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.