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1、CorporateGovernanceandExecutive:March20,2003sEeExecutiveCompensationisinaStateofFluxX.InstitutionalNYSE&NASDAQLInvestor1Listing,ActivismRequirementsStockNewULS.,OptionGovernanceAccountingLegislationp,Lossof、Uncertain,InvestorEconomyConfidenceWSomeoftheGovernanceConcernsthathavebeenExpressedisExecuti
2、vePay:=Notlinkedtoperformance-Escalatingratioofexecutivecompensationtothepayofothermanagers,workers-WhatisaCEOworth?-ExecutiveIoanssStockOptions:=AbsenceofaccountingchargehasfacilitatedexcessUuSeofoptions-Equivalentcashvalueofastockoptiontoanexecutiveislessthanitseconomiccosttothecompany-Arisingtide
3、floatsallboatsGovernanceConcerns(Contd)sIntheBoardroom:-ThecultureofmostBoardroomsmakesiteasiertogoalongwithManagementsrequeststhantorejectorreducethem-CompensationconsultantsareusuallynotindependentofmanagementImprcpearusecverusacfcomoansationsurveyscausea“ratcheting“effectinexecutivecompensation=M
4、anycompensationcommitteeslacktheexperiencenecessarytoanalyzecomplexproposalsandtodevelopinformedopinions,proorconMMeanwhile,CompanyCEOsalsoHaveConcernssImpactofnewlegislationandstandardsongovernanceandday-to-dayoperationssArticulatingcorporatestrategyinshareholderterms,withmoreBoardinvovementsAchiev
5、ementoffinancialresultsinanuncertainenvironmentsShorianiedcareels一pioriuceofelsesAttraction,motivationandretentionofkeyexecutivetalentsCashcompensationvs.equityincentivessOtherissues:succession,etc.MShareholderObjectivesforExecutiveCompensationsBuildreallong-termgrowthinshareholdervaluesCompetitive,
6、performance-alignedcompensationsAvoidcorporatefuturefinancialhardshipasaresultofspecialcompensationarrangementssPricingrelativetothemarket-properuseofcompensationinsirumentssTrulyindependentCompensationCommitteessFulltruthfulandstraightforwarddisclosureof=Theprinciplesandstructuresofexecutivecompens
7、ationsystems(ie.no“boilerplate“)-Decision-makingprocessforcurrentyearawardsMExamplesofShareholderResistancesCoolBrands:21%dropinstockpricefollowingrequestformoreoptionssCHCHelicopters:“Norto11%optiondilutionproposal。ATILTechnologies:Only549%6shareholderapprovalfornewoptions。FaivestInsttutionalShareh
8、olderServices:useofthe1SSoptionvaluationmodelleadstomore“No“recommendations。TeaohersPensionPlan:aptiongrantsshouldbeproportionaltoexecutiveownership。AngiotechPharmaceutical:“evergreenstockoptionreplenishmentrescindedduetoinstitutionalshareholderconcernsandnegativepressMTheCanadianCoalitionforGoodGov
9、ernanceisGainingCloutsLaunchedlastyearsBrainchildofSteveJarislowskyandClaudeLamoureuxsConsistsofCanadaslargestpensionfunds,mutualfundsandmoneymanagerssPurooseistoshareinformationandtaketheinitiativetoholdmaniagementgccounliablefofgrowingIong-isimshareholdervaiussTheCoalitionwillsupportcompensationsc
10、hemesthatrewardemployeesforsustainedperformancessSuccessfulyattackedAngiotechproposalMNewLegislationandStandardsareAffectingExecutiveCompensationU.S.Sarbanes-OxleyActProposedChangestoNYSEandNASDAQListingRulessCanadianSecuritiesAdministratorsDisclosureConcerns。InternationalStockOptionExpensingProposals。RepapCourtCaseMShareholderDisclosureConcernssCanadianSecuritiesAdministratorsNov.5,2002pressrelease:-Sampleof76publicly-tradedcompanies-95%had“inadequate“disclosuresWaisonWyaitProxyCircuiarFeviaw-272TSXcompaniesin2002-48?6hadnodisclosureannualincentivedeterminationM
