PERKS OF THE WORK

Top executives of 14 public companies in the Spokane region were paid a combined $25.7 million last year. New rules requiring public companies to disclose in much detail how executives are paid showed a variety of perks and incentive plans meant to retain leaders. They include car allowances, club memberships and dues, and moving expenses costing tens of thousands of dollars.

The new disclosure rules were meant to inform investors — in clear language — about the money paid to corporate leaders. In some instances the rules provide clarity. Yet the disclosures also resulted in legal verbosity.

It took Avista Corp., for example, more than 25 pages to explain who it paid, how much, and why. A year earlier the compensation disclosures took 11 pages.

Of the 14 chief executive officers, Dennis C. Pence, the co-founder of Sandpoint-based Coldwater Creek topped the list with 2006 compensation of $3.8 million.

His salary was a flat $1 million; however the value of his company-sponsored pension grew by $2.5 million.

Including the pension value change is a departure from pay disclosures of years past, leading some to suggest that the new disclosures exaggerate annual pay.

Avista disclosed that CEO Gary Ely was paid $3.3 million in 2006, an amount that included a $510,404 gain in pension value.

Two other executives earned in excess of $3 million last year. They include Sterling Financial Corp. co-founder and CEO Harold Gilkey, with $3.2 million; and new Potlatch Corp. CEO Michael Covey, with $3.6 million.

The lowest paid on the list was Randall Fewel, the CEO of Northwest Bancorporation who was awarded pay totaling $262,948.

The average pay was about $1.8 million.

By comparison, the average Spokane worker earned about $36,000, according to state labor statistics.