June HCM Viewpoint. Options, ever less an option in compensation strategy?
|
|
- Esmond McCarthy
- 5 years ago
- Views:
Transcription
1 June 0 HCM Viewpoint Options, ever less an option in compensation strategy?
2 Widely accepted as the market practice until the late 90 s, Option Plans have lost their popularity. This is due to several good reasons, including inherent valuation complexity, low perceived value for the participant, weak retention element and potential dilution, as regularly pointed out by opponents. In this HCM Viewpoint, we explain a Market practice: Regulatory pressure squeezes options out of business An analysis of the Top 00 companies in Switzerland and the Global 0 companies internationally, shows that ever less companies continue to use Stock options today, for both executive compensation and board compensation. As far as executive compensation is concerned the trend is to use Shares and Performance shares in particular, mainly due to the long-term performance component and the leverage effect often from an operative measure the latter provides. This observation is in line with the Proxy advisors Performance shares most important tool for management, Blocked shares for board members In addition, the impact of the dilution effect inherent to the issuance of Stock options is important as the level of conditional capital is increasingly being scrutinized by investors. In the last four AGM sessions amongst the Swiss Top 00 companies, the increase of conditional capital with regard to employee share-based plans was rejected in 0 proven solution to solve the dilution impact issue, the use of Net Share Settlement. In addition, we discuss the advantages of alternatives to Option Plans, such as Blocked shares or Performance shares, as ways to better align, retain and motivate board members and employees. typical recommendations that performance conditions should be embedded in compensation plans. Board members compensation on the other hand should not be tied to similar operating measures as management s compensation, but rather look at the long-term value creation of the company. This is primarily the reason why Proxy advisors recommend board members compensation not to be performancebased and why they generally ban option-based compensation for non-executive board members. percent of the cases. In addition, Proxy advisors, in an attempt to track the overall cost of remuneration plans, sometimes also set clear guidelines with regard to the level of conditional capital. Ethos, for example, recommends in its Proxy Voting Guidelines that the capital reserved for executive incentive plans should not exceed % of issued capital. There are alternatives to solve the issues Identified Issues Dilution effect Executive compensation Board members compensation Potential remedies Use of Net Share Settlement Use of Performance shares Use of Blocked or HCM Hostettler & Company
3 LTI instruments at Swiss Top 00 companies Executive Committee Board of Directors Debt instruments / carried interests Deferred cash Blocked shares Performance shares Stock options Vested options Unblocked shares Blocked shares Performance shares Stock options Figure : Recent trend in LTI design used by Top 00 companies in Switzerland LTI instruments at Global 0 companies Executive Committee Board of Directors Debt instruments / carried interests Vested options Deferred cash 8 6 Unblocked shares 0 6 Blocked shares 4 4 Blocked shares Performance shares 9 9 Performance shares Stock options Stock options 03 0 Figure : Recent trend in LTI design used by Global 0 companies Study based on the publicly disclosed remuneration reports of the top 00 listed companies in Switzerland. Study based on the publicly disclosed remuneration reports of 0 European and US companies, which are components of the STOXX Europe Large 00 Index and STOXX USA 0 Index. HCM Hostettler & Company 3
4 Neat way: Net Share Settlement A Net Share Settlement allows a company to reduce the dilution impact generated through the issuance of Stock options, while preserving the value for the employee and enabling him to keep an ownership incentive, which a simple cash-settlement would not allow. How does it work? Instead of exercising the options by paying the strike price and receiving an equivalent number of shares, an employee receives an amount of shares equivalent to the intrinsic value of his options without having to first pay the Strike Price. That way, the company ultimately needs to provide less shares to the employee, reducing the level of its conditional capital, while the employee s net worth remains the same. Our experience shows that, within reasonable assumptions and market conditions, using a Net Share Settlement enables a company to reduce its level of conditional capital to one third. Net Share Settlement: Paying the intrinsic value with stocks Stock price CHF 00 CHF 0 CHF Intrinsic value of the option Year Current Situation: In 0, the Employee is granted 3 options with a Strike Price of CHF 00. At expiration (00), the stock is worth CHF 0. Standard Settlement: Employee pays the Strike Price of CHF 300 and receives 3 shares worth CHF 40 with a net worth of CHF 0. «Net Share Settlement»: The Intrinsic Value of the option is paid out in stocks. The settlement for the transaction is calculated as follows: CHF 0 x 3 = CHF 0 / Stock Price = 0 / 0 = share The employee receives «only» share but he does not have to pay the Strike Price for it. Equivalent net worth for the employee Figure 3: Illustration of a Net Share Settlement Performance shares or Shares provide better incentive Given the high uncertainty around payout of Stock options, this instrument tends to suffer from a lower perceived value from participants. In addition, because the payout is asymmetric, the motivation, retention and alignment elements vanish when the options are deeply underwater and it becomes clear for the participant that it will be impossible to exercise them. As we can see in Figure 4, only when the overall performance is very positive, Stock options provide the highest payout, while Performance shares and Shares display a robust payout profile across a broader range of performance outcomes. 4 HCM Hostettler & Company
5 Payout in CHFk % 90% 8% 80% 7% 70% 6% 60% % 0% 4% 40% 3% 30% % 0% % 0% % Simulated share price at vesting in CHF / Statistical probability to achieve certain payout Restricted Share Units EBIT Driven Performance Share Units Stock Op ons Cash Equivalent 000 iterations, assuming a log-normal distributed share price based on a normal distributed annual return with a mean of 7.% and volatility of 34.0% (median historic volatility measured on a daily basis over 0-04, 3y rolling period); starting share price of CHF 80.0 (as of 0.0.0) and an expected dividend yield of.% (average 0-04), possible extraordinary dividend payouts and share buybacks are not taken into account for this example. Figure 4: Simulated payout for three basic alternatives: Performance Share Plan, and Option plan It s just not fun to be underwater In a Performance Share Plan, the number of shares an employee receives depends on the achievement of certain performance conditions (e.g., pre-defined EBIT or TSR level). The advantage of this instrument is that it incentivizes the outperformance through internal or external leveraging, while also keeping the motivation element of the instrument during periods of underperformance. It is therefore a useful and preferred incentive to motivate executives, while aligning their interests with those of the shareholders. Shares Performance shares Options Motivation Strengthened identification and ownership feeling Strengthened identification and ownership feeling Lower perceived value Retention Incentive more secured Service conditions in case of Reduced downside while keeping upside potential Only as long as not deeply out of the money Alignment Alignment given by ownership of shares Less embedded leverage Outperformance incentivized through internal and/or external leverage Strong alignment as long as the stock is not deeply underwater Asymmetric payoff can lead to higher risk-taking behaviors HCM Hostettler & Company
6 Share-based instruments better align and retain employees and board members Blocked shares are shares that are transferred to the participants at grant but blocked for a certain number of years. Because of this blocking period, the employee can typically benefit from a tax discount. are shares that are not fully transferrable until certain conditions (typically, continued employment during a Conclusion: No one size fits all Instruments such as Performance shares, Restricted shares and Blocked shares enable companies to overcome many of the issues faced by Option Plans. In some cases however, like for start-ups, fast-growing companies or companies relying on long-term technology development, the use of Option Plans can make sense. However, our certain period of time) have been met. The long-term alignment component with shareholders interests and the absence of performance leverage make both instruments appealing for the compensation of board members. experience shows that in compensation-related matters no single solution can fit all needs. It is therefore essential to address the company s culture, legacy, pay philosophy and pay strategy before starting the design of a compensation plan. ABOUT HCM HCM Hostettler & Company is a leading independent international advisory firm specializing in Governance, Finance, and Compensation with deep experience across various industries and in the advising of board, board committees, and HR, compliance and other control functions. HCM's partners, managers, consultants and analysts work in HCM s offices in Zurich, Geneva and Kiev, bolstered by our global partners in the US and Asia which allow us to reach all major markets and support companies of all sizes, from large multinationals and public institutions to mid-sized and smaller companies, including those preparing for an IPO. HCM is also active throughout Europe and in the Gulf countries. HCM is Chair of the Global Governance and Executive Compensation Network (GECN). HCM's mission is to support companies and other organizations tackle the ever important question: How to measure, steer and allocate value creation? We also cover risk and compliance as these also affect value. The "value question" is of core interest not only to Owners, Board of Directors and Senior Management, but also increasingly to institutional investors, proxy advisors, HR and control functions, regulators, and international standard setters. We have the expertise, passion, and closeness to leading market practices and stakeholder expectations to solve the most critical challenges of Corporate Governance and Board/Executive Compensation and their links to fundamental business topics such as company culture, owner strategy, business strategy, organizational structure, financial strategy, risk, compliance, regulation and communication. Our clients from multiple industries and from both the private and public sectors welcome our thought leadership, strategic and operational rigor, hands-on support and fact-based recommendations. Our advice is unbiased, practical and tailored to take into account the specific needs and culture of each of our clients. In the remuneration area, we cover the full value chain, from strategy, to governance framework, to implementation and communication. We support the successful alignment of incentives and their effective execution in line with the company s strategy and the regulatory and stakeholder requirements. We also have strong data mining and analytical capabilities and do risk-adjusted benchmarking as well as assessments for companies, public institutions, regulators and other parties, as well as help organizations prepare for such assessments. 6 HCM Hostettler & Company
7 ABOUT THE AUTHORS Dr. Stephan Hostettler has been active as an entrepreneur and consultant in Switzerland, the U.S, Europe and other international markets since 00. Prior to this, he worked in Switzerland for a major bank in the area of financial analysis and in the USA in consulting on corporate finance and corporate governance. Under his leadership, the consulting firm he founded has enjoyed sustained growth. His consulting work, his teaching at the University of St. Gallen, his research and publications, and his regular public commentary on current issues has established him as a thought leader on incentive compensation and value-based management. He holds a doctorate degree in finance. He is the author, among others, of the books "Das Value Cockpit" and "Managersaläre". Stephan.Hostettler@hcm.com Raphaël Lambin has over four years of professional experience in the fields of corporate governance, compensation, corporate finance and asset management. Before joining the team, Mr. Lambin worked for a Private Equity house where he was in charge of sourcing and analyzing investment opportunities in the Luxury Goods, Renewable Energy and Biotechnology areas. Mr. Lambin is a CFA Charterholder and holds a Master of Science in Finance from the universities of Lausanne, Geneva and Neuchâtel and a Bachelor in Business Administration from HEC Montréal (Canada). Raphael.Lambin@hcm.com HCM Hostettler & Company 7
8 Worldwide Offices * Offices in Switzerland: HCM International Ltd. Muehlebachstrasse 3/ CH-8008 Zurich Phone international@hcm.com HCM Schweiz AG Muehlebachstrasse 3/ CH-8008 Zurich Phone zurich@hcm.com HCM Compensation Insights & Technology AG 8 rue des Charmilles CH-03 Genève Phone geneva@hcm.com *including partner firm offices
Value Creation and Market Valuation: Measuring Performance in the Banking Sector of the Gulf Region
December 2017 HCM Viewpoint Value Creation and Market Valuation: Measuring Performance in the Banking Sector of the Gulf Region hcm.com Introductory Note Banks in the Gulf region have been gaining in importance
More informationExecutive Compensation in Privately Owned Businesses: How It s the Same and How It s Very Different
Executive Compensation in Privately Owned Businesses: How It s the Same and How It s Very Different Don Delves, Director, Willis Towers Watson June 6, 2017 2017 Willis Towers Watson. All rights reserved.
More informationHYDRO ONE S PROPOSED NEW COMPENSATION FRAMEWORK
HYDRO ONE S PROPOSED NEW COMPENSATION FRAMEWORK Prepared by: Hydro One Limited for public consultation Submitted for consideration and approval to the Province of Ontario Management Board of Cabinet in
More informationReport of the Board of Directors on the proposals for the compensation of the Board of Directors and of the Executive Board
Report of the Board of Directors on the proposals for the compensation of the Board of Directors and of the Executive Board Table of contents Overview 3 I. Governance Framework 4 II. Approvals of the Annual
More informationDecember Value Creation and Market Valuation: Measuring Performance in Eastern Europe
December 2016 Value Creation and Market Valuation: Measuring Performance in Eastern Europe ABOUT HCM HCM is a leading independent international advisory firm specializing in the strategic aspects of Governance,
More informationCompensation of Executive Board Members in European Health Care Companies. HCM Health Care
Compensation of Executive Board Members in European Health Care Companies HCM Health Care CONTENTS 4 EXECUTIVE SUMMARY 5 DATA SAMPLE 6 MARKET DATA OVERVIEW 6 Compensation level 10 Compensation structure
More informationEquity compensation in high-potential companies
www.pwc.ch/hrs People and Organisation Equity compensation in high-potential companies Everything you need to know in a nutshell May 2017 Contents 1 Introduction to long-term incentive plans 2 Case study:
More informationCompensation of the Board of Directors and the Executive Board
Compensation of the Board of Directors and the Executive Board Shareholder Information Summary Document Appendix to Agenda Item 5 of the Invitation of March 23, 2018 to the Annual General Meeting of Shareholders
More informationRemuneration statement 2018
Remuneration statement 2018 Letter from the Chair of the Personnel and Remuneration Committee Dear shareholders, The year 2018 marked Uponor s 100th anniversary. We held celebrations throughout the year
More informationMaking Predictive Modeling Work for Small Commercial Insurance Risk Assessment
WHITE PAPER Making Predictive Modeling Work for Small Commercial Insurance Risk Assessment Best practices from LexisNexis Risk Solutions AUGUST 2017 Executive Summary While predictive modeling has proven
More informationBoard of Directors Report
Board of Directors Report on the approval of the remuneration for the Board of Directors and for the Executive Committee at the Annual General Meeting 2017 of Zurich Insurance Group Ltd Agenda item 5 Translation
More informationESG Policy & Process. 1. Overview and Philosophy
Wells Capital Management ESG Policy & Process Updated March 2018 1. Overview and Philosophy Through our independent and specialized investment teams, Wells Fargo Asset Management ( WFAM ) 1 brings together
More informationOver the last several years, we have witnessed
June 6, 2016 compensia.com Revisiting Relative TSR Over the last several years, we have witnessed a dramatic increase in the prevalence of equity awards with vesting tied to relative total shareholder
More informationThe value of equity-based compensation
The value of equity-based compensation VALUATION AND ACCOUNTING FOR TOTAL SHAREHOLDER RETURN (TSR) PLANS By David Howell and David Grubb Overview Performance-based equity compensation plans continue to
More informationCorporate Governance Principles
Excellence. Responsibility. Innovation. Principles, August 2016 Hermes EOS Corporate Governance Principles Japan For professional investors only www.hermes-investment.com Principles, August 2016 Introduction
More informationREMUNERATION REPORT REMUNERATION REPORT
REPORT The SGS carbon neutrality strategy contributes to minimizing the impact of business processes and operations on the environment. REPORT 91 The SGS Remuneration Report provides an overview of the
More informationTHE ACORD GLOBAL LIFE INSURANCE VALUE CREATION STUDY SPONSORED BY
THE ACORD GLOBAL LIFE INSURANCE VALUE CREATION STUDY SPONSORED BY June 2018 ABOUT ACORD CORPORATION ACORD, the global standards-setting body for the insurance industry, facilitates fast, accurate data
More informationCAP 100 Company Research
Industry Report // 2016-2017 CAP 100 Company Research The CAP 100 Company Research consists of 100 companies from 9 industries, selected to provide a broad representation of market practice among large
More informationflash Newsletter Issue #45 April 24, 2013
flash Newsletter Issue # April, Influence of Federal Reserve on Compensation Design in Financial Services An Analysis of Compensation Disclosures of Large Banking Organizations April By Eric Hosken and
More informationReport of the Board of Directors on the proposals for the compensation of the Board of Directors and of the Executive Board
Report of the Board of Directors on the proposals for the compensation of the Board of Directors and of the Executive Board Table of contents Overview 3 I. Governance Framework 4 II. Approvals of Annual
More informationResponsible Investment: Policies and Principles
Responsible Investment: Policies and Principles At Franklin Templeton Investments (FTI), responsible investment (RI) refers to the integration of environmental, social and governance (ESG) factors into
More informationCompensation. Remuneration governance
Compensation This section sets out our remuneration policies, how they have been implemented within Nokia, and includes our Remuneration Report where we provide disclosure of the compensation of our Board,
More informationAGM Notes to the Agenda
Notes to the Agenda for the Annual General Meeting of Koninklijke DSM N.V. to be held on Friday, May 3, 2013 NOTES TO AGENDA ITEM 2 Annual Report for 2012 by the Managing Board The Managing Board will
More informationTemenos delivers good results across all metrics and reaffirms full year guidance
Temenos delivers good results across all metrics and reaffirms full year guidance GENEVA, Switzerland, 22 October 2013 Temenos Group AG (SIX: TEMN), the market leading provider of mission-critical software
More informationIntroduction. The Assessment consists of: A checklist of best, good and leading practices A rating system to rank your company s current practices.
ESG / CSR / Sustainability Governance and Management Assessment By Coro Strandberg President, Strandberg Consulting www.corostrandberg.com September 2017 Introduction This ESG / CSR / Sustainability Governance
More informationExecutive and Board Remuneration in Finland Increasing regulation puts pressure on transparency requirements of executive remuneration
Executive and Board Remuneration in Finland 2015 17 Increasing regulation puts pressure on transparency requirements of executive remuneration Contents 01. About this report 4 02. Executive summary 6
More informationThe changing role of the management share plan in continental Europe Received: 11th August, 2003
The changing role of the management share plan in continental Europe Received: 11th August, 2003 Piia Pilv is a European partner in Mercer Human Resources Consulting. Based in the Netherlands, she leads
More informationExecutive compensation practices and performance. April 2018
Executive compensation practices and performance April 2018 TimkenSteel s board of directors recommendation Approval, on an advisory basis, of named executive officer compensation The following pages offer
More informationIntroduction. The Assessment consists of: Evaluation questions that assess best practices. A rating system to rank your board s current practices.
ESG / Sustainability Governance Assessment: A Roadmap to Build a Sustainable Board By Coro Strandberg President, Strandberg Consulting www.corostrandberg.com November 2017 Introduction This is a tool for
More informationANGLO-AMERICAN FIRMS & FINANCE IN TRANSITION EB434 ENTERPRISE + GOVERNANCE
ANGLO-AMERICAN FIRMS & FINANCE IN TRANSITION 15 EB434 ENTERPRISE + GOVERNANCE THE BOARDROOM why a board? Nemo solis satus sapit no one on their own is wise enough Wisdom, as well some checks and balances,
More informationCompensation Report. Dear clients, business partners and fellow shareholders,
Dear clients, business partners and fellow shareholders, As Chairwoman of the Nomination & Compensation Committee of the Board, I am pleased to present you with Partners Group s, covering the year ended
More informationIPO destination guide. Find the right market strategy to maximize value for your IPO or secondary listing
IPO destination guide Find the right market strategy to maximize value for your IPO or secondary listing IPO destination guide You ve decided to go public and now you need to map out all the necessary
More informationExecutive Compensation
Executive Compensation Bulletin Research Reveals Equity Award Practices at Companies Completing Private Equity-Backed IPOs Jacob O Neill, Scott Oberstaedt and Todd Lippincott, Towers Watson August 5, 2014
More informationRESTRICTED SHARES AS COMPENSATION: THE BENEFIT THAT BENEFITS ALL. Valuation Services
RESTRICTED SHARES AS COMPENSATION: THE BENEFIT THAT BENEFITS ALL Valuation Services VALUATION SERVICES Restricted Shares as Compensation: The Benefit that Benefits All Executive compensation continues
More information104 Swiss Re 2013 Financial Report
104 Swiss Re 2013 Financial Report Compensation Introduction Compensation Swiss Re s compensation framework is designed to promote long-term sustainable performance for the Group and its shareholders through
More informationThe UN Global Compact-Accenture CEO Study on Sustainability Global Insights with Special Focus: ASG (Austria, Switzerland and Germany)
The UN Global Compact-Accenture CEO Study on Sustainability 2013 Global Insights with Special Focus: ASG (Austria, Switzerland and Germany) September 2013 Background and context: study participants The
More informationAMP Bank Limited. Remuneration disclosures. For the period 1 January 2015 to 31 December 2015
Remuneration disclosures For the period 1 January 2015 to 31 December 2015 Remuneration disclosures for the year ended 31 December 2015 The remuneration disclosures have been prepared in accordance with
More informationS&P 1500 Board Profile: Board Fees (Part 1)
S&P 1500 Board Profile: Board Fees (Part 1) 2013 Featuring Commentary From: About Equilar Equilar is the leading provider of executive compensation and corporate governance data for corporations, nonprofits,
More informationAustralia and New Zealand Proxy Voting Guidelines Updates
2018-2019 Australia and New Zealand Proxy Voting Guidelines Updates Benchmark Policy Changes Effective for Meetings on or after October 1, 2018 Published September 28, 2018 www.issgovernance.com 2018 ISS
More information2018 Global Top 250 Compensation Survey
December 2018 2018 Global Top 250 Compensation Survey Compensation of Chief Executives and Chief Financial Officers 2018 Global Top 250 Compensation Survey FW Cook and FIT Remuneration Consultants, the
More informationReshaping the risk-reward balance in compensation
Corporate Risk Issue 2 Reshaping the risk-reward balance in compensation How companies outside the financial sector are responding to the new regulatory environment Following the 2007-09 financial crisis,
More informationBlackRock Investment Stewardship
BlackRock Investment Stewardship Global Corporate Governance & Engagement Principles October 2017 Contents Introduction to BlackRock... 2 Philosophy on corporate governance... 2 Corporate governance, engagement
More informationIDPN Advocate & Connect Webinar:
IDPN Advocate & Connect Webinar: A discussion on board earnings & trends on Director Compensation with Pearl Meyer Tuesday 16 May 2017 INSEAD International Directors Program Corporate Governance Network,
More informationCompensation in 2017 Looking forward on long-term incentives
Compensation This section sets out our remuneration governance, policies and how they have been implemented within Nokia and includes our Remuneration Report where we provide disclosure of the compensation
More informationQIAGEN Remuneration Report
QIAGEN Remuneration Report Sample to Insight Remuneration Report We are pleased to present our Remuneration Report for the financial year 2017. This report builds on the Remuneration Policy which was updated
More informationCompensation Report ANNUAL REPORT
Report 20 17 ANNUAL REPORT The purpose of Idorsia is to discover, develop and bring more, innovative medicines to patients. We have more ideas, we see more opportunities and we want to help more patients.
More informationApplying COSO s Enterprise Risk Management Integrated Framework. September 29, 2004
Applying COSO s Enterprise Risk Management Integrated Framework September 29, 2004 Today s organizations are concerned about: Risk Management Governance Control Assurance (and Consulting) ERM Defined:
More informationGOVERNANCE AND PROXY VOTING GUIDELINES
GOVERNANCE AND PROXY VOTING GUIDELINES NOVEMBER 2017 ABOUT NEUBERGER BERMAN Founded in 1939, Neuberger Berman is a private, 100% independent, employee-owned investment manager. From offices in 30 cities
More information31 March 2018 Audited Preliminary Results. 6 June 2018
31 March 2018 Audited Preliminary Results 6 June 2018 1 Presentation Team Euan Fraser Chief Executive Officer Stuart McNulty UK Chief Executive Officer John Paton Chief Financial Officer Has led Alpha
More informationChristopher A. Rea, CRPS. Corporate Retirement Director Financial Advisor
Christopher A. Rea, CRPS Corporate Retirement Director Financial Advisor 101 California Street 3rd Floor, San Francisco, CA 94111 415-693-6063 / MAIN 862-210-6072 / FAX https://fa.morganstanley.com/christopher.rea
More informationEPS Insight Broad-Based Employee Share Plans in Australia
EPS Insight Broad-Based Employee Share Plans in Australia Equity Plan Solutions August 2017 Part of Link Group Corporate Markets Contents In this edition 4 Key Information 5 Tax Exempt Gift Plans 6 Tax
More information6 March LIC RESEARCH - L1 Long Short Fund Ltd. Recommended. About the manager. Our Opinion. Phone
Phone 1300 980 849 Email research@tradingequities.com.au LIC RESEARCH - L1 Long Short Fund Ltd 6 March 2018 Recommended The L1 Long Short Fund is looking to raise a minimum of $100m (and maximum of $600m)
More informationTecan Group Ltd, Maennedorf. Report of the Statutory Auditor on the compensation report to the General Meeting of Shareholders
Tecan Group Ltd, Maennedorf Report of the Statutory Auditor on the compensation report to the General Meeting of Shareholders KPMG AG Zurich, 11 March 2016 KPMG AG Audit Badenerstrasse 172 P.O. Box Telephone
More informationProxy Voting Report. Rabobank Pensioenfonds. Period: January 01, March 31, Votes Cast 1522 Number of meetings 124
Rabobank Pensioenfonds Proxy Voting Report Period: January 01, 2017 - March 31, 2017 Votes Cast 1522 Number of meetings 124 For 1345 With management 1370 Withhold 3 Against management 152 Abstain 0 Against
More informationTransparency. Inclusiveness. Global Expertise.
Frequently Asked Questions on U.S. Compensation Policies March 28, 2014 BE SURE TO CHECK OUR WEBSITE FOR THE LATEST VERSION OF THIS DOCUMENT Institutional Shareholder Services Inc. Copyright 2014 by ISS
More information2014 EY US life insuranceannuity
2014 EY US life insuranceannuity outlook Market summary Evolving external forces and improved internal operating fundamentals confront the US life insurance-annuity market at the onset of 2014. Given the
More informationInvesting with Vanguard
Investing with 2 Trusted by institutions worldwide was founded in the United States in 1975 on a simple but revolutionary idea that an investment company should manage the funds it offers in the sole interest
More informationAs approved by the General Meeting of Shareholders on 3 May, 2013
As approved by the General Meeting of Shareholders on 3 May, 2013 Remuneration Policy for the Management Board of AMG Advanced Metallurgical Group N.V Amsterdam, the Netherlands 3 May, 2013 Introduction
More informationDestination IPO. Achieve the right combination of corporate and capital market strategy for your IPO or secondary listing
Destination IPO Achieve the right combination of corporate and capital market strategy for your IPO or secondary listing You ve decided to go public and now you need to map out all the necessary steps
More informationRemuneration. Jacky Simmonds Remuneration Committee Chairman. For the year ended 31 July Jacky Simmonds Chair of the Remuneration Committee
Remuneration For the year ended 31 July 2016 Jacky Simmonds Remuneration Committee Chairman Dear Shareholder On behalf of the Board, I am pleased to present the Directors Remuneration Report for the year
More informationLet s talk: governance
EY Center for Board Matters Let s talk: governance Special edition 2014 proxy season preview ey.com/boardmatters 1 Proxy season 2014 preview Boards face shifting investor priorities and expectations Proxy
More informationOverseeing taxes in a new era
Governance Insights Center August 2017 Overseeing taxes in a new era Corporate taxes often are a significant expenditure and the subject of increasing uncertainty, making it a top agenda item for business
More informationSwiss Alpine Summit Gstaad January 20, Renato Fassbind Chief Financial Officer Credit Suisse Group
Swiss Alpine Summit Gstaad January 20, 2005 Renato Fassbind Chief Financial Officer Credit Suisse Group DISCLAIMER Cautionary Statement regarding forward-looking information This presentation contains
More informationCanaccord Capital Inc. to acquire Adams Harkness Financial Group, Inc. Expanding global small to mid cap market niche into the United States
Canaccord Capital Inc. to acquire Adams Harkness Financial Group, Inc. Expanding global small to mid cap market niche into the United States Highlights for the Investment Community September 13, 2005 (CCI
More informationCOMPENSATION REPORT. The graph below shows the five year history of annual and cumulative growth, the CAGR being 50%.
COMPENSATION REPORT I am pleased to report that 2017 was another remarkable year in terms of growth in shareholder return, with the share price increasing by 76% from CHF 71 to CHF 125 in the 12 months.
More informationFINANCE Updated 16 October 2018
CORE FINANCE COURSES 1. FNCE101 2. FNCE102 Financial Instruments, Institutions and Markets 3. FNCE103 For Law 4. FNCE201 Corporate FINANCE ELECTIVES 5. FNCE203 Analysis of Equity Investments 6. FNCE204
More informationInvestments. ALTERNATIVES Build alternative investment portfolios. EQUITIES Build equities investment portfolios
Investments BlackRock was founded by eight entrepreneurs who wanted to start a very different company. One that combined the best of a financial leader and a technology pioneer. And one that focused many
More informationDeep Value Equity Investing with PIMCO Pathfinder Strategy
Deep Value Equity Investing with PIMCO Pathfinder Strategy Introduction to Deep Value Equity Investing Deep value equity investing is an approach that seeks attractive risk-adjusted returns by investing
More information2016 EXECUTIVE COMPENSATION REPORT: HOMEBUILDERS ANNUAL AND LONG-TERM INCENTIVE PRACTICES
OCTOBER 2016 2016 EXECUTIVE COMPENSATION REPORT: HOMEBUILDERS ANNUAL AND LONG-TERM INCENTIVE PRACTICES ANNUAL AND LONG-TERM INCENTIVE PRACTICES FOR EXECUTIVES AT THE TOP 20 HOMEBUILDERS CRITICAL THINKING
More informationPublic consultation on the 2014 Review of the OECD Principles of Corporate Governance
2 January 2015 Directorate for Financial and Enterprise Affairs Organisation for Economic Co-operation and Development 2, rue André Pascal 75775 Paris Cedex 16 France Submitted via email to: dafca.contact@oecd.org
More informationIPO Competence Center Frankfurt
IPO Competence Center Frankfurt Overseas listing opportunities for fast-growing companies seeking to raise capital the route to Europe IPO and listing services for Chinese entrepreneurs IPO Competence
More informationExecutive Compensation
Executive Compensation Bulletin Long-Term Incentives The Continuing Shift to Performance-Based Awards David Wrangham, Towers Watson March 10, 2014 As the largest component of the typical executive compensation
More informationReport of the OMERS Administration Corporation Board Human Resources Committee
Report of the OMERS Administration Corporation Board Human Resources Committee Members in 2016 Monty Baker (Chair) Bill Aziz David Beatty David Tsubouchi Sheila Vandenberk John Weatherup George Cooke (ex
More informationIPO destination guide. Find the right market strategy to maximize value for your IPO or secondary listing
IPO destination guide Find the right market strategy to maximize value for your IPO or secondary listing IPO destination guide You've decided to go public and now you need to map out all the necessary
More informationInto focus. FTSE 350 Executive and Board remuneration report. January 2016
Into focus FTSE 350 Executive and Board remuneration report January 2016 Introduction Executive salaries continue to increase and the median of 2015/16 proposed salary increases is 2.2% Welcome and introduction
More informationConvertible Bond Pricing WEBINAR 9TH NOVEMBER AM EST
Convertible Bond Pricing WEBINAR 9TH NOVEMBER 2017 10AM EST Agenda 2 Welcome Ian Blance Voltaire Advisors 1005-1015 Introduction: Convertible Bonds in Funds Ian Blance, Voltaire Advisors 1015-1030 Separation
More informationEUROPEAN FUNDS TROPHY 2013
EUROPEAN FUNDS TROPHY to rated funds Over rated funds to rated funds to rated funds to rated funds to rated funds to rated funds Our investment philosophy and approach Our dedicated team of SRI (socially
More informationEY Center for Board Matters Board Matters Quarterly. January 2017
EY Center for Board Matters Board Matters Quarterly January 2017 2 Board Matters Quarterly January 2017 January 2017 Board Matters Quarterly In this issue 04 Governance trends at Russell 2000 companies
More informationSharing your values is our strength, Growing your wealth is our business.
Sharing your values is our strength, Growing your wealth is our business. 2 0 1 7 G E N È V E L A U S A N N E - C R A N S M O N TA N A V E R B I E R BRUELLAN SA 2, rue Sigismond-Thalberg CH-1201 Geneva
More informationก ก Tools and Techniques for Enterprise Risk Management (ERM)
ก ก Tools and Techniques for Enterprise Risk Management (ERM) COSO ERM ISO ERM 31 2554 10:45 12:15.. 301, 302, 307 ก ก COSO Internal Control ERM Integrated Framework Application Technique ISO 31000 Guide
More informationFive key factors to help improve retirement outcomes for target date strategy investors
A feature article from our U.S. partners INSIGHTS AUGUST 2018 Five key factors to help improve retirement outcomes for target date strategy investors The variability of capital markets can lead to a range
More informationFebruary 3, Dear Fellow Shareholder:
25435 Harvard Road Beachwood, OH 44122 www.omnova.com Dear Fellow Shareholder: February 3, 2017 Fiscal 2016 has been an exciting year of change for OMNOVA Solutions Inc. (the Company or OMNOVA ). The Company
More informationSparinvest Responsible Investment Policy. Investing for value creation and sustainability
Sparinvest Responsible Investment Policy Investing for value creation and sustainability This policy document aims to give an overview of our approach to responsible investment. Further details may be
More informationPark Hotel Amsterdam
Date: 8 9 December 2016 Place: Amsterdam, The Netherlands Venue: Park Hotel Amsterdam Seminar Program Day 1 08:30 09:00 Coffee & Registration Dr. Samir Hamrouni, CEO World Free Zones Organization (World
More informationFranklin European Small Mid Cap Growth Fund
Franklin Templeton Investment Funds Franklin European Small Mid Cap Growth Fund Core Growth Fund Profile Fund Details Inception Date 3 December 2001 Investment Style Benchmark(s) Core Growth MSCI Europe
More informationProxy Report. Credit Suisse Group. Switzerland. Country. Meeting location. Hallenstadion, Wallisellenstrasse 45, Zurich-Oerlikon.
Proxy Report Country Meeting date Meeting location Meeting type Securities Switzerland 28 April 2017 10:30 Hallenstadion, Wallisellenstrasse 45, Zurich-Oerlikon Annual General Meeting ISIN CH0012138530,
More informationAgenda. Market Context Building Blocks of Compensation. Primer on Equity Incentives Case Study Total Rewards Conference & Exhibition
Boot Camp: Executive Compensation 101 Bertha Masuda Susan Schroeder Agenda Market Context Building Blocks of Compensation Primer on Equity Incentives Case Study Market Context Current Compensation Environment
More informationEFFAS ESG Valuation, Measurement & Integration Training Programme
EFFAS ESG Valuation, Measurement & Integration Training Programme (EFFAS Executive Education Programme Mastering ESG Valuation, Measurement and Integration) Programme Motivation_ Target Groups_ Design
More information72 Compensation Report
72 Annual Report 2015/2016 dorma+kaba Compensation Report dorma+kaba Annual Report 2015/2016 73 The describes the principles underlying the policy, and provides information about the steering process and
More informationWespath Analytical Insights ESG Integration in External Asset Manager Selection
Wespath Analytical Insights ESG Integration in External Asset Manager Selection Uncovering Managers ESG Strengths in the Search Process a division of Wespath Benefits and Investments, a general agency
More informationCertificate of Advanced Studies (CAS)
Certificate of Advanced Studies (CAS) Asset Management Swiss Finance Institute Swiss Offerings Certificate of Advanced Studies (CAS) in Banking with a focus on Asset Management In cooperation with : SFI
More informationSeminar World FZO & ICA. Topics. Date: 8 9 December 2016 Place: Amsterdam, The Netherlands Venue: Park Hotel, Amsterdam
Seminar World FZO & ICA Date: 8 9 December 2016 Place: Amsterdam, The Netherlands Venue: Park Hotel, Amsterdam World FZO in association with ICA's global Seminar series for Free Zone professionals was
More informationA closer look at CRSP
A closer look at CRSP Vanguard commentary March 2013 Executive summary. Vanguard s decision to select the Center for Research in Security Prices (CRSP) as the benchmark provider for 16 U.S. stock and balanced
More informationSolving the Private Equity Talent Dilemma.
Solving the Private Equity Talent Dilemma. How Private Equity Investors Can Avoid CEO Misfires How to Survive and Thrive as a Private Equity-Backed CEO Jay Hussey CEO, SRiCHEYENNE Is there something broken
More informationU.S. Compensation Policies
U.S. Compensation Policies Frequently Asked Questions Updated December 20, 2018 New and materially updated questions are highlighted in yellow This FAQ is intended to provide general guidance regarding
More informationInvesting with Impact. Creating Economic, Social and Environmental Value
Investing with Impact Creating Economic, Social and Environmental Value Delivering Personalized Value The Investing with Impact Platform focuses on flexibility and engagement, allowing both targeted allocation
More informationBEST PRACTICES FOR RESPONSIBLE INVESTING
BEST PRACTICES FOR RESPONSIBLE INVESTING Portfolio management, research, ownership and collaboration May 2018 ABSTRACT In the coming years, Responsible Investing will be routine. Understanding how Environment,
More informationDriving Performance - Linking Equity Compensation Design with FAS 123(R) Valuation, Jeff Bacher and Terry Adamson, Aon Consulting
Aon Consulting Executive Compensation + Employee Benefits Driving Performance - Linking Equity Compensation Design with FAS 123(R) Valuation, Jeff Bacher and Terry Adamson, Aon Consulting November 6, 2006
More informationRisk Solutions: Professional and Financial Businesses. QBE European Operations
Risk Solutions: Professional and Financial Businesses QBE European Operations QBE Risk Solutions: Professional and Financial Businesses A risk management partner providing insight into claims trends and
More informationIN A TOUGH MARKET, INVESTORS SEEK NEW WAYS TO CREATE VALUE
IN A TOUGH MARKET, INVESTORS SEEK NEW WAYS TO CREATE VALUE By Julien Ghesquieres, Jeffrey Kotzen, Tim Nolan, and Hady Farag This article is the second in the 6 BCG Value Creators series. In May 6, we released
More information