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NEW YORK—Corporate governance and executive compensation are all the buzz these days, as corporations are increasingly being pressed to make sure that they are in compliance and meeting shareholder expectations.
But when it comes to handling executive compensation issues and making sure your compensation committee runs effectively, it’s important to have a clearly defined framework for meetings, objectives and a “cadence” for the process, one expert said recently.
“Our framework keeps us from getting frantic with all the whitewater coming about executive compensation,” said Jerry Warren, senior vice president of compensation for McKesson Corp., to attendees Dec. 8, 2009, during a senior HR executive conference presented by The Conference Board.
During the session, Warren provided an overview of how the compensation committee for his San Francisco-based health care services and information technology company works.
It typically meets five times annually (January, April, May, July and October), and each meeting has a main theme “so that expectations and the cadence are clear and well-established,” Warren said. “We try to look through the lens of the user, since all of these people are on other boards.”
Warren said the following are some ingredients for an effective committee relationship:
While Warren admitted that the dialogue is often direct and honest, he added that “it is not contentious, which I appreciate.”
Pamela Babcock is a freelance writer based in the New York City area.
Fortune 500 Executive Comp Peer Groups: How Large?, SHRM Online Compensation Discipline, October 2009
Keeping Compensation Committees on an Even Keel, SHRM Online Compensation Discipline, April 2009
Compensation Committees Adjusting CEO Pay Programs, SHRM Online Compensation Discipline, December 2008
Comp Consultant Relations: Advice for Compensation Committees, SHRM Online Compensation Discipline, December 2005
Piecing Together Executive Compensation: What Compensation Committees Do,
HR Magazine, May 2002
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