In a filing moments ago with the U.S. Securities and Exchange Commission, Corporate disclosed the following:
On April 7, 2011, the Executive Compensation Committee of the board of directors of Gannett affirmed its commitment to pay-for-performance and transparency in executive compensation by announcing its intention to do the following on a going forward basis:
On April 7, 2011, the Executive Compensation Committee of the board of directors of Gannett affirmed its commitment to pay-for-performance and transparency in executive compensation by announcing its intention to do the following on a going forward basis:
- At least 50% of the equity awards (based on number of shares) granted annually to the Company’s “named executive officers,” as defined under the rules of the U.S. Securities and Exchange Commission (“SEC”), will be performance-based equity awards that are earned or paid out based on the achievement of performance targets; and
- The performance criteria measured and the difficulty of their achievement will be disclosed in the proxy statement for each annual meeting of shareholders during the measurement period in accordance with applicable SEC regulations.
It is the second point -- including "the difficulty of their achievement" -- that appears to be the substance of the change in disclosure.
Today's SEC filing comes as investors across Corporate America this spring are voting for the first time on a non-binding advisory vote over approval of executive compensation plans. And it follows the disclosure March 24 that the board doubled Chairman and CEO Craig Dubow's 2010 pay to $9.4 million, including the value of stock options and other stock awards.
Today's SEC filing comes as investors across Corporate America this spring are voting for the first time on a non-binding advisory vote over approval of executive compensation plans. And it follows the disclosure March 24 that the board doubled Chairman and CEO Craig Dubow's 2010 pay to $9.4 million, including the value of stock options and other stock awards.
Are they going to get their bonuses only if they increase the clicks they bring in?
ReplyDeleteWhat is the reason for this? Is it that corporate realizes they can't get the stock back up to the $80 level, and so are mapping out a campaign to get additional cash from straight bonuses.
ReplyDeleteSeems like there should be a clause that says any money added to the bottom line via layoffs and furloughs should be capped at a very low percentage of the target amount. Instead, the goal should be to meet or beat the budget by innovating and growing the business.
ReplyDeletePerformance? a-ha hahahahahahahahahahahahahaha! (gasping for breath) hahahahahahahahahahaha! Seriously, "re-purpose that money in to raises for the workers in the trenches. If people want to know why public employees fear movuing to a "merit pay" model, it's because the people at the top take all the merit pay for themselves.
ReplyDeleteDon't give those five stooges a dime extra.
correction: moving
ReplyDeleteI understand they're in the running for another bonus as well: A one-way trip to Hell.
ReplyDeleteThey are looking for the possible bonuses they could get. I think that was harsh decision. They are just doing the things anything without knowing the benefits of others.
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