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A Fresh Look at Executive Compensation

Harvey L. Pitt | October 7, 2003

The events of the past few weeks are a harbinger of the intense scrutiny of executive compensation that can be expected.

When various members of the NYSE Board indicated their "surprise" at the magnitude of Dick Grasso's compensation, it was a timely reminder to public companies to revisit their compensation policies and procedures.

Here are a few considerations for directors and officers to keep in mind:

  1. Compensation Committees

    Companies should appoint a truly independent compensation committee.

    Compensation committees should be small — three to five members — and each member should be independent of management, not only as a "legal" standard, but also as a "pragmatic" one.

    Key items that should be considered include the...

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