One of the first CEO-pay disclosures from a major U.S. company shows a ratio of top-executive compensation to regular-employee compensation of 333 to one.

In a recent preliminary proxy filing with the Securities and Exchange Commission, aerospace and industrial company Honeywell International Inc. HON, -0.96% said that in fiscal 2017, the annual total compensation of the employee identified as at the median of the company was $50,296.

The company said it identified that “median employee” by following SEC rules and analyzing compensation for its more than 143,000 employees globally.

Since the company had two CEOs in 2017, it elected to select Darius Adamczyk’s compensation as he was the active CEO at the end of the year.

Adamczyk joined in April 2017 after long-time CEO David M. Cote left the post to become executive chairman. In the filing, Honeywell said the CEO earned $16.7 million in total annual direct compensation, including a $1.4 million base salary.

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“Based on this information, for 2017, the ratio of the annual total compensation of Mr. Adamczyk, our Chief Executive Officer, to the median of the annual total compensation of all employees was estimated to be 333 to 1,” the company said in the filing.

Cote, now the company’s executive chairman, earned $16.9 million in total annual direct compensation, including a base salary of $901,000.

The U.S. regulators finalized the rule requiring public companies to disclose the ratio of compensation of its chief executive to the median compensation of its employees in August 2015.

The rule was mandated by the Dodd Frank act of 2010, and does not apply to smaller companies, “emerging growth” companies, and others. Companies were required to comply for their first fiscal year on or after January 2017, which means that more ratios will be disclosed as companies file their proxies.

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The Portland, Ore., City Council has adopted a surtax to be added this year to the city’s business tax for those companies where the CEO-employee ratio is more than 100 to 1, with a higher surtax if the ratio is equal to or above 250 to 1.

The left-leaning Institute for Policy Studies calculated that the CEO-pay ratio was at its highest around the year 2000, when it stood at 525 to 1. It was closer to 347 to 1 last year, said the think-tank.

“This new pay ratio data is long overdue and will be put to good use by shareholders, workers, consumers, and policy makers interested in narrowing our country’s economic divide,” said Sarah Anderson, an analyst with the IPS and the director of the institute’s Global Economy Project.

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