golden parachute
TRANSCRIPT
• Golden Parachute
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Board of directors Election and removal
1 Furthermore, the director's contract of service will usually entitle him to compensation if he is removed, and
may often include a generous "golden parachute" which also acts
as a deterrent to removal.
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Jack Welch Criticism
1 Countering the public uproar over excessive executive pay (including backdating stock options, golden
parachutes for nonperformance, and extravagant retirement packages),
Welch stated that CEO compensation should continue to be dictated by the
free market, without interference from government or other outside
agencies.https://store.theartofservice.com/the-golden-parachute-toolkit.html
Employee benefit United States
1 Normally, employer-provided benefits are tax-deductible to the employer and non-taxable to the employee. The exception to the general rule
includes certain executive benefits (e.g. golden handshake and golden
parachute plans).
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Havas - Case against former directors
1 Havas alleged that the three directors had signed new
employment contracts during the takeover that gave them generous "golden parachutes" in the likely
event of their removal
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Challenging the Chip - Stories of electronic workers suffering toxic exposures
1 There are problems of contamination by hi-tech manufacturing (of workers, air, land and water) from all around -- Silicon Valley in the
United States, Silicon Glen in Scotland, Silicon Island in Thailand, and Silicon Paddy in China. It contrasts the reality between the CEOs and
upper management drawing multimillion dollar salaries and 'golden parachutes' as
against the reality of the production workers living in packed dormitories and often facing
sweatshop conditions.
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Sirius XM Radio - Executives
1 XM Satellite Radio executives who were not offered jobs in the new
combined company were assured golden parachute severance
packages that had been approved in 2007
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Dodd–Frank Wall Street Reform and Consumer Protection Act - Subtitle E – Accountability and Executive Compensation
1 SHAREHOLDER APPROVAL OF EXECUTIVE COMPENSATION
Shareholders may disapprove any Golden Parachute compensation to executives via a non-binding vote
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Boardroom - Election and removal
1 The director may require the company to circulate any representations that he wishes to make.In the United Kingdom,
see sections 303(2) and (3) of the Companies Act 1985 Furthermore, the
director's contract of service will usually entitle him to compensation if he is removed, and may often include a
generous golden parachute which also acts as a deterrent to removal.
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Golden handshake
1 golden handshake is similar to, but more generous than a golden parachute because it
not only provides monetary compensation and/or stock options at the termination of
employment, it includes the same severance packages executives would get at retirement.[http://www.investopedia.com/ask/answers/0
9/difference-between-golden-handshake-parachute.asp#axzz1yqGBZeM6 What's the difference between a golden handshake and
a golden parachute?] investopedia.com
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Golden handshake - Perverse incentives
1 (This is nevertheless an excellent bargain for the takeover artist, who
will tend to benefit from developing a reputation of being very generous to parting top executives). This is just
one example of some of the principal-agent / perverse incentive
issues involved with golden handshakes and golden parachutes.
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Carly Fiorina - Hewlett-Packard
1 The company's stock jumped on news of Fiorina's departure. Under
the company's agreement with Fiorina, which was characterized as a golden parachute by some, she was paid slightly more than $20million in
severance.
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Carly Fiorina - Politics
1 16, 2008.[http://www.huffingtonpost.com/2008/09/22/mccain-defends-fiorinas-
g_n_128277.html McCain Defends Fiorina's Golden Parachute] Oct
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Golden parachute
1 also known as Change-in-control benefits.[http://www.deallawwire.com/2012/04/05/golden-
parachutes-on-the-rise-during-down-economy/ Golden parachutes on the rise during down economy] by Éric
L’Italien, Lawyer, Norton Rose Canada| Deal Law Wire| 5 April 2012 But more recently the term has been used to describe perceived excessive CEO (and other executives) severance
packages unrelated to change in ownership (also known as a Golden
handshake).[http://www.usatoday.com/money/companies/management/story/2011-11-07/100-million-dollar-chairmen/51116304/1 CEOs' golden parachute exit packages pass
$100 million] By Gary Strauss, USA TODAY 11/8/2011 The benefits may include severance pay, cash bonuses, stock
options, or other benefits.
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Golden parachute - History
1 The first use of the term golden parachute is credited to a 1961 attempt by creditors to oust Howard Hughes from control of TWA airlines. The creditors provided Charles C. Tillinghast Jr. an employment contract that
included a clause that would pay him money in the event that he lost his
job.[http://www.time.com/time/specials/packages/article/0,28804,1848501_1848500_184
8418,00.html Biggest Golden Parachutes] time.com
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Golden parachute - History
1 The use of golden parachutes expanded greatly in the early 1980s in response to the large increase in
the number of takeovers and mergers.
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Golden parachute - History
1 In Europe the highest change-in-control benefits have been for French executives, as of 2006 according to a
study by the Hay Group human resource management firm. French
executives receive roughly the double of their salary and bonus in
their golden parachute.
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Golden parachute - History
1 News reference volume of the term golden parachute spiked in late 2008 during the global
economic recession, and United States presidential election debates, 2008|2008 US Presidential
Debates.[http://www.google.com/trends?q=Golden+Parachutectab=0geo=alldate=all Gross increase in golden parachute queries in
2008 ], Google Trends Despite the poor economy, in the two years before 2012 a study by the
professional services firm Alvarez Marsal found a 32% increase in the value of change-in-control
benefits provided to US executives
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Golden parachute - History
1 In the 1980s, golden parachutes prompted shareholder suits challenging the parachutes' validity, SEC termination agreement disclosure rules in 1986, and provisions in the Deficit Reduction Act of 1984
aimed at limiting the size of future parachuteshttp://www.jstor.org/stable/1228874?seq=9 see note 37, 38, 39 with a special tax on
payouts that topped three times annual pay.Mitchell Schnurman `CEO Pay Is A Real Problem, but This Isn't
the Time to Fix It` Fort Worth Star Telegram, September 28, 2008 In the 1990s in the United States, some government efforts were made to
diminish change-in-control benefits
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Golden parachute - History
1 Voters in Switzerland passed Swiss referendum against corporate Rip-offs of 2013|measures limiting CEO
pay and outlawing golden parachutes in Swiss referendum, 2013.
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Golden parachute - Studies and reports
1 One study found golden parachutes associated with an increased likelihood of
either receiving an acquisition offer or being acquired, a lower premium (in share price) in
the event of an acquisition, and higher (unconditional) expected acquisition
premiums. It found firms adopting golden parachutes have lower market value
compared to assets of the company and that their value continues to decline during and
after adopting golden parachutes.
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Golden parachute - Studies and reports
1 On June 29, 2013, The New York Times reported on research findings suggesting that despite years of public outcry against such deals, multimillion-dollar severance
packages are still common, and they continue to became more complex and
opaque.[http://www.nytimes.com/2013/06/30/business/golden-parachutes-are-still-very-
much-in-style.html?pagewanted=all_r=0 Golden Parachutes Are Still Very Much in
Style]https://store.theartofservice.com/the-golden-parachute-toolkit.html
Golden parachute - Support
1 Proponents of golden parachutes argue that the parachutes provide benefits to
stockholders:
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Golden parachute - Opposition
1 * Benefits create perverse incentives.[http://www.jstor.org/stable/1228874
Golden Parachute, untangling the ripcords.] Richard P. Bress. Stanford
Law Review © 1987
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UnitedHealth Group - Resignation of McGuire
1 Simultaneously, it was announced that he would be replaced as CEO by Stephen
Hemsley, who has served as President and COO and is a member of the board of
directors.http://news.yahoo.com/s/ap/20061015/ap_on_bi_ge/unitedhealth_ceo McGuire's exit compensation from UnitedHealth, expected to
be around $1.1 billion, would be the largest golden parachute in the history of corporate
America.http://www.chron.com/disp/story.mpl/headline/biz/4318193.html
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Ashton-Tate - Sale to Borland (1991)
1 After giving the board a merger compensation package (including
individual bonuses of $250 thousand) and giving the management team
repriced options and golden parachutes, the board and Lyons
reinitiated discussions with Borland, but this time structured as a take-
over of Ashton-Tate with a significant premium over Ashton-Tate's current
market valuation.https://store.theartofservice.com/the-golden-parachute-toolkit.html
Perquisite - United States
1 Normally, employer-provided benefits are tax-deductible to the employer and non-taxable to the employee. The exception to the general rule includes certain corporate officer|
executive benefits (e.g. golden handshake and golden parachute
plans) or those that exceed federal or state tax-exemption standards.
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Corporate raid
1 Corporate raids were particularly common in the 1970s and 1980s in the United States. By the end of the 1980s, management of many large
publicly traded corporations had adopted legal countermeasures
designed to thwart potential hostile takeovers and corporate raids, including poison pills, golden
parachutes, and increases in debt levels on the company's balance
sheet.
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Corporate raid - Decline of the corporate raiders
1 By the end of the decade, management of many large publicly
traded corporations reacted negatively to the threat of potential hostile takeover or corporate raid
and pursued drastic defensive measures including poison pills,
golden parachutes and increasing debt levels on the company's
balance sheethttps://store.theartofservice.com/the-golden-parachute-toolkit.html
History of private equity and venture capital - Corporate raiders, hostile takeovers and greenmail
1 Management of many large publicly traded corporations reacted
negatively to the threat of potential hostile takeover or corporate raid
and pursued drastic defensive measures including poison pills,
golden parachutes and increasing debt levels on the company's
balance sheet
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History of private equity and venture capital - RJR Nabisco and the Barbarians at the Gate
1 Additionally, many in RJR's board of directors had grown concerned at recent disclosures of Ross Johnson' unprecedented golden parachute
deal
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Troubled Asset Relief Program - Timeline of changes to the initial program
1 To qualify for this program, the Treasury required participating institutions to meet certain criteria,
including: (1) ensuring that incentive compensation for senior executives does not encourage unnecessary and excessive risks that threaten the value of the financial
institution; (2) required clawback of any bonus or incentive compensation paid to a senior executive based on statements of earnings, gains or other criteria that are later proven to be materially inaccurate; (3) prohibition on
the financial institution from making any golden parachute payment to a senior executive based on the
Internal Revenue Code provision; and (4) agreement not to deduct for tax purposes executive compensation in
excess of $500,000 for each senior executive
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Troubled Asset Relief Program - Participation criteria
1 In addition, the bill limits 'golden parachutes' and requires that unearned bonuses be
returned
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Troubled Asset Relief Program - Protection of taxpayer investment
1 ###'Companies who sell more than $300 million in assets through an
auction process' are prohibited from signing new golden parachute
contracts (employment contracts that provide for large payments upon
termination) with any future executives. It will also place a $500,000 limit on annual tax
deductions for payment of each executive, as well as a deduction
limit on severance benefits for any golden parachutes already in place.
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Troubled Asset Relief Program - Protection of taxpayer investment
1 These standards will require the companies to eliminate compensation structures that
encourage unnecessary and excessive risk-taking by executives, provide for claw-back
(forced repayment of bonuses in the event of a post-payment determination that the
bonuses were paid on the basis of false data) of bonuses already paid to senior executives based on financial statements later proven to
be inaccurate, and prohibit payment of previously established golden parachutes.
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UK company law - Mergers and acquisitions
1 1989) Moreover, Delaware directors can often only be removed for a good
reason (fought out in court) with a board classified into directors a third
of whom will be removable in any given year.See DGCL §141(k) This
makes hostile takeovers very difficult, unless a bidder promises the
incumbent board large golden parachutes in return for their consent
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Say on pay - UK law
1 no golden parachutes), except, under section 220, in respect of damages
for existing obligations and pensions.
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Say on pay - US law
1 Additionally, it had a provision for a shareholder vote on
golden parachutes
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Private equity in the 1980s - Corporate raiders, hostile takeovers and greenmail
1 Management of many large publicly traded corporations reacted
negatively to the threat of potential hostile takeover or corporate raid
and pursued drastic defensive measures including poison pills,
golden parachutes and increasing debt levels on the company's
balance sheet
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CalPERS - Shareholder activism emphasized under Dale Hanson's leadership
1 *Called for reform in executive compensation, especially Golden
Parachutes, in 2004.Chan, Gilbert. [http://www.equilar.com/NewsArticles/111604_SacBee.pdf CalPERS wants
to curb soaring executive pay.] Sacramento Bee, November 16,
2004.
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RJR Nabisco - The leveraged buyout
1 Additionally, many in RJR's board of directors had grown concerned at recent disclosures of Johnson's
unprecedented golden parachute deal
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Sweetheart contract
1 A 'sweetheart deal' or 'sweetheart contract' is an abnormally favorable contractual
arrangement. A particularly lucrative golden parachute could be an example of a type of
sweetheart deal, were it not in the best interests of the stockholders. It particularly applies to
government officials and uses of the term involve hints at the presence of corruption. Such
deals may also put a third party at a distinct disadvantage, (e.g. price fixing between oil
companies or mobility services).
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Emergency Economic Stabilization Act of 2008 - Executive pay limits
1 Also, the company is prohibited from making golden parachute payments to a senior
executive
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Emergency Economic Stabilization Act of 2008 - Executive pay limits
1 If the Treasury purchases assets via auction, and that purchase exceeds $300 million, any new employment contract for a senior officer may not include a golden parachute provision
in the case of involuntary termination, bankruptcy filing,
insolvency, or receivership. This prohibition only applies to future
contracts; golden parachutes already in place will remain unaffected.
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Emergency Economic Stabilization Act of 2008 - Executive pay limits
1 In either scenario, no limits are placed on executive salary, and
existing golden parachutes will not be altered.Abrams, Paul.
[http://www.huffingtonpost.com/paul-abrams/weak-pathetic-executive-c_b_130166.html Weak, Pathetic
Executive Compensation Limitations], Huffington Post,
September 29, 2008.https://store.theartofservice.com/the-golden-parachute-toolkit.html
Tax information reporting - Information returns
1 Form 1099-MISC reports a variety of payments including renting|rent, crop insurance proceeds, so-called golden
parachute payments, royalties, payments for medical treatment, income from fish that are sold for cash, and payments for business
services
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Chainsaw Al - Career
1 He sold Scott Paper to Kimberly-Clark in 1995 for $7.8 billion and walked away with a $100 million
golden parachute.
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Charles C. Tillinghast Jr. - Biography
1 In 1957 he joined Bendix Corporation|Bendix Corporation, becoming director of its foreign
operations. He was a vice president at Bendix in 1961 when he was hired as president and CEO of TWA in a deal sponsored by creditors seeking to oust Howard Hughes from control of the airline. Because control of the airline
was in litigation, Tillinghast received an employment contract, dubbed a “golden
parachute”, the first known use of that term. He served as chairman until 1976.
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Executive pay in the United States - Severance/buyout/retirement compensation
1 From 2000 to 2011, the top 21 walk-away packages given to CEOs were worth more
than $100 million each and came to a total of almost $4
billion.[http://origin.library.constantcontact.com/download/get/file/1102561686275-69/
GMI_GoldenParachutes_012012.pdf Twenty-One U.S. CEOs with Golden Parachutes of
More Than $100 Million]|, GMI, January 2012 |By Paul Hodgson, Senior Research Associate,
and Greg Ruel, Research Associate
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Executive pay in the United States - Severance pay
1 Bloomberg quotes one corporate governance researcherPaul Hodgson, a director at BHJ
Partners in Portland, Maine [http://www.bloomberg.com/news/2013-06-
06/golden-parachutes-of-100-million-for-fired-ceos-outlive-outrage.html Golden Parachutes
of $100 Million for Fired CEOs Outlive Outrage] as complaining, “If you have a
safety net of this type of gargantuan size, it starts to undermine the CEO’s desire to build
long-term value for shareholders
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Executive pay in the United States - Connection of power and pay
1 O'Reilly III and Ike Chandratat, Golden Parachutes, CEOs and the
Exercise of Social Influence, Administrative Science Quarterly 35
(1990): 592–593Martin J
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Executive pay in the United States - Connection of power and pay
1 The more outside directors are appointed by a CEO, the higher that
CEO's pay and more likely they are to be given a golden parachutes.John E.
Core, Robert W. Holthausen and David F. Larcker Corporate
Governance, Chief Executive Compensation and Firm Performance.
Journal of Financial Economics 51(1999) 372–373
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Executive pay in the United States - End of the Great Compression
1 Around 1983 congress passed a law that put a special tax on golden parachutes payouts in excess of
three times annual pay
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Executive pay in the United States - Transparency
1 But like the regulation of golden parachutes, this new rule had
unintended consequences. According to at least one source, the
requirement did nothing to lessen executive pay, in part because the disclosure made it easier for top
executives to shop around for higher paying positions.
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Executive pay in the United States - Proposals
1 These include government regulations such as say-on-pay vote requirements, restrictions on tax gross-ups (paying not just compensation but also
the tax bill for the compensation), golden parachute compensation and other severance
payments, stricter standards for independence of compensation committees and their advisers, and
clawbacks (recovery of compensation for unearned performance-based
pay).[http://www.saul.com/media/article/1175_pdf_2109.pdf Executive Compensation: Under Fire
and What's to Come] By: Katayun I
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Causes of the Great Recession - Mortgage compensation model, executive pay and bonuses
1 Bank CEO Jamie Dimon argued: Rewards have to track real, sustained, risk-adjusted performance. Golden parachutes, special contracts, and unreasonable perks must
disappear. There must be a relentless focus on risk management that starts at the top of the organization and permeates down to the
entire firm. This should be business-as-usual, but at too many places, it wasn't.
[http://online.wsj.com/article/SB124605726587563517.html WSJ - JPM CEO Jamie Dimon]
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Swiss referendum, 2013 - March referendums
1 The first three national referendums in 2013 were held on 3 March, with voters asked whether they
supported a federal order on family policy, an amendment to the federal law on spatial planning,
[http://electionguide.org/election.php?ID=2336 Election Profile] IFES and a Federal popular
initiative|popular initiative on executive pay that would introduce binding shareholder votes on salary
levels,[http://www.pirc.co.uk/news/swiss-edge-towards-binding-vote Swiss edge towards binding
vote] PIRC as well as banning golden hellos for new employees and golden parachutes for departing
staff
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Burning Man - Transition to a non-profit organization
1 An earlier agreement stated that each member of the LLC would only receive sole compensation for many years of service, a golden parachute
of $20,000
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Gold (color) - Business
1 * In human resources, a business executive or professional who has an
employment contract that gives them a generous severance pay is said to have a golden parachute.
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National Education Association - Controversy
1 The local union paid him a golden parachute valued at $140,000
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New York Mercantile Exchange - Sell-off
1 The final executive management of NYMEX decided to sell it off in pieces, take golden parachute buyouts, and
leave
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Dexia - Axel Miller
1 After his forced departure in October 2008, CEO Axel Miller was contractually entitled to a 'golden parachute' of €3.7million. This provoked protest from the French president
Nicolas Sarkozy, and Miller subsequently renounced his bonus, leaving the matter to the wisdom of the Board of Directors. The board eventually decided to pay him one year's salary (€825,000), thus ignoring
Sarkozy's remarks.
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Florida Medical Marijuana Initiative (2014) - 2014 gubernatorial politics
1 Polls also have consistently shown that Florida voters do not trust Rick
Scott, partly due to his well-publicized 1995 trial for Medicare fraud, in which he pled the Fifth
Amendment to the United States Constitution 75 times in a deposition prior to being acquitted and given a
golden parachute when he was forced to leave his then-company,
Columbia/HCA.https://store.theartofservice.com/the-golden-parachute-toolkit.html
Michele Bachmann - Financial sector
1 She voted against the first proposed $700billion bailout of financial institutions,
which failed to pass 205–228. She also advocated breaking up Fannie Mae and
Freddie Mac and barring executives from excessive compensation or golden
parachutes. However, she also advocated a plan that would suspend mark-to-market
accounting rules and supported suspending the capital gains tax.
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Bell v. Lever Brothers Ltd. - Facts
1 A similar golden parachute of £20,000
was given to Mr Snelling
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2008–2012 Spanish financial crisis - Spanish banking system
1 Golden parachutes have been prevalent: it has been speculated that this was because of fear that laid-off senior members would talk
about the rampant malpractice inside the sector
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English contract law - Unconscionability
1 So long as a threat is just one of the reasons a person enters an agreement,
even if not the main reason, the agreement may be avoided.See Barton v Armstrong
[1973] [http://www.bailii.org/uk/cases/UKPC/1973/2
.html UKPC 2], [1976] AC 104, where Mr Armstrong tried to strong-arm Mr Barton
into paying him a large golden parachute to exit a business by getting his goons to make death threats to Barton's family
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Admirals Club - Merger with US Airways
1 Bankruptcy judge Sean Lane approved the merger in March while refusing to approve American CEO Tom Horton's $20 million golden
parachute as being inappropriate.[http://abcnews.go.com/blogs/business/2013/03/judge-nixes-20m-airline-
ceo-payout/ Judge Nixes $20M Airline CEO Payout - ABC News]
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Anne Lauvergeon - Leadership in nuclear power
1 In September 2002, the daily economic newspaper Les Échos (France)|Les Échos uncovered a report from the French court of
auditors, citing her compensation (salary of €305,000 with bonus of
€122,000) and golden parachute of two years' wages.
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SouthTrust - Malone's golden parachute
1 When the merger was completed, Malone's $100 million Golden
Parachute went into effect. The New York Times put this figure closer to
$135 million. Malone has stated that somewhere around 40% of that total
will go into a trust for the families affected by the SouthTrust-Wachovia merger, although nothing further has
been mentioned yet regarding this matter.
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Kohlberg Kravis Roberts - Barbarians at the Gate – KKR's leveraged buyout of RJR Nabisco
1 Additionally, many in RJR's board of directors had grown concerned at recent disclosures of Ross Johnson' unprecedented golden parachute
deal.[http://query.nytimes.com/gst/fullpage.html?
res=940DE4DF133CF936A35752C1A96E948260 Nabisco Executives to Take Huge Gains in Their Buyout]
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Agence Havas - Case against former directors
1 Havas alleged that the three directors had signed new
employment contracts during the takeover that gave them generous
golden parachutes in the likely event of their removal
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Sanjay Jha - Compensation
1 The cash portion is equal to three times Jha’s base salary and bonus.
[http://www.firstpost.com/business/motorola-ceo-jha-to-get-66mn-golden-parachute-in-google-deal-84578.html
Golden Parachute for Sanjay K
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Effects of the 2008–2010 automotive industry crisis on the United States - Congressional bailout bill
1 The bill proposed the appointment of a 'car czar' to oversee automakers'
restructuring efforts, and restrictions on executive bonuses, golden
parachute packages and required automakers to sell or divest
themselves of any privately owned or leased aircraft.
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PBA Tour - 2009–10 World Series of Bowling
1 (It was awarded to 24-time PBA titleist Brian Voss.) Following the
2009–10 season, the Golden Parachute exemption will come only
from the previous year's crop of players who lose their exemption due
to points.
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United Kingdom Parliamentary expenses scandal - Labour backbenchers
1 He was subsequently barred from receiving his MP's resettlement
grant, after being censured for his claims on a second
home.[http://www.telegraph.co.uk/news/politics/8091941/Golden-
parachute-deals-net-MPs-10.3m.html Golden parachute deals net MPs
£10.3m]
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Hugh Culverhouse - Lawsuits over the Culverhouse estate
1 Story, paid themselves $4.35 million in bonuses for arranging the
Buccaneers' sale, sums far in excess of what Culverhouse himself had
specified, and that they paid Story a sum that was comparable to the
salary of a Fortune 500 executive for managing the estate and included a
10-year golden parachute clause
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Joe Chappelle - CSI: Miami
1 Chappelle directed the pilot episode Golden Parachute for the CBS crime drama CSI:
Miami. The series was a spin-off from the successful procedural CSI: Crime Scene
Investigation. Chappelle became a producer and director for the CSI: Miami (season 1)|first season once the series was picked up. Chappelle directed a further four episodes for the first season; Losing Face, Evidence
of Things Unseen, Double Cap and the season finale Body Count.
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Kiss Kiss, Bang Bangalore - Plot
1 Burns then fires all the workers; however, this makes the workers delighted due to the various firing
clauses Homer has written into their contracts (Golden parachutes for all!)
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