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These executive summaries were compiled from EMPLOYEE BENEFITS INFOSOURCE database, a source for information on employee benefits and human resources.
RIMS Salary Survey Shows CROs on Top.
Hunt, Kristin Gunderson; Business Insurance; v42 no40 pp 1, 32 Oct 6, 2008; journal article
Availability :
International Foundation of Employee Benefit Plans
Abstract :
A survey by the Risk & Insurance Management Society (RIMS) shows total compensation for chief risk officers (CROs) and vice presidents of risk management averaged $220,200 in 2008. Comparable Canadian companies gave CROs total compensation of $179,025. Organizations that are larger and in the public sector offer compensation at the high end of the range. Entertainment and media firms pay at the top of the scale, while those in education pay the least. Top level risk management positions are relatively new and rapidly growing in strategic importance within companies.
[0155056]
Say on Pay: Still Needed?
Dobson, Sarah; Canadian HR Reporter; v21 no16 pp 13, 18 Oct 6, 2008; journal article
Availability :
International Foundation of Employee Benefit Plans
Abstract :
The demand for a firmer tie between executive performance and compensation is growing louder. In early 2008, 40 percent of shareholders of five Canadian banks voted for a say on pay. In September 2008, the Canadian Securities Administrators put out rules requiring companies to provide comprehensive and easily read details on executive pay, a move that may eclipse the shareholders' movement. It can be argued that shareholders lack information to judge compensation, the compensation committees handle pay rather than boards of directors and shareholders can vote directors out of office. But the shareholders' advisory vote sends a strong message on excessive executive pay.
[0155117]
Corporate Governance in Europe: The Remuneration Committee and Disclosure.
Marchettini, Piero; Benefits & Compensation International; v38 no2 pp 3-12 Sep 2008; journal article
Availability :
International Foundation of Employee Benefit Plans
Abstract :
In 2008, Europe is reacting to a number of corporate governance and executive compensation scandals. Despite the diverse nature of these scandals, the typical response from shareholders is to demand greater accountability, judgment and transparency from board members. Best practices call for board members to involve themselves knowledgeably and responsibly in executive compensation, benefits and employment practices. Most corporate governance codes recommend that boards set up special remuneration committees to deal with executive compensation issues. Pay disclosure may be either a marketable advantage or a public embarrassment. The Institut Francais des Administrateurs has offered recommendations on the structure, membership, responsibilities of remuneration committees and nomination of corporate executive directors.
[0155024]
Deferred Compensation Plans in Mergers and Acquisitions.
McNeil, Bruce J.; Journal of Pension Planning & Compliance; v34 no3 pp 28-62 Fall 2008; journal article
Availability :
International Foundation of Employee Benefit Plans
Abstract :
Any change in corporate control will affect employee benefit plans, and deferred compensation arrangements can create significant liabilities. Buyer and seller must understand how the transaction affects established benefit plans, who assumes liability, how vesting and risk of forfeiture are affected and the influence of nonqualified plans on executive retention. Buyer and seller may have different perspectives on how funds established for nonqualified plan use may be used, possibly prompting the need to set up an alternative funding vehicle. Existing benefits can generate excess parachute payments or be taxed under the economic benefit doctrine. Internal Revenue Code Section 409A addresses two specific issues about mergers and acquisitions. A letter of intent typically lays out how the transaction is expected to affect benefit plans, but exhaustive due diligence is necessary to reveal details.
[0154792]
Director Pay Up 9% in 2007 at Large Companies, Survey Finds.
Towers Perrin: Monitor; 3 pp Sep 2008; journal article
Availability :
International Foundation of Employee Benefit Plans
Abstract :
The 462 Fortune 500 companies responding to a Towers Perrin survey reported a nine percent jump in compensation for their outside directors in 2007. Pay has been climbing about ten percent annually because of the high demand for qualified candidates. Directors are expected to bring specific areas of expertise, understand governance and strategic planning and be willing to assume additional work. In exchange, their 2007 pay averaged $193,965, up from $177,755 in 2006. The compensation consists of cash, annual or recurring stock and often single stock grants, restricted stock grants in 61 percent of cases. Board chairs make an average of $150,000 additional.
[0155078]