Qualcomm Incorporated (QCOM), which designs, develops, manufactures, and markets digital communications products and services in China, South Korea, Taiwan, and the United States, is one of the stocks in my portfolio. Their annual meeting is coming up on 3/9/2014. ProxyDemocracy.org had the votes of four funds when I checked and voted on 3/2/2015. I voted with management 89% of the time and assigned them a proxy score of 89.
Tag Archives | pay
Disclaimer: I’m sharing a few notes from Directors Forum 2015 held at San Diego University beginning 2/25/2015 and ending 2/27/2015. The Forum was held under the Chatham House Rule, so you won’t read any juicy tidbits here. However, I do hope to give readers some flavor of the topics discussed and a little on the general range of opinions. I have take slight liberties with the rule with regard to individual featured speakers, giving some sense of their talks without revealing the specifics of cases raised or providing quoted material of any substance. My notes are sometimes cryptic. Sorry but my time is better spent on other activities.
Directors Forum 2015: Sunday
Thomas J. Ridge, CEO, Ridge Global, LLC
The Honorable Tom Ridge is the CEO of Ridge Global, which helps businesses and governments address risk management issues. He was the first Secretary of the U.S. Department of Homeland Security, another call to service for the former soldier, congressman and governor of Pennsylvania. Governor Ridge was the keynote speaker at the opening dinner. Continue Reading →
The Hain Celestial Group, Inc. (NASD:HAIN), which manufactures, markets, distributes, and sells organic and natural products, is one of the stocks in my portfolio. Their annual meeting is coming up on 11/20/2014. ProxyDemocracy.org had collected the votes of two funds when I checked on 11/18/2014. Sorry for the late post. Today is the last day to vote online. I voted with management 14% of the time and assigned them a proxy score of 14. View Proxy Statement. Read Warnings below. What follows are my recommendations on how to vote the HAIN 2014 proxy in order to enhance corporate governance and long-term value.
A recent paper [Miriam Schwartz-Ziv and Russ Wermers, Do Small and Large Shareholders Have a Say-on-Pay? (October 15, 2014) available at SSRN] investigates the voting patterns of shareholders on Say-On-Pay and finds that ‘small’ shareholders are more likely than large shareholders to use the non-binding Say-On-Pay vote to govern their companies, are more likely to vote for an annual Say-On-Pay vote, and are more likely to vote “against” Say-On-Pay (i.e., to vote against the pay package). Continue Reading →
Corporate Governance Publisher’s Note: Yes, you’ll find many broken links in the material referenced below. After 5, 10 and 15 years, the internet moves on. Many of the organization’s linked have since gone under. We’re just glad to still be here, offering our readers a sense of the history we have shared. More about the WABAC machine.
Procter & Gamble Company (PG), which manufactures and sells branded consumer packaged goods, is one of the stocks in my portfolio. Their annual meeting is coming up on 10/14/2014. ProxyDemocracy.org had collected the votes of three funds when I checked on 9/20/2014. I voted with management 44% of the time and assigned them a proxy score of 44. View Proxy Statement. Read Warnings below. What follows are my recommendations on how to vote the Proctor & Gamble 2014 proxy in order to enhance corporate governance and long-term value. Continue Reading →
The Coca-Cola Company recently announced it would change its equity compensation plan, bowing to pressure from Wintergreen Advisers and other investors who saw the plan as harmful to Coca-Cola shareholders.
With its announcement, Coca-Cola finally conceded that the equity compensation plan it put to a vote of shareholders in April was outrageously excessive and inconsistent with past plans. This has been Wintergreen Advisers’ publicly expressed view since we first read Coca-Cola’s proxy statement in March of this year. Continue Reading →
All directors are keenly aware of their responsibility in setting executive and CEO compensation. Increased external pressure on — and opinions about — CEO pay and more crowded meeting agendas limit the available time for meaningful discussion and make this role more challenging than ever. The stakes in getting executive compensation right are high, with real opportunities to engage leadership and drive business results, but also with real risks of poor outcomes. Continue Reading →
I thought the title of the program referred to heads I win, tails you lose. Now, I’m thinking ‘art’ is one side of the compensation committee coin, ‘science’ the other. Titles that keep us on our toes – just like the programs held by the Silicon Valley Directors Exchange and the Rock Center for Corporate Governance at Stanford Law. The stakes in getting executive compensation right are high, with real opportunities to engage leadership and drive business results, but also with real risks of poor outcomes. As advertized: Continue Reading →
Facebook $FB, is one of the stocks in my portfolio. Their annual meeting is coming up on 5/22/2014. ProxyDemocracy.org had collected the votes of two funds when I checked and voted on 5/19/2014. I voted with management 0% of the time. View Proxy Statement. Read Warnings below. Continue Reading →
Valeant Pharmaceuticals (VRX), is one of the stocks in my portfolio. Their annual meeting is coming up on 5/20/2014. ProxyDemocracy.org had collected the vote of one fund when I checked and voted on 5/14/2014. I voted with management 54% of the time. View Proxy Statement. Read Warnings below. Continue Reading →
iRobot Corporation $IRBT, is one of the stocks in my portfolio. Their annual meeting is coming up on 5/20/2014. ProxyDemocracy.org had collected the votes of one fund when I checked and voted on 5/13/2014. I voted with management % of the time. View Proxy Statement. Read Warnings below Continue Reading →
On 5-7-2014, CtW Investment Group filed a notice of exempt solicitation, urging shareholders to vote against company’s say-on-pay proposal at the 2014 annual meeting. CtW said that the compensation committee failed to modify its executive pay practices. Instead, its practices provided elevated pay even when performance declined. CtW is also concerned about declining financial and operating performance. $MCD’s share price trailed the S&P 500 by 45% in last five years and revenue, gross profits and operating income has been stagnant since 2010. The company also failed to address the growing public concern of strikes and protests by the food service employees even after it was acknowledged by the board that concern over income inequality poses a risk to its business. Continue Reading →
In mid-July I e-mailed investor relations at Reeds Inc. $REED (IR@reedsinc.com) asking if REED had a classified board or plurality requirements for director elections. Can shareowners call a special meeting or act by written consent? What supermajority requirements are in place re M&A or other actions? No response. This surprised and disappointed me since they were prompt in answering previous e-mails: Make kombucha; we’re already working on it. Try one with coconut water and ginger; good idea. Where can I find Reeds Kombucha in Sacramento?; here’s a list.
According to FactSet Research Systems, “insider/stake ownership” at REED is 33.5% of the company’s float. Being almost a controlled company, maybe they don’t feel the need to respond to inquiries from ‘outside’ shareowners about the firm’s corporate governance. They not only didn’t answer me, they blocked me from following their Twitter feed. Maybe management and the current board think the less outside shareowners know, the better for them? Continue Reading →
External pressures to conform to generic pay standards and so-called “best practices” are undermining the ability of Compensation Committees to create differentiated compensation strategies that are grounded in their own company’s business needs and priorities. That’s bad for investors and employees alike. Continue Reading →