In an attempt to sharpen the tools available to boards in the wake of a scandal, companies are amending otherwise standard clawback provisions or looking beyond clawbacks altogether. Indeed, following the MeToo movement, policies were expanded to include for-cause termination, misconduct and, in rare cases, sexual misconduct, as Agenda has reported. That trend has continued,…
Category: clawbacks
Compensation Clawbacks: Trends and Lessons Learned | Foley & Lardner LLP – JDSupra
Executive compensation clawback policies continue to grow in popularity. Although the Securities and Exchange Commission (SEC) has not yet finalized its rules under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) that will require publicly-traded companies to adopt compensation recovery policies, many companies have now voluntarily adopted clawback policies. More than 90 of…
Hertz (HTZ) Seeks $70M in Clawbacks Tied to Accounting Scandal – Bloomberg
Hertz Global Holdings Inc. is demanding that ex-Chief Executive Officer Mark Frissora and other former senior managers return at least $70 million of incentive compensation for their roles in an accounting scandal five years ago. Mark FrissoraPhotographer: Andrew Harrer/Bloomberg The car-rental chain accused the former executives of pressuring employees to use fraudulent accounting techniques to…
Reckitt boss ‘should repay bonus’ over opioid deal | Business | The Times
Senior executives of Reckitt Benckiser face pressure to return lucrative bonuses after it agreed to pay $1.4 billion to resolve long-running US investigations into the sales and marketing of a treatment for opioid addiction. Source: Reckitt boss ‘should repay bonus’ over opioid deal | Business | The Times
Steinhoff may be claiming back executive bonuses worth R176 million from these three individuals — South Africa
The three former executive directors of Steinhoff may have to pay back up to R176 million, if the company holds to its threats.The Steinhoff Group is “giving consideration to reclaiming bonuses paid in the past to certain senior executives” it said in an update to shareholders on Thursday afternoon.That could be rather a large amount…
Wells Fargo to Claw Back $41 Million of Chief’s Pay Over Scandal – NYTimes.com
Wells Fargo announced on Tuesday that it would claw back compensation valued at $41 million from its embattled chairman and chief executive, John G. Stumpf, as the financial consequences of the scandal over illegally created sham accounts at the bank reached the executive suite.The action represented one of the first times since the 2008 financial…
