It's part of a trend that's happening, you're seeing fewer golden parachutes
in publicly traded companies; that's having an effect in nonprofits," he said.
can help neutralize these conflicts, providing a payoff to executives after a change in control.
The golden parachutes
become available upon a "change of control", defined as any one shareholder holding 25% or more of the shares of Coalcorp, well below the universally accepted standard of 50.
Exceptions can be made if a credit union gets permission from its state or federal regulator or it uses a golden parachute
to hire new executives to bring it back to sound financial health.
Despite some earlier concerns, shareholders didn't withhold support for golden parachutes
as a way to protest perceived executive compensation levels," said Margaret Black, Managing Director at Pearl Meyer & Partners.
The NCUA defines golden parachutes
as payments that are "contingent on the termination of that person's employment and received when the credit union making the payment is troubled, capitalized or insolvent.
The apparent decision by the Allied Waste board of directors to supplement already generous golden parachutes
for the top five Allied executives in connection with the proposed Republic Services merger casts a troubling cloud over the transaction.
The action stems from a 2003 IRS audit initiative that revealed a host of perceived compliance issues, the firm says, "ranging from non-reporting of compensation by executives to deficient corporate governance practices involving incentive payments, non-qualified deferred compensation, golden parachutes
and executive perks.
Given the gargantuan size of some golden parachutes
, perhaps a more appropriate headline would read: "Want a really big bonus?
Imagine Tom as a chairman refusing to cook books or rig golden parachutes
Bendix's Agee-led board approved golden parachutes
for the company's top executives totaling $15.
Corporate governance includes the selection of directors; executive compensation; performance evaluation of the CEO, the board, and individual directors; proxy statement disclosures; golden parachutes
and poison pills; conduct of annual meetings; and much more.
Federally insured credit unions that are insolvent, in conservatorship or have ratings of CAMEL 4 and 5 would be prohibited from offering golden parachutes
to their executives under a proposed rule unveiled by the NCUA at last Thursday's meeting.
WASHINGTON, April 12 /PRNewswire/ -- Socially responsible mutual funds are considerably stronger proponents of corporate governance shareholder resolutions -- such as focusing on poison pills, expensing stock options, golden parachutes
, declassifying boards, and "vote no" director campaigns -- than are "conventional" mutual funds, according to the surprising conclusion of an extensive new study by the nonprofit Social Investment Forum Foundation (SIFF), http://www.
Tell the board of directors, no more ridiculous salaries, perks and golden parachutes