On Executive Compensation
We endeavor to vote:
- Against the establishment or execution of any stock option or stock ownership or performance incentive programs that do not include all tenured employees.
- Against the re-pricing of out-of-the-money stock options and stock options with exercise prices set below the stock’s market price on the day of the grant.
- Against stock option plans that are replaced or repriced (for underwater plans) or excessively dilute the value of existing shares.
- Against executive compensation packages that are deemed to be excessive.
- For proposals requesting companies to review and report on executive compensation and for proposals to review executive compensation as it relates to non-financial performance such as diversity, labor and human rights, environment, community relations, predatory lending, improvements in health care quality and other social issues.
- For proposals requesting to take a shareholder vote on severance packages. We support the right of shareholders to vote on golden parachutes which we believe go above and beyond ordinary compensation practices.