vanguard Group Inc. worth as a business?