Looking for an Executive Compensation Checklist for your Credit Union? This presentation serves as a valuable tool for new and experienced board members in pinning down the latest information on new regulations and compensation philosophies associated with creating a successful executive compensation plan. For more info, visit: www.nafcu.org/bfb
Discusses Major Compensation Issues regarding Executive Compensation. Provides Justification for Unreasonable Executive Compensation and Outlines measures for Executive Accountability
Take this opportunity to learn about identifying and comparing to your competitors, building commitment and employee engagement and developing a total strategy that supports your organization’s mission and strategic plan.
Our webinar is structured to provide not only education but also useful strategies for addressing the many pressures on executive compensation, wages and salaries. Nonprofits are being scrutinized by the IRS, and executive compensation is a staple of all audits. Nonprofit managers and trustees must prepare for public, media, Form 990, IRS and State scrutiny. Wage and salary programs face a difficult economy as they struggle to attract and retain the best talent with scarce dollars.
Discusses Major Compensation Issues regarding Executive Compensation. Provides Justification for Unreasonable Executive Compensation and Outlines measures for Executive Accountability
Take this opportunity to learn about identifying and comparing to your competitors, building commitment and employee engagement and developing a total strategy that supports your organization’s mission and strategic plan.
Our webinar is structured to provide not only education but also useful strategies for addressing the many pressures on executive compensation, wages and salaries. Nonprofits are being scrutinized by the IRS, and executive compensation is a staple of all audits. Nonprofit managers and trustees must prepare for public, media, Form 990, IRS and State scrutiny. Wage and salary programs face a difficult economy as they struggle to attract and retain the best talent with scarce dollars.
A company offer a competitive compensation arrangement in order to attract, retain, and motivate a qualified CEO to manage the organization.
This Quick Guide examines the elements of executive compensation and the process by which the compensation committee establishes pay packages.
It examines the questions:
• What is the purpose of a compensation program?
• How do boards structure pay?
• What is the difference between expected, earned, and realized pay?
• How much do CEOs make?
• Are CEOs paid the “right” amount?
For an expanded discussion, see Corporate Governance Matters: A Closer Look at Organizational Choices and Their Consequences (Second Edition) by David Larcker and Brian Tayan (2015): http://www.gsb.stanford.edu/faculty-research/books/corporate-governance-matters-closer-look-organizational-choices
Buy This Book: http://www.ftpress.com/store/corporate-governance-matters-a-closer-look-at-organizational-9780134031569
For permissions to use this material, please contact: E: corpgovernance@gsb.stanford.edu
Copyright 2015 by David F. Larcker and Brian Tayan. All rights reserved.
Executive Compensation at Financial InstitutionsDavid Stone
Executive compensation at U.S. companies has become dramatically disproportionate relative to the average workers at those companies over the past 25 years. Now, the current global financial crisis is putting a harsh spotlight on executive compensation at financial institutions in particular. This report looks at the basic nature of executive compensation packages and the issues or concerns that have been raised about them. That information provides a context for looking specifically at financial institutions: what makes their executive compensation programs different and how the current financial crisis is going to affect those programs.
A company offer a competitive compensation arrangement in order to attract, retain, and motivate a qualified CEO to manage the organization.
This Quick Guide examines the elements of executive compensation and the process by which the compensation committee establishes pay packages.
It examines the questions:
• What is the purpose of a compensation program?
• How do boards structure pay?
• What is the difference between expected, earned, and realized pay?
• How much do CEOs make?
• Are CEOs paid the “right” amount?
For an expanded discussion, see Corporate Governance Matters: A Closer Look at Organizational Choices and Their Consequences (Second Edition) by David Larcker and Brian Tayan (2015): http://www.gsb.stanford.edu/faculty-research/books/corporate-governance-matters-closer-look-organizational-choices
Buy This Book: http://www.ftpress.com/store/corporate-governance-matters-a-closer-look-at-organizational-9780134031569
For permissions to use this material, please contact: E: corpgovernance@gsb.stanford.edu
Copyright 2015 by David F. Larcker and Brian Tayan. All rights reserved.
Executive Compensation at Financial InstitutionsDavid Stone
Executive compensation at U.S. companies has become dramatically disproportionate relative to the average workers at those companies over the past 25 years. Now, the current global financial crisis is putting a harsh spotlight on executive compensation at financial institutions in particular. This report looks at the basic nature of executive compensation packages and the issues or concerns that have been raised about them. That information provides a context for looking specifically at financial institutions: what makes their executive compensation programs different and how the current financial crisis is going to affect those programs.
The Matlapa Engineering Design is a concept to address the need for new way of dealing with the identified need of the technology innovations as by the founder, based on Similar initiatives and vocational academic experience of innovator affiliated with the industry and indirect response to the:
Rapid growing of the need of respective concept;
Huge technology gap between the traditional registered patents of engineering products and systems to the needed innovation;
Meet the demand of the vacant gap of engineering design.
This has resulted in the following three strategic objectives for the enterprise:
Start a cutting edge innovation Engineering design enterprise that will have a global competitive differentiation,
Designing an innovative products that exceedingly meet the Engineering technology demand and come up with and implement development ideas for existing products and Generating revenue that will be able to fairly reimburse all the stakeholders which are involved in production activities.
Natural and Capital
The company will rely primarily on its founding facilities and equipment and, for the first financial year where required and possible it will rely on the facilities and equipment of The Matlapa Engineering Design founder.
The Matlapa Engineering Design Policy
All company employees, executive members and effected stakeholders will adhere to the prevailing The Matlapa Engineering Design.
A presentation from a November 2011 webinar hosted by compensation and law experts from INTEGRATED Healthcare Strategies and Eptein Becker Green.
See more at: http://www.integratedhealthcarestrategies.com/knowledgecenter.aspx
This is an overview of Cabot Money Management's Year-in-Review presentation given by portfolio manager, Les Satlow, at our Annual Investment Conference and Luncheon on Friday, September 24, 2010. (Salem, MA)
These seminars are for discussion purposes only. It is not an offer to buy or sell individual securities or investments. Investors should consider their own individual investment objectives, risks, charges and expenses of their portfolio carefully before investing. Investments are not FDIC insured and may lose or fluctuate in value. Please request our Form ADV Part II for complete disclosures.
Executive Compensation: Life Sciences & HealthCare 2013 CompStudy InsightsWilmerHale
Executive Compensation: Insights from the 2013 CompStudy Survey, Life Sciences & Healthcare Edition
Explores the CompStudy as well as:
- Current Founder’s Dilemmas research
- 2013 survey – company profiles
- Summary compensation data
- CEO compensation review
- Hot topics and current trends
The allocation of executive compensation resources is being scrutinized by internal and external forces. Regulations, board governance issues, and the lower margins require new thought processes on the various pieces of the compensation puzzle and how they fit together.
This is a copy of the presentation of the August 2010 Webinar on High Net Worth SMSF strategies conducted on 'thedunnthing' blog, http://thedunnthing.com
SEC Adopts Enhanced Compensation and Corporate Governance Proxy Disclosure Rules for 2010 Proxy Season
A Practical Approach to What Companies, Boards and Compensation Committees Need to Do Now
It may not be the sexiest topic related to IPO, but it's important not to neglect your equity compensation when you're thinking of going public. The last thing on the list can be the first thing that gets you pinched. Originally presented at Synergy 2014, this deck was developed by experts from four firms (Radford, PwC, Cooley LLP and Solium), and is loaded with indispensable information. Don't go public without it!
The Age of Alignment Part III: Moving From Theory to PracticePearl Meyer
This series is designed to explore a fundamental question that was raised by the NACD Blue Ribbon Commission on Strategy Development: “Does your company’s incentive structure reinforce or unintentionally undermine its chosen strategy?”
Parts 1 and 2 – which are available for replay – outlined a number of diagnostic tools and approaches that boards can use to uncover potential misalignment between their strategy and the compensation program design. We’ve also looked at various protocols that can help improve alignment and drive toward desired goals.
As we know – protocols cannot anticipate every situation. The fresh news on the proposed SEC rules regarding pay for performance disclosure is a perfect example!
I’m joined today by Jim Heim and Theo Sharp, both managing directors in the Boston office of Pearl Meyer and Partners and today we’re going to talk about some real-world examples that show how companies have put these smart theories and protocols into practice and how they’ve remained disciplined toward strategy execution but also flexible to accommodate the unexpected.
Presentation by Maurice Blackburn head of Superannuation John Berrill to the Association of Superannuation Funds of Australia (ASFA) National Conference, Melbourne, 2014.
View John's profile: http://www.mauriceblackburn.com.au/our-people/lawyers/john-berrill/
Winston & Strawn's Employee Benefits & Executive Compensation Practice hosted an eLunch to discuss key issues faced by plan sponsors during IRS and DOL audits of retirement plans. The most common problem areas identified by IRS and DOL agents were addressed, with practical tips for plan sponsors on how to establish and maintain internal controls to help avoid compliance errors. Topics included:
-The most significant issues DOL agents focus on during audits, including missing participants, late payroll deposits, and missed employee communications
-The most significant issues IRS agents focus on during audits, including definitions of compensation, age 70-1/2 distributions, employee eligibility requirements, and properly updated plan documents
-Steps employers can take in order to improve their internal controls for compliance with IRS and DOL requirements
Contact Winston & Strawn for more information about this presentation:
https://www.winston.com/en/thought-leadership/irs-and-dol-audit-issues-for-retirement-plans.html
For nearly 40 years, ERISA has required retirement plan fiduciaries to ensure the reasonableness of service and investment fees paid by the plan. However, fee reasonableness has only recently grabbed headline attention due largely to the finalization of the 408(b)(2) regulations and the Missouri district court's decision in Tussey v. ABB, Inc. Despite the strength of its fee reasonableness standard, ERISA provides little practical guidance as to how and when plan fiduciaries should be making and documenting their fee reasonableness determinations. In this presentation, we provide a historical overview of the legislative, regulatory and judicial context surrounding this fundamental fiduciary duty; a look at recent Department of Labor regulatory examination activity centered on fee reasonableness; and a practical, step-by-step guide to meeting the fee reasonableness requirements.
Financial management is the constant process of tracking progress towards financial objectives and safeguarding the financial assets of an organization. Financial management is important to grantees and project sponsors administering federal programs for several reasons: it helps organizations budget for activities; it promotes sound and efficient operation of organizations and their programs; it serves the need for accountability to funding agencies and beneficiaries of the program(s); and it is required by law. This workshop will provide practical recommendations on managing program budgets by illustrating examples of best practices and financial tools needed to manage grants and contracts effectively.
Learn from the largest subservicer how best to evaluate and select the right subservicing partner for your credit union based on your portfolio, investor mix, product range and other key selection factors.
Nearly one-third of Americans surveyed by Securian Financial Group say they haven’t thought about what would happen to their debt if they – or their cosigners – were to pass away unexpectedly. Fewer than 13 percent say they have taken steps to protect themselves from the sudden loss of a borrower.
With the tsunami of new regulations from NCUA and the CFPB, getting good at compliance is becoming a key success factor for credit unions. In this podcast and presentation from the 2013 NAFCU Annual Conference, Toné Gibson explores how your credit union can develop a cost-effective approach to strike a better balance between compliance and operational efficiency. Through the utilization of three methodologies – strategic development, process excellence, and performance management – learn in detail how to reduce the cost of compliance.
Wolters Kluwer Financial Services is the NAFCU Services Preferred Partner for Consumer and Member Business Lending & Deposit Services. More educational resources and contact information are available at www.nafcu.org/wolterskluwer.
Consumers are willing to pay for services that they find either adds convenience or delivers value. In this podcast and presentation from the 2013 NAFCU Annual Conference, Dave Schneider, Brent Dixon, and Paul Muse discuss how to expand your credit unions credit and debit opportunities and explore innovative products that can help guide your future credit union operations, including new approaches to increasing penetration, activation, and usage of the fundamental card. Also, learn to leverage new payment options that will appeal to Gen Y consumers, including Internet PIN debit, PINless at the point of sale, and payments and delivery of service through mobile.
Succession planning is the right people at the right time doing the right work. In this podcast and presentation from the 2013 NAFCU Annual Conference, Deedee and Peter discuss how you can develop a strategic organization successional plan to ensure the successful transition of key leadership for your credit union. This session covers an overview and best practices, levels and types planning, board evaluation, behind the scenes conversions, and the integration of board succession planning with CEO succession planning.
Rising Above Uncertainty: Opportunities and Challenges for Credit Unions in P...NAFCU Services Corporation
The retail financial services market is in a transformative period where new stakeholders and business models are reshaping the industry. Credit unions still have the opportunity for retention and growth, but must continue to compete. In this presentation, you will get an in-depth look at key market dynamics, including evolving financial services models and regulatory impact; learn about emerging strategies and their impact to credit unions, including EMV, prepaid, and mobile; and find out how to prepare for the future.
In this presentation from the 2013 NAFCU Annual Conference, Barrett Burns provides a comprehensive analysis of credit score models and discusses how your credit union can utilize them for member outreach and education.
Listen to the full podcast here: http://www.nafcu.org/NAFCU_Services_Corporation/Partner_Library/Credit_Scores__What_s_Behind_the_Number___Podcast_and_Presentation_/
2013 NAFCU BFB Survey of Executive Compensation and Benefits (Presentation Sl...NAFCU Services Corporation
First introduced in 2007, the NAFCU-BFB Survey of Federal Credit Union Executive Benefits and Compensation was created to better understand the compensation and benefits for the top five executives of Federal credit unions. For more info: www.nafcu.org/bfb
Study Confirms Debit Strength, Reveals Reward Trends (Payment Choice Study Re...NAFCU Services Corporation
TSYS partnered with Mercator Advisory Group to conduct the 2012 Consumer Debit Payment Choice Research Study. This unique study combines survey questions and focus groups, enabling researchers to have an interactive discussion with participants about payment choices and influences, technology awareness and overall user experiences. Learn more at: www.nafcu.org/discover
Before you embark on the critical path of defining (or redefining) your mortgage strategy, there are five basic truths you need to know and build into your planning. From expenses and technology to people and process, these truths are an essential part of any mortgage discussion. This webinar shares the research behind each tenet and how you can incorporate them into your strategy. Learn more at: www.nafcu.org/morgtagecadence
There is an unprecedented focus today around the future of retail branch networks. Credit union executives are seeking new ways to economically alter the scale, reach, and character of their branch assets to drive growth and enable expansion in profitable new territories and non-traditional locations. While the channel is universally acknowledged as best for both member acquisition and sales, the economics must change in order for this way of member-centric financial services to thrive and realize its potential in the new, consumer-driven, omnichannel environment. For more info: www.nafcu.org/ncr
VAT Registration Outlined In UAE: Benefits and Requirementsuae taxgpt
Vat Registration is a legal obligation for businesses meeting the threshold requirement, helping companies avoid fines and ramifications. Contact now!
https://viralsocialtrends.com/vat-registration-outlined-in-uae/
3.0 Project 2_ Developing My Brand Identity Kit.pptxtanyjahb
A personal brand exploration presentation summarizes an individual's unique qualities and goals, covering strengths, values, passions, and target audience. It helps individuals understand what makes them stand out, their desired image, and how they aim to achieve it.
RMD24 | Retail media: hoe zet je dit in als je geen AH of Unilever bent? Heid...BBPMedia1
Grote partijen zijn al een tijdje onderweg met retail media. Ondertussen worden in dit domein ook de kansen zichtbaar voor andere spelers in de markt. Maar met die kansen ontstaan ook vragen: Zelf retail media worden of erop adverteren? In welke fase van de funnel past het en hoe integreer je het in een mediaplan? Wat is nu precies het verschil met marketplaces en Programmatic ads? In dit half uur beslechten we de dilemma's en krijg je antwoorden op wanneer het voor jou tijd is om de volgende stap te zetten.
What is the TDS Return Filing Due Date for FY 2024-25.pdfseoforlegalpillers
It is crucial for the taxpayers to understand about the TDS Return Filing Due Date, so that they can fulfill your TDS obligations efficiently. Taxpayers can avoid penalties by sticking to the deadlines and by accurate filing of TDS. Timely filing of TDS will make sure about the availability of tax credits. You can also seek the professional guidance of experts like Legal Pillers for timely filing of the TDS Return.
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Digital Transformation and IT Strategy Toolkit and TemplatesAurelien Domont, MBA
This Digital Transformation and IT Strategy Toolkit was created by ex-McKinsey, Deloitte and BCG Management Consultants, after more than 5,000 hours of work. It is considered the world's best & most comprehensive Digital Transformation and IT Strategy Toolkit. It includes all the Frameworks, Best Practices & Templates required to successfully undertake the Digital Transformation of your organization and define a robust IT Strategy.
Editable Toolkit to help you reuse our content: 700 Powerpoint slides | 35 Excel sheets | 84 minutes of Video training
This PowerPoint presentation is only a small preview of our Toolkits. For more details, visit www.domontconsulting.com
[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
"𝑩𝑬𝑮𝑼𝑵 𝑾𝑰𝑻𝑯 𝑻𝑱 𝑰𝑺 𝑯𝑨𝑳𝑭 𝑫𝑶𝑵𝑬"
𝐓𝐉 𝐂𝐨𝐦𝐬 (𝐓𝐉 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
𝐓𝐉 𝐂𝐨𝐦𝐬 provides unlimited package services including such as Event organizing, Event planning, Event production, Manpower, PR marketing, Design 2D/3D, VIP protocols, Interpreter agency, etc.
Sports events - Golf competitions/billiards competitions/company sports events: dynamic and challenging
⭐ 𝐅𝐞𝐚𝐭𝐮𝐫𝐞𝐝 𝐩𝐫𝐨𝐣𝐞𝐜𝐭𝐬:
➢ 2024 BAEKHYUN [Lonsdaleite] IN HO CHI MINH
➢ SUPER JUNIOR-L.S.S. THE SHOW : Th3ee Guys in HO CHI MINH
➢FreenBecky 1st Fan Meeting in Vietnam
➢CHILDREN ART EXHIBITION 2024: BEYOND BARRIERS
➢ WOW K-Music Festival 2023
➢ Winner [CROSS] Tour in HCM
➢ Super Show 9 in HCM with Super Junior
➢ HCMC - Gyeongsangbuk-do Culture and Tourism Festival
➢ Korean Vietnam Partnership - Fair with LG
➢ Korean President visits Samsung Electronics R&D Center
➢ Vietnam Food Expo with Lotte Wellfood
"𝐄𝐯𝐞𝐫𝐲 𝐞𝐯𝐞𝐧𝐭 𝐢𝐬 𝐚 𝐬𝐭𝐨𝐫𝐲, 𝐚 𝐬𝐩𝐞𝐜𝐢𝐚𝐥 𝐣𝐨𝐮𝐫𝐧𝐞𝐲. 𝐖𝐞 𝐚𝐥𝐰𝐚𝐲𝐬 𝐛𝐞𝐥𝐢𝐞𝐯𝐞 𝐭𝐡𝐚𝐭 𝐬𝐡𝐨𝐫𝐭𝐥𝐲 𝐲𝐨𝐮 𝐰𝐢𝐥𝐥 𝐛𝐞 𝐚 𝐩𝐚𝐫𝐭 𝐨𝐟 𝐨𝐮𝐫 𝐬𝐭𝐨𝐫𝐢𝐞𝐬."
Improving profitability for small businessBen Wann
In this comprehensive presentation, we will explore strategies and practical tips for enhancing profitability in small businesses. Tailored to meet the unique challenges faced by small enterprises, this session covers various aspects that directly impact the bottom line. Attendees will learn how to optimize operational efficiency, manage expenses, and increase revenue through innovative marketing and customer engagement techniques.
Enterprise Excellence is Inclusive Excellence.pdfKaiNexus
Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
What is Enterprise Excellence?
Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
LA HUG - Video Testimonials with Chynna Morgan - June 2024Lital Barkan
Have you ever heard that user-generated content or video testimonials can take your brand to the next level? We will explore how you can effectively use video testimonials to leverage and boost your sales, content strategy, and increase your CRM data.🤯
We will dig deeper into:
1. How to capture video testimonials that convert from your audience 🎥
2. How to leverage your testimonials to boost your sales 💲
3. How you can capture more CRM data to understand your audience better through video testimonials. 📊
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RMD24 | Debunking the non-endemic revenue myth Marvin Vacquier Droop | First ...BBPMedia1
Marvin neemt je in deze presentatie mee in de voordelen van non-endemic advertising op retail media netwerken. Hij brengt ook de uitdagingen in beeld die de markt op dit moment heeft op het gebied van retail media voor niet-leveranciers.
Retail media wordt gezien als het nieuwe advertising-medium en ook mediabureaus richten massaal retail media-afdelingen op. Merken die niet in de betreffende winkel liggen staan ook nog niet in de rij om op de retail media netwerken te adverteren. Marvin belicht de uitdagingen die er zijn om echt aansluiting te vinden op die markt van non-endemic advertising.
Putting the SPARK into Virtual Training.pptxCynthia Clay
This 60-minute webinar, sponsored by Adobe, was delivered for the Training Mag Network. It explored the five elements of SPARK: Storytelling, Purpose, Action, Relationships, and Kudos. Knowing how to tell a well-structured story is key to building long-term memory. Stating a clear purpose that doesn't take away from the discovery learning process is critical. Ensuring that people move from theory to practical application is imperative. Creating strong social learning is the key to commitment and engagement. Validating and affirming participants' comments is the way to create a positive learning environment.
Executive Compensation Checklist for New and Experienced Board Members (Credit Union Conference Presentation Slides)
1. The Compensation Checklist
Learn the pitfalls to avoid as you craft your
CEO’s compensation package
Presented By:
James S. Patterson, Attorney
Sherman & Patterson, Ltd.
Tom Telford, Executive Vice President
Burns-Fazzi, Brock & Associates
2. Overview
• New Part 750 – Golden Parachute /
Indemnification Payments
• Proposed Rule on Executive Compensation
• New Rule 701.4
• Cash Compensation Philosophy
• Example of WesCorp Litigation
• 10 Best Practices of Compensation Oversight
• 5 Step Safety & Soundness Road Map for
Executive Benefit Plans
3. Part 750
• Part 750 – New rules relating to
– “Golden Parachute” payments
– Indemnification payments
4. Golden Parachutes
• Distinguish “legitimate severance payments”
• Two part test
– Payments “contingent on termination of
employment”
– Received when credit union is “troubled”
5. Golden Parachutes
• “Troubled”
– Insolvent
– Under Conservatorship
– Deemed by a regulator to be troubled, or
– Assigned a 4 or 5 CAMEL or CRIS rating
6. Golden Parachutes
• Exceptions
– Pre-existing arrangements, death benefits,
properly designed collateral assignment split
dollar plans
– Bona fide deferred compensation
‒Nondiscriminatory severance
• Up to 12 months of salary
• Different levels (with a permitted 10%
variance) must cover at least 33% of
employees
7. Indemnifications
• Whether or not “troubled”
• Payments disallowed if
– Assessed civil penalty
– Removed from office
– Subject to cease and desist order
• Exception “to the extent” findings are in the
individual’s favor
• Interim payments allowed subject to limitations
8. Proposed Rule on Executive Compensation
• Applies to credit unions with assets in excess
of $1billion
– Excessive compensation
– Excessive risk taking
– Or both
9. Proposed Rule on Executive Compensation
• Disclosure Requirement (persons covered,
succinct description, material changes, specific
reasons why incentive compensation does not
encourage inappropriate risks)
• Submit annual report to the appropriate
federal regulator, in the format specified
10. Proposed Rule on Executive Compensation
• Additional requirements for larger credit
unions
– More than $10 billion in assets
– Three year deferral required (or annual
pro-rata distributions)
11. Proposed Rule on Executive Compensation
• Six factors for determining whether an arrangement provides
excessive compensation
– Amount of compensation
– Prior compensation paid to the individual and to others
with comparable expertise
– Credit Union’s financial condition
– Compensation paid by comparable “institutions”
– Projected total cost and benefit
– Connection between the individual and any breach of duty
12. Rule 701.4
• Describes duties of FCU Board of Directors
• Effective January 27, 2011
• Financial skills requirements – 6 months
• NCUA letter of clarification (11-FCU-02)
13. Rule 701.4
• Five director duties*
– General direction and control
– Good faith (ordinarily prudent person standard)
– Fair and impartial
– Working familiarity with finance and accounting
practices
– Direct FCU operations according to federal laws
* Can rely on information from employees or consultants – must “merit” confidence
14. Rule 701.4
• Financial Statements
– What does this line mean?
– Why is this important?
• Is the item’s value changing over time?
Why?
• Is the change important?
15. Line Item Dec 09 Mar 10 % Jun 10 % Sep 10 % Dec 10 %
Chg Chg Chg Chg
Assets
Real Estate
225,604,566 222,728,670 -1.3 222,155,136 -0.3 221,618,831 -0.2 203,188,690 -8.3
Loans
Unsecured
88,600,852 87,209,049 -1.6 88,437,591 1.4 88,776,772 0.4 89,709,394 1.1
Loans
Liabilities &
Capital
Dividends
969 930 -4 489 -47.4 797 63 740 -7.2
Payable
Accounts
Payable & Other 8,608,737 9,169,506 6.8 10,160,759 10.5 12,103,137 19.1 10,198,461 -15.7
Liabilities
Income &
Expenses
Loan Income 31,472,513 8,216,680 4.4 16,525,981 0.6 24,816,678 0.1 33,259,417 0.5
Investment
15,442,991 3,121,244 -19.2 5,424,092 -13.1 8,253,164 1.4 10,757,912 -2.2
Income
16. Rule 701.4
• How to acquire financial skills
– FCUs need training policy providing:
• Internal/external training, self, on-the-job
• Education: college courses, OSCUI,
NCUA E & I internet-based training
17. Rule 701.4
• Management oversight
– Board, among other things, must directly set
compensation
– Establish policies
– No “screening” or “filtering” from CEO
18. Compensation Philosophy
• Guiding principles and objectives
– Purposes (e.g., degree of leverage?)
– Peer group compensation standards
– In writing and signed by Board Chair
• Administrative Responsibility
– Monitor compensation regularly to ensure
consistency
– Delegate day-to-day responsibilities to CEO or
other executive(s)
19. WesCorp
• One side of the story
• Seeking damages from key executives for SERP
payments
• Illustrates importance of process (e.g., active
board involvement, third party review,
documentation of intent, executive session)
20. 10 Best Practices of Compensation Oversight
• Develop compensation philosophy
• Specify covered positions
• Seek comparability data
• Annually review compensation
• Consider multiplier effect
21. 10 Best Practices of Compensation Oversight
• Engage periodic consultant review
• Consultants report to Board
• Inspect plan modifications
• Ensure plan document is compliant
• Associate with professionals to monitor legal
developments
22. 5 Step Safety and Soundness
Road Map for Executive Benefit Plans
1. Develop a written compensation philosophy (NCUA
701.4)
2. Executive Benefit Plan Vendor Due-diligence (NCUA 701.4)
3. Gain knowledge and understanding of the executive benefit
plan
options that exist
4. Determine the right balance of fair and reasonable for your
credit union in rewarding an executive benefit plan (NCUA
701.4)
5. Seek to understand and mitigate the risks that impact
executive benefit plans (NCUA 701.19)
23. 1- Develop A Written Compensation Philosophy
NCUA 701.4, the NCUA Letter No. 11-FCU-02
• Develop a written compensation philosophy
• Specify covered positions
• Seek comparability data
• Annually review compensation
• Consider multiplier effect (e.g., salary increases
may increase Defined Benefit SERP benefits)
24. 1- Develop A Written Compensation Philosophy
NCUA 701.4, the NCUA Letter No. 11-FCU-02
• Engage periodic consultant review
• Consultants report to the board (NCUA is
concerned about CEO’s “screening” or “filtering”
info)
• Inspect plan modifications
• Ensure plan documentation is compliant
• Associate with professionals to monitor legal
developments (e.g., expected regulations under
IRC 457(f))
25. 2- Executive Benefit Plan Vendor Due-diligence
Three Key Elements to Vendor Consideration
• Evaluate the vendor’s experience and expertise
• History
• Endorsements
• Business Model
• Weigh the vendor’s reputation in the industry
• Clients
• Financial Health
• Examine key operational issues
• Online Administration
• Compliance Reporting
• SAS70
• Field Personnel
26. Checklist for Board Due Diligence & Compliance
Reasonable Compensation Package
The Board should review the benefits provided to key
employees at the various payment scenarios:
– Retirement / Payment date
– Death
– Disability
– Involuntary Termination
– Termination following Change of Control
– Termination for “Good Reason”
– Voluntary Termination
27. Checklist for Board Due Diligence & Compliance
Informal Funding Review
The Board should review the informal funding
investment purchased to offset the cost of the
benefit plan. This includes:
– Review of the type of investment
– Current values
– Year to date performance
– Concentration based on percentage of total
equity
28. Checklist for Board Due Diligence & Compliance
Overall Annual Plan Performance
The Board should review the overall performance of the
plan. By comparing the annual expense of the plan to
the earnings of the investment, the Board will be able
to determine if the plan is performing as projected or if
they need to make any adjustments.
• Total expenses, including annual benefit expenses,
informal funding fees, premium expenses and
administration fees
• Current income from the informal funding investment
• Impact to the bottom line of the Credit Union
29. 3- Gain Knowledge and Understanding of the
Executive Benefit Plan Options
Types of Plans & Uses:
Tax Deferral (Deferred Compensation – Retention)
1. 457(b)
2. 457(f)
3. 451
Taxed Immediately (Section 162 – Vesting)
1. Restricted Bonus
2. Secular Trust
Tax Avoidance (Welfare Benefit Plans – Tax Arbitrage)
1. Post Retirement Medical
2. Split Dollar
30. 4- Determine the Right Balance of Fair and
Reasonable For Your Credit Union in
Rewarding a Benefit Plan
• Employees will need about 70-80 percent of
pre-retirement income
• Retirement income sources include
– Social Security
– Qualified retirement plans
• High income earners will have a gap due to IRS
limitations on qualified plans and annual exempt
amounts with Social Security.
31. 4- Determine the Right Balance of Fair and
Reasonable For Your Credit Union in
Rewarding a Benefit Plan
Soc. Sec. 401k Gap
0.0%
125%
0.0%
100%
69.5%
31.3%
46.5%
75%
67.6% 66.7%
76.8%
50%
51.5%
41.2%
55.3%
25% 27.1%
34.2%
20.1%
17.3%
12.4% 6.1%
0% 3.0%
$50,000 $100,000 $175,000 $250,000 $500,000 $1,000,000
Pre-Retirement Compensation Levels
32. 4- Determine the Right Balance of Fair and
Reasonable For Your Credit Union in
Rewarding a Benefit Plan
Example of GAP
PROJECTED ANNUAL DISTRIBUTIONS
PARTICIPANT DATA FROM EXISTING BENEFIT PLANS
Age Years Salary ($) Proposed Projected Total Existing
Proposed as of of as of Retirement Final Retirement Social Current
Participant 4/1/2012 Service 4/1/2012 Age Salary ($) Length (Yrs) Security ($) Plans ($) Amount ($) %
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)
PRESIDENT/CEO 44 21 275,000 62 661,820 20 19,584 112,213 131,797 19.91%
TELLER 25 40 29,544 62 171,113 23 19,266 79,662 98,928 57.81%
BRANCH MANAGER 57 37 74,066 62 90,028 23 10,548 28,094 38,642 42.92%
Notes/Assumptions:
- The report indicates the participant's projected final average compensation rate, growing from the current compensation rate at a 5.00
percent annual increase (inflating on January 1 of each year).
33. 4- Determine the Right Balance of Fair and
Reasonable For Your Credit Union in
Rewarding a Benefit Plan
How Many Have Nonqualified Benefit Plans?
34. Credit Union SERPs Offered for CEO Position
457(b), 457(f) and Split-Dollar Plans by Asset Size
Credit Union Executive Compensation/Benefits Survey -
CUES (2011)
Percent Offering SERP
<$20M $70 $100 $400 $600
- M- M- M- M-
$69.9 $99. $199. $599 $999.
Asset Size M 9M 9M $200M-$399.9M .9M 9M $1B or more
457(b) 13% 19% 37% 44% 51% 65% 76%
457(f) 14% 15% 33% 34% 51% 49% 44%
Split Dollar 7% 13% 16% 14% 14% 32% 22%
35. Credit Union SERPs Offered for CEO Position
457(b), 457(f) and Split-Dollar Plans by Asset Size
Credit Union National Association - CUNA (2010-2011)
Percent Offering SERP
$150 $200 $400
$100M M- M- M- $600
- $200 $300 $600 M-
Asset Size $150M M M $300M-$400M M $1B $1B or more
457(b) 33% 39% 40% 39% 57% 70% 56%
457(f) 23% 15% 28% 39% 49% 39% 36%
Split Dollar 9% 12% 12% 15% 19% 16% 9%
36. Credit Union SERPs Offered for CEO Position
457(b), 457(f) and Split-Dollar Plans by Asset Size
National Association of Federal Credit Unions-Burns-Fazzi,
Brock - NAFCU/BFB Survey (2011)
Percent Offering SERP
$40M- $75M- $335M-
Asset Size <$75M <$150M $150M-<$335M <$750M $750M +
457(b) 12% 14% 38% 44% 75%
457(f) 15% 16% 15% 41% 40%
Split Dollar 2% 15% 10% 6% 5%
37. 5- Seek to Understand and Mitigate the Risks
That Impact Executive Benefit Plans
Board Due Diligence
Issues of Safety and Soundness
Roadmap to Construct a Plan, Identifying and Avoiding Risks
Third Party Legal and Ongoing
Relationship Product Board Due
Vendor Risk Diligence &
Selection Analysis Administratio
n
38. Questions?
James S. Patterson, Attorney
Sherman & Patterson, Ltd.
jpatterson@splawfirm.net
Tel: (763)479-2699
Tom Telford, Executive Vice President
Burns-Fazzi, Brock & Associates
ttelford@bfbbenefit.com
Tel: (888) 494-8911
http://www.nafcu.org/BFB/