November 10, 2008 Forum Report:
Two Panel Discussions of “Say on Pay” Views
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Forum Report
Two Panel Discussions of “Say on Pay” Views
For those of you interested in hearing more views of governance experts on the theory of “Say on Pay,” information is copied below about two panel presentations.
The first is offered by RiskMetrics-ISS as a “debate” to be webcast on Wednesday. The second, for people in the New York area, is a Thursday breakfast hosted by the Drum Major Institute for Public Policy to address social interests in executive compensation issues. Links are provided below to the web sites of both hosts, and for registering.
Both of these programs include speakers who can provide useful perspectives on political and public support for “Say on Pay,” including in each a management representative of a troubled company. These viewpoints may provide some of the diversity that had been suggested at the Forum’s October meeting, as a foundation for our attention to the development of practical processes.
GL – November 10, 2008
Gary Lutin Lutin & Company 575 Madison Avenue, 10th Floor New York, New York 10022 Tel: 212-605-0335 Email: gl@shareholderforum.com
 Governance Exchange Webcast - What's Next on Say on Pay?November 12, 2008 - 1:00 PM ESTThe debate on Say on Pay votes at U.S. companies continues unresolved. Support for the concept this year by investors voting on shareholder proposals requesting Say on Pay stayed about even with 2007, including majority votes at 10 companies. So far, 11 firms (including RiskMetrics Group) have or will put management resolutions seeking an advisory vote on pay on their ballots, but it appears that the item won't become widespread until Congress acts. Speakers will discuss the likelihood and impact of such legislation, as well as debate the effectiveness of Say on Pay votes in addressing perceived problems with U.S. executives' compensation. Speakers:
Moderator: Carol Bowie of RiskMetrics' Governance Institute
Giving Shareholders a 'Say on Pay' with Blockbuster Inc. Chairman & CEO James Keyes Join us on Thursday, November 13, 2008 as the Drum Major Institute for Public Policy hosts the latest installment of our 'Marketplace of Ideas' series featuring James Keyes, CEO of Blockbuster Inc. As compensation for top corporate managers has skyrocketed, even executives who mismanage their companies or demonstrate mediocre performance often receive lavish pay. Blockbuster Inc., led by CEO James Keyes, is at the forefront of efforts to provide greater accountability to shareholders. In March 2008, Blockbuster’s Board of Directors voted to grant shareholders an annual non-binding vote on executive compensation. Beginning in 2009, shareholders will directly advise the board on whether they approve of the pay levels of the company’s top executives. A majority of Blockbuster shareholders, headed by the New York City Employees Retirement System, first called for a ‘say on pay’ in 2007. In Britain, laws requiring say on pay have been credited with reining in exorbitant CEO retirement packages. A small number of other U.S. companies, including AFLAC and Verizon, have also adopted the reform. THURSDAY, NOVEMBER 13, 2008 8:00-10:00am The Harvard Club Space is limited. RSVP and registration are required. Admission is free. Please RSVP by email to: dmi@drummajorinstitute.org or by phone to 646.274.5700 Featuring Speakers include: HON. WILLIAM C. THOMPSON TIMOTHY SMITH VONDA BRUNSTING Moderated by The Drum Major Institute for Public Policy is a non-profit, non-partisan organization generating the ideas that fuel the progressive movement. For more information, please visit: www.drummajorinstitute.org. Please join the Drum Major Institute for Public Policy in the latest installment of this series highlighting policymakers who successfully put progressive values into practice.
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