In this Special Report, Ed Hauder of Exequity and Reid Pearson of The Altman Group examine the 38 equity plan proposals that failed out of approximately 2,200 total proposals put forward by Russell 3,000 companies from 2007 through 2009. The authors detail several lessons for companies to consider when requesting shares, the most significant of which are to ensure that both dilution and burn rate are not excessive. The Special Report also looks at the success rates of RiskMetrics/ISS' against vote recommendations for equity plan proposals and finds that they vary, sometimes significantly, based on the industry group. Similarly, the percent of equity plan proposals that failed varies based on industry group. Companies that are considering requesting shareholders to approve additional shares for their equity compensation plans will have a better idea of the challenges they face after reading this Special Report.
Say on Pay (and Evaluating the Impact of Shareholder Advisory Groups)Edward Hauder
The document summarizes key points about "Say on Pay" (SOP) proposals, which allow shareholders a non-binding vote on executive compensation. It discusses the history and timeline of SOP proposals in the US, forms they can take, and companies that have voluntarily adopted them. It also analyzes voting results for 2010 on mandatory and voluntary SOP proposals, including those that failed to receive majority support. Reasons cited for failed votes include pay not aligned with performance and concerns about incentive plans and severance agreements.
Conference Board Webcast, Top Tips for Securing Shareholder Approval of Share...Edward Hauder
This presentation was given by Edward Hauder of Exequity and Reid Pearson of The Altman Group on topi tips companies should consider when requesting shareholders approve a share request for their equity compensation plans
This presentation was used by Ed Hauder at the National Association of Stock Plan Professionals' Chicago Chapter meeting on December 8, 2009. In it Ed walks through the newly announced policy updates from RiskMetrics Group for 2010 as well as their Compensation FAQs, and then covers tips to get shareholders to approve equity plan proposals.
Dodd-Frank Wall Street Reform and Consumer Protection Act, Executive Compensa...Edward Hauder
This presentation looks at the executive compensation provisions (Sections 951-957) and corporate governance provisions (Sections 971-972) of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Presentation given to the National Association of Stock Plan Professionals' Chicago Chapter on the Executive Compensation and Corporate Governance provisions of the Dodd-Frank Act, which was signed into law by President Obama on July 21, 2010.
Northwestern Mutual's permanent life insurance policies offer financial security for policyholders' beneficiaries. The company takes a unique long-term investment approach, allocating assets across various classes like bonds, stocks, and real estate to generate higher returns with less risk than alternatives. This balanced portfolio has allowed Northwestern Mutual to achieve above-average returns of 8.24% annually from 1990-2009 while experiencing lower volatility than stock-only investments.
Baird September 2012 Facility Services ReportDavid Crace
RW Baird is the leading financial institution tracking the uniform industry. This is the September 2012 update which hallmarks a downward shift in outlook.
Bonuses in the New Financial World - Has Anything Really Changed?Jon Gilligan
This document summarizes the key issues around bonuses in the financial services sector following the 2008 financial crisis. It discusses whether there is consensus among governments and banks on how bonuses should be regulated. The UK Financial Services Authority introduced new rules on bonuses, including deferring payment and clawing back bonuses if risks materialize. Recent court cases examined the legal issues around introducing deferral and clawback provisions and whether informal bonus announcements constitute a binding contract. While regulation of bonuses has increased, the document concludes that consensus remains limited and legal questions around bonus payments are still being debated.
Say on Pay (and Evaluating the Impact of Shareholder Advisory Groups)Edward Hauder
The document summarizes key points about "Say on Pay" (SOP) proposals, which allow shareholders a non-binding vote on executive compensation. It discusses the history and timeline of SOP proposals in the US, forms they can take, and companies that have voluntarily adopted them. It also analyzes voting results for 2010 on mandatory and voluntary SOP proposals, including those that failed to receive majority support. Reasons cited for failed votes include pay not aligned with performance and concerns about incentive plans and severance agreements.
Conference Board Webcast, Top Tips for Securing Shareholder Approval of Share...Edward Hauder
This presentation was given by Edward Hauder of Exequity and Reid Pearson of The Altman Group on topi tips companies should consider when requesting shareholders approve a share request for their equity compensation plans
This presentation was used by Ed Hauder at the National Association of Stock Plan Professionals' Chicago Chapter meeting on December 8, 2009. In it Ed walks through the newly announced policy updates from RiskMetrics Group for 2010 as well as their Compensation FAQs, and then covers tips to get shareholders to approve equity plan proposals.
Dodd-Frank Wall Street Reform and Consumer Protection Act, Executive Compensa...Edward Hauder
This presentation looks at the executive compensation provisions (Sections 951-957) and corporate governance provisions (Sections 971-972) of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Presentation given to the National Association of Stock Plan Professionals' Chicago Chapter on the Executive Compensation and Corporate Governance provisions of the Dodd-Frank Act, which was signed into law by President Obama on July 21, 2010.
Northwestern Mutual's permanent life insurance policies offer financial security for policyholders' beneficiaries. The company takes a unique long-term investment approach, allocating assets across various classes like bonds, stocks, and real estate to generate higher returns with less risk than alternatives. This balanced portfolio has allowed Northwestern Mutual to achieve above-average returns of 8.24% annually from 1990-2009 while experiencing lower volatility than stock-only investments.
Baird September 2012 Facility Services ReportDavid Crace
RW Baird is the leading financial institution tracking the uniform industry. This is the September 2012 update which hallmarks a downward shift in outlook.
Bonuses in the New Financial World - Has Anything Really Changed?Jon Gilligan
This document summarizes the key issues around bonuses in the financial services sector following the 2008 financial crisis. It discusses whether there is consensus among governments and banks on how bonuses should be regulated. The UK Financial Services Authority introduced new rules on bonuses, including deferring payment and clawing back bonuses if risks materialize. Recent court cases examined the legal issues around introducing deferral and clawback provisions and whether informal bonus announcements constitute a binding contract. While regulation of bonuses has increased, the document concludes that consensus remains limited and legal questions around bonus payments are still being debated.
1. Business succession planning can be achieved through a buy-sell agreement funded by life insurance policies on owners. This allows the business to purchase shares from an estate.
2. Key person insurance offsets lost cash flow if important employees die or leave by providing funds.
3. Executive benefits like deferred compensation plans incentivize key employees to stay by providing retirement funds from a single insurance policy's cash value.
Combining these needs into one policy provides an efficient solution that addresses all the business's succession planning requirements.
allstate Quarterly Investor Information Earnings Press Release 2004 1stfinance7
Allstate reported strong financial results for the first quarter of 2004, with a 43% increase in net income and 52% increase in operating income per share compared to the first quarter of 2003. Operating income reached $1 billion for the first quarter, driven by higher premiums earned in Property-Liability and higher realized capital gains. Property-Liability underwriting income increased 109% due to higher premiums, favorable loss trends, and lower catastrophes. Allstate Financial also saw increases in premiums and deposits as well as operating income. As a result of the strong performance, Allstate increased its full-year 2004 operating income per share guidance.
The document summarizes proposed legislation that would treat income from carried interest as ordinary income rather than capital gains. It would apply to investment partnership interests where the partner performs investment management services. Income, gains, losses and distributions would generally be treated as ordinary, with some exceptions for qualified capital interests. The legislation has passed the House multiple times but has faced resistance in the Senate. It is estimated to raise $10.5 billion in tax revenue over 5 years.
EY Human Capital Conference 2012: Trends in performance-based remunerationEY
This presentation considers regulatory trends in performance-based remuneration as well as trends in executive compensation, both short-term incentives (STI) and long-term incentives (LTI).
This document summarizes a presentation on SMSFs and real property applications. The presentation discusses how SMSFs have become a preferred vehicle for holding real estate, replacing the traditional family trust model. It describes how real estate can be held in an SMSF, with the SMSF leasing the property to a related business. This allows the business to deduct rent and the SMSF to accumulate wealth for retirement with favorable tax treatment compared to a family trust. The presentation focuses on various real estate arrangements involving SMSFs and the superannuation regulations governing related party transactions.
Time to Face the Music: TARP Update and the Fiscal CliffInside Analysis
Federal Spending Episode 14
Live Webcast on Dec. 12, 2012
The implementation of the Troubled Asset Relief Program (TARP) turned a lot of heads, not so much because the government was offering financial assistance, but because it did so at such an enormous scale. While opponents criticized the bailout for its enduring burden on taxpayers, supporters pointed to its necessity in order to keep the failing economy afloat. Now in its third year, many are left wondering: how successful has the program been and what unforeseen consequences emerged because of it?
Join host Eric Kavanagh for this episode of Federal Spending to hear former TARP regulator Amy Poster review the program’s successes and shortcomings. She will also discuss the looming “fiscal cliff” and what its implications could mean for the economy. She will be joined by Bloor Group Analyst and former operations manager Jessica Marie, who will shed light on TARP’s impact on small and mid-sized banks. Robin Bloor, Chief Analyst at The Bloor Group, will offer some perspective on the Federal Reserve's Quantitative Easing programs, and what impact they may have had on inflating the overall value of the stock market.
Visit: http://www.insideanalysis.com
Photo credits:
Svilen Milev www.efffective.com
Scott Liddell www.scottliddell.net
Top10 SMSF strategies for 2011/12 presentation conducted by Aaron Dunn of The SMSF Academy in conjunction with Business Fitness.
Download a copy of the free webinar, by visiting http://thesmsfacademy.com.au/free-webinars/
Standard Chartered PLC reported strong financial results for 2004, with profit before tax rising 39% to $2.158 billion. Both the Consumer Banking and Wholesale Banking businesses achieved over $1 billion in operating profit for the first time. The Chairman was pleased with the results and strategic progress, including several acquisitions that will enable the Group to expand. The Group Chief Executive reviewed the company's strategic focus and priorities for 2005, which include expanding consumer banking segments, continuing the transformation of wholesale banking, and integrating recent acquisitions.
This document is the 2005 annual report summary for The Allstate Corporation. It discusses how in 2005 Allstate incurred $5.7 billion in losses from the three devastating hurricanes but still generated $1.8 billion in net income. It also discusses how Allstate is focusing on managing catastrophic risks, growing profitably, and rewarding shareholders through stock buybacks and dividends. The summary highlights Allstate's key financial results for 2005 and discusses the company's strategies around innovation, value creation, and investing in employees.
Jp morgan -_032113_presentation_-_finalCNOServices
The document discusses CNO Financial Group's presentation at the 2013 J.P. Morgan Insurance Conference on March 21, 2013. It provides an overview of CNO Financial Group, highlighting its focus on serving the middle-income market, its track record of execution and investment in growth. Specific metrics are presented on core sales growth excluding Bankers annuities, growth in average liabilities on core business segments, and stable and growing segment earnings excluding significant items. Forward-looking statements are also noted and non-GAAP measures are referenced.
Our Autumn Newsletter gives an overview of choices ant retirment and SIPPs. We look at investing in Solar Power and ask Who will look after you in old age?
Exhibit h.4d atrs 1302 investment - franklin park internationalFPLLC
The document is an investor presentation for Franklin Park International Fund 2010 from April 2010. It provides an executive summary that the fund is targeting $100 million with a maximum of $200 million to build a diversified portfolio of private equity funds investing in emerging markets like Africa, India, Central and Eastern Europe, and Latin America. The strategy is to offer Franklin Park's retainer advisory clients allocation to the fund-of-funds with no management fees or carry, and partnership expenses to be paid pro rata by limited partners.
The document provides an overview of the Integrity with GFD solution, a new wealth accumulation and protection solution for business owners. It addresses main challenges business owners face like not having enough money for retirement or rewarding family. The Integrity solution offers accelerated wealth accumulation, additional life insurance protection, and significant tax advantages. It works by providing an upfront loan that is deposited into a universal life insurance policy to grow tax-deferred. Business owners can then enjoy multiple exit strategies like selling the business, using it for retirement income, or leaving a financial legacy.
June 2011 newsletter of Steve Stanganelli, CFP(R) Professional and principal of Clear View Wealth Advisors, a fee only financial planning firm serving individuals in Massachusetts. In this issue, Steve discusses how to manage retirement income distributions, the role of dividend paying stocks in a balanced portfolio, college planning tools for late starters and tax tips for those who are getting divorced.
This document provides supplementary financial information for The Chubb Corporation as of December 31, 2008. It includes highlights of the consolidated balance sheet, share repurchase activity, summaries of invested assets for the Corporate and Property and Casualty segments, and investment income. It also contains information on statutory policyholders' surplus, changes in unpaid losses, and underwriting results for year-to-date and quarterly periods for the Property and Casualty Insurance Group. Key terms are defined at the end.
This document discusses social finance as a sustainable approach to managing money that delivers both social/environmental benefits and economic returns. It provides examples of social finance at different levels of involvement from grants to equity investments. Products include venture capital funds, local development funds, and debt mechanisms. When perspectives are aligned constructively, social finance can create innovative solutions and change whole systems as seen with the Great Bear Rainforest agreement in Canada.
The document discusses CNO Financial Group's presentation at the 2013 Citi US Financial Services Conference. It notes that the presentation contains forward-looking statements and non-GAAP financial measures, and provides an overview of CNO Financial Group's fundamentals, strengths, growth strategies, and financial trends. Specifically, it highlights CNO's focus on the middle-income market, track record of execution, investments in productivity and growth, expanding business lines, and stable and growing segment earnings.
1) Exceptions to the early withdrawal penalty from retirement accounts include distributions for qualified education expenses, home purchases up to $10,000, and health insurance premiums during unemployment.
2) Distributions due to death, disability, medical expenses, IRS levies, and qualified domestic relations orders are also exempt from the penalty.
3) The substantially equal periodic payments exception allows penalty-free withdrawals if amounts are taken at least annually based on an IRS-approved calculation method until age 59.5.
public serviceenterprise group media.corporatefinance20
PSEG reported 2008 income from continuing operations of $983 million, or $1.93 per share, compared to $1,325 million, or $2.60 per share in 2007. Operating earnings for 2008 were $1,487 million, or $2.92 per share compared to $1,385 million, or $2.72 per share in 2007. PSEG Power had record operating earnings of $1,050 million in 2008 and PSEG expects 2009 operating earnings to be between $1,520-1,650 million, or $3.00-$3.25 per share. PSE&G operating earnings are expected to decline in 2009 due to higher pension and technology expenses.
The document outlines the agenda for CNO Financial Group's 2012 Investor Day, including presentations on CNO's strategy, segment growth strategies, target markets and distribution, investments, and financial overview. Speakers include the CEO, CBO, presidents of the company's business segments, and CFO. The event was intended to provide investors with an update on CNO's business and strategic direction.
Kubota Corp is a Japanese machinery manufacturer headquartered in Osaka, Japan. It produces industrial and farm machinery, including tractors, combine harvesters, excavators, and piping systems. In the fiscal year ending March 2013, Kubota generated over 1 trillion JPY in revenue, with its machinery segment accounting for over 70% of sales. The company has over 29,000 employees and sells its products worldwide, with nearly 50% of revenue coming from sales in Japan and over 20% from North America. Kubota is currently trading on the Tokyo Stock Exchange at around 1314 JPY per share and has a market capitalization of nearly 1.7 trillion JPY.
MPL Result Update 4qfy2010-030510-finalAngel Broking
Madhucon Projects reported disappointing results for the fourth quarter of fiscal year 2010 that were below expectations. While revenue grew robustly due to higher subcontracting in the power segment, operating margins hit a historical low of 6.4% due to the heavy subcontracting. The analyst maintains a "Buy" rating but lowers the target price to Rs. 190 per share based on revised estimates factoring in lower margins and a higher holding company discount applied to the valuation of Madhucon Infra subsidiary. Near-term revenue visibility comes from existing power segment orders but margins are expected to remain under pressure from ongoing subcontracting.
1. Business succession planning can be achieved through a buy-sell agreement funded by life insurance policies on owners. This allows the business to purchase shares from an estate.
2. Key person insurance offsets lost cash flow if important employees die or leave by providing funds.
3. Executive benefits like deferred compensation plans incentivize key employees to stay by providing retirement funds from a single insurance policy's cash value.
Combining these needs into one policy provides an efficient solution that addresses all the business's succession planning requirements.
allstate Quarterly Investor Information Earnings Press Release 2004 1stfinance7
Allstate reported strong financial results for the first quarter of 2004, with a 43% increase in net income and 52% increase in operating income per share compared to the first quarter of 2003. Operating income reached $1 billion for the first quarter, driven by higher premiums earned in Property-Liability and higher realized capital gains. Property-Liability underwriting income increased 109% due to higher premiums, favorable loss trends, and lower catastrophes. Allstate Financial also saw increases in premiums and deposits as well as operating income. As a result of the strong performance, Allstate increased its full-year 2004 operating income per share guidance.
The document summarizes proposed legislation that would treat income from carried interest as ordinary income rather than capital gains. It would apply to investment partnership interests where the partner performs investment management services. Income, gains, losses and distributions would generally be treated as ordinary, with some exceptions for qualified capital interests. The legislation has passed the House multiple times but has faced resistance in the Senate. It is estimated to raise $10.5 billion in tax revenue over 5 years.
EY Human Capital Conference 2012: Trends in performance-based remunerationEY
This presentation considers regulatory trends in performance-based remuneration as well as trends in executive compensation, both short-term incentives (STI) and long-term incentives (LTI).
This document summarizes a presentation on SMSFs and real property applications. The presentation discusses how SMSFs have become a preferred vehicle for holding real estate, replacing the traditional family trust model. It describes how real estate can be held in an SMSF, with the SMSF leasing the property to a related business. This allows the business to deduct rent and the SMSF to accumulate wealth for retirement with favorable tax treatment compared to a family trust. The presentation focuses on various real estate arrangements involving SMSFs and the superannuation regulations governing related party transactions.
Time to Face the Music: TARP Update and the Fiscal CliffInside Analysis
Federal Spending Episode 14
Live Webcast on Dec. 12, 2012
The implementation of the Troubled Asset Relief Program (TARP) turned a lot of heads, not so much because the government was offering financial assistance, but because it did so at such an enormous scale. While opponents criticized the bailout for its enduring burden on taxpayers, supporters pointed to its necessity in order to keep the failing economy afloat. Now in its third year, many are left wondering: how successful has the program been and what unforeseen consequences emerged because of it?
Join host Eric Kavanagh for this episode of Federal Spending to hear former TARP regulator Amy Poster review the program’s successes and shortcomings. She will also discuss the looming “fiscal cliff” and what its implications could mean for the economy. She will be joined by Bloor Group Analyst and former operations manager Jessica Marie, who will shed light on TARP’s impact on small and mid-sized banks. Robin Bloor, Chief Analyst at The Bloor Group, will offer some perspective on the Federal Reserve's Quantitative Easing programs, and what impact they may have had on inflating the overall value of the stock market.
Visit: http://www.insideanalysis.com
Photo credits:
Svilen Milev www.efffective.com
Scott Liddell www.scottliddell.net
Top10 SMSF strategies for 2011/12 presentation conducted by Aaron Dunn of The SMSF Academy in conjunction with Business Fitness.
Download a copy of the free webinar, by visiting http://thesmsfacademy.com.au/free-webinars/
Standard Chartered PLC reported strong financial results for 2004, with profit before tax rising 39% to $2.158 billion. Both the Consumer Banking and Wholesale Banking businesses achieved over $1 billion in operating profit for the first time. The Chairman was pleased with the results and strategic progress, including several acquisitions that will enable the Group to expand. The Group Chief Executive reviewed the company's strategic focus and priorities for 2005, which include expanding consumer banking segments, continuing the transformation of wholesale banking, and integrating recent acquisitions.
This document is the 2005 annual report summary for The Allstate Corporation. It discusses how in 2005 Allstate incurred $5.7 billion in losses from the three devastating hurricanes but still generated $1.8 billion in net income. It also discusses how Allstate is focusing on managing catastrophic risks, growing profitably, and rewarding shareholders through stock buybacks and dividends. The summary highlights Allstate's key financial results for 2005 and discusses the company's strategies around innovation, value creation, and investing in employees.
Jp morgan -_032113_presentation_-_finalCNOServices
The document discusses CNO Financial Group's presentation at the 2013 J.P. Morgan Insurance Conference on March 21, 2013. It provides an overview of CNO Financial Group, highlighting its focus on serving the middle-income market, its track record of execution and investment in growth. Specific metrics are presented on core sales growth excluding Bankers annuities, growth in average liabilities on core business segments, and stable and growing segment earnings excluding significant items. Forward-looking statements are also noted and non-GAAP measures are referenced.
Our Autumn Newsletter gives an overview of choices ant retirment and SIPPs. We look at investing in Solar Power and ask Who will look after you in old age?
Exhibit h.4d atrs 1302 investment - franklin park internationalFPLLC
The document is an investor presentation for Franklin Park International Fund 2010 from April 2010. It provides an executive summary that the fund is targeting $100 million with a maximum of $200 million to build a diversified portfolio of private equity funds investing in emerging markets like Africa, India, Central and Eastern Europe, and Latin America. The strategy is to offer Franklin Park's retainer advisory clients allocation to the fund-of-funds with no management fees or carry, and partnership expenses to be paid pro rata by limited partners.
The document provides an overview of the Integrity with GFD solution, a new wealth accumulation and protection solution for business owners. It addresses main challenges business owners face like not having enough money for retirement or rewarding family. The Integrity solution offers accelerated wealth accumulation, additional life insurance protection, and significant tax advantages. It works by providing an upfront loan that is deposited into a universal life insurance policy to grow tax-deferred. Business owners can then enjoy multiple exit strategies like selling the business, using it for retirement income, or leaving a financial legacy.
June 2011 newsletter of Steve Stanganelli, CFP(R) Professional and principal of Clear View Wealth Advisors, a fee only financial planning firm serving individuals in Massachusetts. In this issue, Steve discusses how to manage retirement income distributions, the role of dividend paying stocks in a balanced portfolio, college planning tools for late starters and tax tips for those who are getting divorced.
This document provides supplementary financial information for The Chubb Corporation as of December 31, 2008. It includes highlights of the consolidated balance sheet, share repurchase activity, summaries of invested assets for the Corporate and Property and Casualty segments, and investment income. It also contains information on statutory policyholders' surplus, changes in unpaid losses, and underwriting results for year-to-date and quarterly periods for the Property and Casualty Insurance Group. Key terms are defined at the end.
This document discusses social finance as a sustainable approach to managing money that delivers both social/environmental benefits and economic returns. It provides examples of social finance at different levels of involvement from grants to equity investments. Products include venture capital funds, local development funds, and debt mechanisms. When perspectives are aligned constructively, social finance can create innovative solutions and change whole systems as seen with the Great Bear Rainforest agreement in Canada.
The document discusses CNO Financial Group's presentation at the 2013 Citi US Financial Services Conference. It notes that the presentation contains forward-looking statements and non-GAAP financial measures, and provides an overview of CNO Financial Group's fundamentals, strengths, growth strategies, and financial trends. Specifically, it highlights CNO's focus on the middle-income market, track record of execution, investments in productivity and growth, expanding business lines, and stable and growing segment earnings.
1) Exceptions to the early withdrawal penalty from retirement accounts include distributions for qualified education expenses, home purchases up to $10,000, and health insurance premiums during unemployment.
2) Distributions due to death, disability, medical expenses, IRS levies, and qualified domestic relations orders are also exempt from the penalty.
3) The substantially equal periodic payments exception allows penalty-free withdrawals if amounts are taken at least annually based on an IRS-approved calculation method until age 59.5.
public serviceenterprise group media.corporatefinance20
PSEG reported 2008 income from continuing operations of $983 million, or $1.93 per share, compared to $1,325 million, or $2.60 per share in 2007. Operating earnings for 2008 were $1,487 million, or $2.92 per share compared to $1,385 million, or $2.72 per share in 2007. PSEG Power had record operating earnings of $1,050 million in 2008 and PSEG expects 2009 operating earnings to be between $1,520-1,650 million, or $3.00-$3.25 per share. PSE&G operating earnings are expected to decline in 2009 due to higher pension and technology expenses.
The document outlines the agenda for CNO Financial Group's 2012 Investor Day, including presentations on CNO's strategy, segment growth strategies, target markets and distribution, investments, and financial overview. Speakers include the CEO, CBO, presidents of the company's business segments, and CFO. The event was intended to provide investors with an update on CNO's business and strategic direction.
Kubota Corp is a Japanese machinery manufacturer headquartered in Osaka, Japan. It produces industrial and farm machinery, including tractors, combine harvesters, excavators, and piping systems. In the fiscal year ending March 2013, Kubota generated over 1 trillion JPY in revenue, with its machinery segment accounting for over 70% of sales. The company has over 29,000 employees and sells its products worldwide, with nearly 50% of revenue coming from sales in Japan and over 20% from North America. Kubota is currently trading on the Tokyo Stock Exchange at around 1314 JPY per share and has a market capitalization of nearly 1.7 trillion JPY.
MPL Result Update 4qfy2010-030510-finalAngel Broking
Madhucon Projects reported disappointing results for the fourth quarter of fiscal year 2010 that were below expectations. While revenue grew robustly due to higher subcontracting in the power segment, operating margins hit a historical low of 6.4% due to the heavy subcontracting. The analyst maintains a "Buy" rating but lowers the target price to Rs. 190 per share based on revised estimates factoring in lower margins and a higher holding company discount applied to the valuation of Madhucon Infra subsidiary. Near-term revenue visibility comes from existing power segment orders but margins are expected to remain under pressure from ongoing subcontracting.
The document discusses resource management and circularity in India using a "3S" approach of sharing, swapping, and selling. It notes that India faces significant challenges with air pollution, water access and treatment, electricity access and losses, and waste management. Currently, India follows a linear "take-make-dispose" economic model. The document advocates for creating ownership over resources, transparency in resource usage data, and complete visibility into resource flows to better manage resources and move toward a circular economy. Smart meter programs in India are highlighted as an example of creating visibility into electricity usage.
Financial Analysis - Shanghai Construction Co., ltd. undertakes a variety …BCV
Shanghai Construction Co Ltd is a large Chinese construction company that undertakes a variety of projects including residential, industrial, municipal, and public infrastructure construction. It generates most of its revenue from public facilities, civil building, and government building construction within China. The company has over 24,000 employees and operates across China as well as in other countries like Russia. Shanghai Construction Co Ltd is currently trading below analysts' average target price, signaling it may be undervalued.
Madhucon Projects reported a 43% increase in net sales and a 22.2% increase in operating profit for the first quarter of FY2011, beating analyst estimates. While margins and earnings also exceeded forecasts, regulatory changes have delayed the company's plans to raise equity financing. As a result, the analyst downgrades the stock to "Accumulate" and changes the valuation methodology to no longer factor in potential equity dilution. The analyst sets a target price of Rs174 per share based on assigning a PE ratio to FY2012 earnings estimates and valuing subsidiaries.
This document provides an analysis of the balance sheet of Maruti Suzuki for the years 2009-2010. It begins with an introduction and overview of the company, including its vision, mission, market scenario, and sales analysis. Financial highlights for Maruti Suzuki from 2009-2010 are presented, including net sales, profit before tax, reported net profit, and earnings per share. The document then discusses the objectives of financial analysis and ratio analysis. It provides classifications and calculations of various ratios to analyze Maruti Suzuki's profitability, liquidity, activity, and leverage. The conclusion indicates that the report gives a complete financial analysis of Maruti Suzuki for five years through the use of ratio analysis.
Elecon Engineering is a leading provider of material handling equipment and gear solutions in India. It has a 26% market share in the domestic gear market, making it the leader. The company is well positioned to benefit from an estimated Rs32,500 crore of opportunities in the material handling equipment industry over the next few years, driven by growth in core sectors like power, steel, and coal. Elecon's order book and revenues are expected to grow at a CAGR of 40% and 13.5%, respectively, during FY2010-12, supported by a recovery in industrial activity and capital expenditures. The company's strong position in the stable gear market also helps support its profitability.
Elecon Engineering is a leading provider of material handling equipment and gear solutions in India. The company is well positioned to benefit from increasing industrial capital expenditures in sectors like power and steel. The analyst estimates Elecon will grow sales at a CAGR of 13.5% and adjusted profits at 37% over fiscal years 2010-2012 due to improving financials and recovery in the material handling equipment industry. The report initiates coverage on Elecon with a buy recommendation and target price of Rs102 based on attractive valuations and growth opportunities.
The document discusses ESCO financing opportunities and roadblocks in India. It provides an overview of SIDBI's initiatives to promote energy efficiency, the ESCO scenario, and its Partial Risk Sharing Facility (PRSF) program. PRSF aims to catalyze the energy efficiency project market implemented by ESCOs through performance contracting by providing risk coverage to banks financing such projects. It outlines the eligibility criteria, roles of stakeholders like ESCOs, hosts, banks, and SIDBI as the program administrator. SIDBI is undertaking various technical assistance activities like training, marketing, and meetings to promote the ESCO industry in India through the PRSF program.
2009 Soa Annual Meeting Changing Landscape For Medicare Advantage PlansJBogolin
The document summarizes a presentation from the 2009 Society of Actuaries Annual Meeting on proposed changes to Medicare Advantage plans. It discusses recent trends in Medicare Advantage enrollment and plans for 2010 in light of revenue cuts. It then summarizes elements of the Senate Finance Committee's proposed reforms, including establishing a coordinated office for dual-eligible beneficiaries, promoting prevention and wellness programs, and changing Medicare Advantage payments to be based on actual plan bids rather than statutory rates by 2015. Bonus payments for MA plans were also outlined based on care coordination criteria.
Grasim Industries reported a 22.7% year-over-year decline in adjusted net profit for the first quarter of fiscal year 2011 to Rs575 crore. The results were impacted by a 27% decline in operating profit for the company's cement division to Rs1,089 crore due to excess supply in southern and western regions. However, the company's viscose staple fiber division continued to perform well with a 54% year-over-year growth in operating profit to Rs304 crore. Going forward, the company's 60.3% subsidiary Ultratech Cement will be the key driver of its cement interests following the merger of Ultratech and Samruddhi Cement effective August
Financial Analysis - China Communications Construction Company Ltd. is a tran...BCV
Financial Analysis - China Communications Construction Company Ltd. is a transportation infrastructure group. The Company is involved in infrastructure construction, infrastructure design, dredging, and port machinery manufacturing
IRB Infrastructure reported a 23.6% increase in net sales to Rs. 512 crore for the first quarter of FY2011 compared to the same period last year. However, this was below the analyst's estimates of Rs. 714 crore due primarily to lower than expected performance in the construction segment. The operating margin of 44.8% outperformed estimates due to record high margins in the construction segment, leading to higher than forecasted net profit of Rs. 117.5 crore. While revising down their estimates, the analysts maintain an Accumulate rating given IRB's strengths in the road segment and portfolio of BOT assets.
Suzlon Energy Limited is a leading global renewable energy solutions company headquartered in India. It has over 14,000 employees operating across 21 countries. Suzlon manufactures wind turbines and has manufacturing facilities across three continents. It is the third largest wind turbine manufacturer in the world and the market leader in Asia. Suzlon has seen strong revenue growth over the past few years but profitability has declined due to increased investment in expanding operations globally. The company is focused on reducing debt levels through liability management exercises.
SBM Offshore Full Year 2022 Earnings Presentation.pdfHafidz Akbar
SBM Offshore reported strong full year 2022 results with record EBITDA and backlog. Operational performance was high with 97% underlying fleet uptime and FPSO Liza Unity delivering on time. The outlook for FPSOs remains positive with 2-3 awards expected per year and over 40% of prospects targeting SBM Offshore's capabilities. SBM Offshore also continues progress on energy transition with its emissionZERO program and successful execution of the Provence Grand Large floating wind farm project.
The document provides an overview of the DSP Equity Opportunities Fund, a large and mid-cap equity fund managed by DSP Investment Managers. The fund seeks to invest in established and emerging companies across sectors and market caps using a blend of top-down and bottom-up strategies. It has a track record of over two decades and aims to provide long-term capital appreciation through a diversified portfolio. The investment process involves in-depth research and analysis to identify attractive stocks while managing risk. As of September 2021, the fund had over 98% exposure to equities with top holdings in financial, materials, and industrial stocks.
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4. Voting on Plan Proposals
As mentioned in the introduction, there were approximately 2,200 equity plan proposals submitted to
shareholders for consideration during the 2007 to 2009 period. The overwhelming majority of these
proposals were approved by shareholders. Only a small number of equity plan proposals actually failed
to gain shareholder approval (less than 2%).
Given their influence among institutional investors, it is also important to review the voting
recommendations against equity plan proposals by RiskMetrics Group (RMG) and how these compared
to the actual equity plan proposals that failed. RMG typically “grades on a curve” and strives to
recommend against a third of all of equity plan proposals. In recent years, RMG has fallen a bit below
that target, recommending against 25 to 30 percent of equity plan proposals.
The natural question to ask is what is the significance of a negative RMG vote recommendation for an
equity plan proposal? Does it doom the proposal to failure? Well, as with most things, it depends on the
particular facts and circumstances, but generally it looks like a negative RMG vote recommendation in
the aggregate has very little bite. However, that may not be true for certain industry groups (see the
Industry Voting Information section that follows). In the chart below you can see that while RMG
recommended against between 200 and 260 plans each year, on average 13 and a median of 11 actually
failed to win approval from shareholders.
All Industries
Equity Plan Proposal Voting Results
2007 2008 2009
952
879 868
830
Equity Plan Proposal Failures: 2007–2009 | June 2010
740 721 705
610 599
260
219 200
11 16 11
Total # Proposals # With Known Voting RMG Against Vote Proposals that Pass Proposals that Fail
Results Recommendations
2
6. The equity plan proposal failure rate for proposals in these five industries was more than double the
average failure rate for all industry groups. These five industries also represent the industries where
RMG’s vote recommendations had the highest level of success, as measured by the number of proposals
RMG recommended against compared to the number that ultimately failed. RMG’s success rate for its
negative vote recommendations was as high as about 46 percent (45.5%) for the Semiconductor &
Equipment industry, and tapered down to about 14 percent (13.8%) for the Consumer Services industry
group.
A summary of the voting on equity plan proposals by industry group appears below. We have also
indicated, by industry group, the RMG Against vote recommendation and the proposals as failed. Finally,
we calculated the RMG Against Success Rate to illustrate how often the RMG Against vote
recommendations for each industry resulted in equity plan proposals failing.
Industry Voting Information: 2007–2009
# RMG % RMG RMG Against
Industry # Proposals # Failed % Failed
Against Against Success Rate
Autos & Components 21 8 38.1% 1 4.8% 12.5%
Banks 141 59 41.8% 1 0.7% 1.7%
Capital Goods 172 46 26.7% 0 0.0% 0.0%
Commercial Services & Supplies 86 20 23.3% 4 4.7% 20.0%
Consumer Durables & Apparel 77 33 42.9% 1 1.3% 3.0%
Consumer Services 79 29 36.7% 4 5.1% 13.8%
Diversified Financials 83 48 57.8% 0 0.0% 0.0%
Energy 154 60 39.0% 3 1.9% 5.0%
Food Beverage & Tobacco 56 21 37.5% 0 0.0% 0.0%
Food Staples & Retailing 25 4 16.0% 0 0.0% 0.0%
Health Care Equipment & Services 192 52 27.1% 1 0.5% 1.9%
Household & Personal Products 15 6 40.0% 0 0.0% 0.0%
Insurance 60 27 45.0% 0 0.0% 0.0%
Equity Plan Proposal Failures: 2007–2009 | June 2010
Materials 79 17 21.5% 0 0.0% 0.0%
Media 52 17 32.7% 1 1.9% 5.9%
Pharmaceuticals & Biotech 167 46 27.5% 7 4.2% 15.2%
Real Estate 88 24 27.3% 2 2.3% 8.3%
Retailing 110 35 31.8% 2 1.8% 5.7%
Semiconductor & Equipment 96 11 11.5% 5 5.2% 45.5%
Software & Services 190 56 29.5% 4 2.1% 7.1%
Tech Hardware & Equipment 145 31 21.4% 2 1.4% 6.5%
Telecom Services 26 12 46.2% 0 0.0% 0.0%
Transportation 45 8 17.8% 0 0.0% 0.0%
Utilities 51 9 17.6% 0 0.0% 0.0%
All Industries 2,210 679 30.7% 38 1.7% 5.6%
RMG Against Success Rate = # Failed / # RMG Against
Note: The shaded industries represent the top five industries for plan proposal failures, and the top five for RMG’s Against
Success Rate.
4
8. Company Year % of CSO Dilution SVT SVT Cap
Illumina, Inc.* 2007 9.0% 21% 29% 13%
J2 Global Communications, Inc. 2007 20.3% 20% 22% 19%
LTC Properties, Inc. 2007 2.5% 3% 3% 6%
Microtune, Inc. 2007 3.7% 20% 20% 18%
Penn National Gaming, Inc. 2007 7.0% 18% 18% 9%
Resources Connection, Inc. 2007 4.1% 21% 18% 10%
Tuesday Morning Corp. 2007 1.5% 9% 5% 10%
* Company’s equity plan proposal involved a plan with an evergreen provision. % of CSO takes into account an
estimate of the total number of shares that could be added to a plan during the remaining plan term under the
evergreen provision.
Bolded dilution figures indicate that dilution from the equity plan proposal would result in dilution of 20 percent or
greater.
% of CSO is the number of shares represented by the equity plan proposal expressed as a percent of the company’s
common shares outstanding as of the record date for the applicable proxy.
Dilution is the fully diluted dilution represented by the equity plan proposal, all outstanding equity awards, and all
shares available for grant under equity plans that will continue to be available if the proposal is approved, divided
by the company’s common shares outstanding as of the record date plus everything in the numerator.
SVT is Shareholder Value Transfer, a term from RMG used to describe the percent of market value of the company
(generally 200‐day [400‐day for 2009] stock price multiplied by common shares outstanding as of the record date),
represented by the value calculated by RMG for the equity awards available to be granted under the equity plan
proposal, any continuing plans, and for any outstanding equity awards.
SVT Cap, or allowable cap, is the company‐specific maximum amount of SVT that RMG permits each company to
have after utilizing a black‐box regression formula that takes into account the equity award usage at top‐quartile
performing companies within the same industry group (the performance metrics change from group to group, but
tend to include total shareholder return as a significant factor).
Equity Plan Proposal Failures: 2007–2009 | June 2010
6
9.
RiskMetrics Group’s Observations
The reasons RMG recommended against the equity plan proposal that failed are indicated below and
span the seven key policies that RMG applies to equity plan proposals:
• Excessive cost to shareholders, i.e., SVT Cost
• Excessive burn rate, i.e., Burn Rate above the industry‐specific cap
• Specifically permitting repricing or cashouts without shareholder approval or remaining silent on
repricings after a company has conducted a repricing or exchange without shareholder
approval, i.e., Repricing Policy
• Misalignment of pay and performance , i.e., PFP
• Problematic/poor pay practices
• A definition of change in control (CIC) that could be triggered absent consummation of the deal,
i.e., Liberal CIC
• Any other egregious compensation practice or action that RMG finds objectionable (typically
applied to large, well‐known companies that make good poster children), i.e., Other
Reason(s) for RiskMetrics/ISS Opposition to Equity Plan Proposals: 2007–2009
Problematic/
SVT Burn Repricing Fail Liberal
Company Year Poor Pay Other
Cost Rate Policy PFP CIC
Practices
Advanced Analogic Technologies Incorporated 2009 ● ● ● ●
Exelixis, Inc 2009 ● ●
Harvest Natural Resource, Inc 2009 ● ●
Hot Topic, Inc. 2009 ●
Huron Consulting Group, Inc. 2009 ● ●
Palomar Medical Technologies, Inc. 2009 ●
Perma‐Fix Environmental Services, Inc. 2009 ●
Pharmasset, Inc. 2009 ●
Sequenom, Inc. 2009 ●
Ultratech Inc. 2009 ●
●
Equity Plan Proposal Failures: 2007–2009 | June 2010
VIVUS, Inc. 2009
American Axle & Manufacturing Holdings, Inc. 2008 ● ●
Arqule, Inc. 2008 ●
Cracker Barrel Old Country Store, Inc.* 2008 ● ○
Emulex Corporation 2008 ●
FTI Consulting, Inc. 2008 ● ●
Iconix Brand Group, Inc. 2008 ● ●
IXYS Corp. 2008 ●
NIC Inc. 2008 ●
Outdoor Channel Holdings, Inc. 2008 ●
Pain Therapeutics, Inc. 2008 ●
Radiant Systems, Inc. 2008 ●
Salesforce.com, Inc. 2008 ●
Sigma Designs, Inc. 2008 ●
T‐3 Energy Services Inc 2008 ● ● ● ●
The Cheesecake Factory, Inc. 2008 ● ●
Wilmington Trust Corp. 2008 ●
Arena Resources, Inc. 2007 ●
7
10. Problematic/
SVT Burn Repricing Fail Liberal
Company Year Poor Pay Other
Cost Rate Policy PFP CIC
Practices
Corporate Office Properties Trust, Inc. 2007 ● ● ●
Cracker Barrel Old Country Store, Inc. 2007 ● ●
Electro Scientific Industries, Inc. 2007 ●
Illumina, Inc. 2007 ● ●
J2 Global Communications, Inc. 2007 ● ●
LTC Properties, Inc. 2007 ●
Microtune, Inc. 2007 ● ●
Penn National Gaming, Inc. 2007 ● ●
Resources Connection, Inc. 2007 ● ●
Tuesday Morning Corp. 2007 ●
*RMG noted that the CBRL proposed plan had a liberal CIC definition. However, this vote occurred prior to the time when RMG
changed its policies to recommend AGAINST plans that had liberal CIC definitions.
Equity Plan Proposal Failures: 2007–2009 | June 2010
8
12. The vast majority of equity plan proposals that failed (approximately 75%) had SVT costs that exceeded
their SVT caps. Thus, if an equity plan proposal’s SVT cost exceeds a company’s SVT cap, it looks like
there is an increased risk that the proposal will fail. Again, this risk can be addressed by going directly to
shareholders and explaining the rationale for the equity plan proposal, but not all shareholders are open
to such arguments and companies would be wise to understand the risks presented by such a situation
and plan accordingly.
Three‐quarters of equity plan proposals that failed had “excessive” SVT costs,
i.e., their SVT cost exceeded their company‐specific SVT cap.
Burn Rate
While burn rate was not cited by RMG for recommending against a majority of the equity plan proposals
that failed, it nevertheless was cited for about one‐third (31.6%) of the failed proposals. Even then, in all
but one of the failed proposals where excessive burn rate was cited, RMG also cited SVT cost being
above the company’s SVT cap. Additionally, even if an equity plan proposal were to face an increased
failure risk due to potentially excessive burn rate under RMG’s policies, a company could commit to
maintain its burn rate at a specified rate over the next three years and RMG would likely give the
company a pass on the burn rate policy, i.e., RMG would not recommend against the proposal if
excessive burn rate was the only issue it found with the proposal. There is no such “out” for companies
that fail RMG’s SVT cost policy.
Repricing, Cash Buyouts, or Exchanges of Underwater Stock Options
Another risk factor for failure of an equity plan proposal relates to repricing, cash buyouts, or exchanges
Equity Plan Proposal Failures: 2007–2009 | June 2010
of underwater stock options or stock appreciation rights (SARs) without shareholder approval.
First, if a plan specifically permits repricing, cash buyouts, or exchanges of underwater stock options or
SARs without shareholder approval, RMG will recommend against the equity plan proposal.
Second, even if the plan is silent on repricing, cash buyouts, or exchanges without shareholder approval,
if a company has engaged in any of those actions without shareholder approval, RMG will recommend
against the equity plan proposal and the company’s incumbent directors. If a company had engaged in
such actions without shareholder approval, it can avoid application of RMG’s repricing policy by simply
including a prohibition against repricing, cash buyouts, or exchanges of underwater stock options or
SARs without shareholder approval in the proposed plan document.
Of the 38 equity plan proposals that failed, RMG recommend against a little over one‐third (34.2%)
because they violated RMG’s repricing policy. Unlike with RMG’s burn rate policy, the number of
proposals cited for violation of RMG’s repricing policy alone and with a violation of RMG’s SVT cost
policy was about evenly split (7 vs. 6).
10
14. Other
Other reasons were cited by RMG only twice among the 38 equity plan proposals that failed. In one
case, RMG recommended against an equity plan proposal because it supported an alternative proposal
seeking shareholder approval for an option exchange program for underwater stock options. In that
case, RMG did note that if a shareholder opposed the option exchange, it should support the equity plan
proposal.
In the other case, RMG cited an “other” reason in addition to an excessive SVT cost for the equity plan
proposal. Specifically, RMG indicated that it opposed the proposal because the non‐employee director
plan had retainers that were heavily weighted towards equity, but vesting for director equity awards
was only three years instead of five years.
So, there probably aren’t too many lessons that can be drawn from the “other” category except that if
there are extenuating circumstances, be sure to vet them with individuals familiar with RMG policies
and guidelines to ensure they won’t present an issue to the approval of the equity plan proposal.
Equity Plan Proposal Failures: 2007–2009 | June 2010
12
16. Authors
For more information about this Special Report or how The Altman Group or Exequity LLP can assist with
equity plan proposals, please contact the authors:
Edward A. Hauder | Senior Executive Compensation Advisor
Exequity LLP | Independent Board and Management Advisors
1870 W. Winchester Rd., Ste. 141 | Libertyville, IL 60048 | www.exqty.com
Direct: 847‐996‐3990 | Cell: 847‐406‐8150 | Fax: 847‐996‐3961 | edward.hauder@exqty.com
Ed’s Equity Compensation Blog: http://www.edwardhauder.com
Follow Ed on Twitter: http://www.twitter.com/ExeCompAdvisor
Reid Pearson | Managing Director
The Altman Group, Inc.
5524 Wedgewood Ct | Lilburn, GA 30047 | www.altmangroup.com
Direct: 678‐919‐7189 | Cell: 770‐262‐7677 | rpearson@altmangroup.com
Subscribe to Publications
The Altman Group, Exequity LLP, and Ed Hauder’s Equity Compensation Blog maintain subscriber lists to
which they send updates and alerts about current topical events of interest to their clients and friends.
Below are links if you would like to sign up for any of these:
http://www.altmangroup.com/moreinfo.aspx
EXEQUITY http://www.exqty.com/References/Subscribe.aspx
Equity Plan Proposal Failures: 2007–2009 | June 2010
http://eepurl.com/sOVB
14
17.
Appendix
Problematic Pay Practices
“Major” “Minor”
• Multi‐year guarantees for salary increases, • Excessive severance and/or CIC provisions
non‐performance‐based bonuses, and equity ⎯ Payments upon an executive’s termination in
compensation connection with performance failure
• Including additional years of service that result in ⎯ Liberal CIC definition in individual contracts or
significant additional benefits, without sufficient equity plans which could result in payments to
justification, or including long‐term equity awards in executives without an actual CIC occurring
the pension calculation • Overly generous perquisites, which may include, but
• Perquisites for former and/or retired executives, and are not limited to, the following:
extraordinary relocation benefits (including home ⎯ Personal use of corporate aircraft
buyouts) for current executives
⎯ Personal security system maintenance and/or
• CIC payments exceeding three times base salary and installation
target bonus
⎯ Car allowances
• CIC payments without job loss or substantial
⎯ Executive life insurance
diminution of duties (“single triggers”)
• Internal pay disparity/excessive differential between
• New or materially amended agreements that provide
CEO total pay and that of next highest‐paid executive
for “modified single triggers”
officer
• New or materially amended agreements that provide
• Voluntary surrender of underwater stock options by
for an excise tax gross‐up (including “modified
executive officers
gross‐ups”)
⎯ May be viewed as an indirect repricing/exchange
• Tax reimbursements related to executive perquisites
program especially if those cancelled options are
or other payments such as personal use of corporate
returned to the equity plan, as they can be
aircraft, executive life insurance, bonus, etc.
regranted to executive officers at a lower exercise
• Dividends or dividend equivalents paid on unvested price, and/or executives subsequently receive
performance shares or units
Equity Plan Proposal Failures: 2007–2009 | June 2010
unscheduled grants in the future
• Executives using company stock in hedging activities, • Other pay practices deemed problematic but not
such as “cashless” collars, forward sales, equity covered in any of the above categories
swaps, or other similar arrangements
• Repricing or replacing of underwater stock
options/stock appreciation rights without prior
shareholder approval (including cash buyouts and
voluntary surrender/subsequent regrant of
underwater options)
15