'To-do' list for board compensation committees.
Position | Business Briefs - Complete Guide to Executive Compensation - Brief Article |
Bruce Ellig, author of The Complete Guide to Executive Compensation, has 10 suggestions for compensation committees:
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The responsibilities of the compensation committee will be put in writing and approved by the board of directors.
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Only those who are truly disinterested persons will be members of the committee.
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The committee will define the pay philosophy for the CEO and other "proxy-named executives" -- salary, annual incentive, long-term incentives and executive benefits (perks) -- in terms of the company's competitive performance.
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The committee will establish the calendar of what actions will be reviewed at what meeting, as well as specify all of the parties to be involved.
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An outside compensation expert will be selected by the committee to work with management, but who will report to the committee.
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The board's performance expectations for the CEO for the coming year will be concretely defined by the committee, along with reward payments that will accompany that performance, and will be communicated face-to-face to the CEO.
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Year-end performance (with resulting pay actions) will be communicated face-to-face...
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