You will see this message only once - This website stores cookies on your computer or mobile device. Recently, the US media has focused its attention on a€?sky-higha€? bonuses for bankers, at a time when the country is reporting double-digit unemployment. In China, the high compensation of executives in state-owned enterprise also has become the subject of hot debate in the media. From a pure design point of view, the procedures and compliance of executive compensation programs among listed companies seem to be a fairly straightforward exercise. Under normal market conditions, a performance-based compensation philosophy would ensure executives are rewarded with salary levels that are pegged to the marketa€™s average.
A key feature of executive compensation design is to focus on creating incentive-based compensation for executives who have fiduciary responsibilities. Ensuring transparency: How does one monitor the transparency of key management practices, and the effectiveness of the compensation mechanisms put in place?
Finding proper measures and standards: What are reasonable performance targets and performance standards? The first question is about the transparency of corporate governance, the second issue relates to the company's set performance goals, and the third relates to the company's risk control. Despite copious amounts written on corporate governance in the marketplace, many organizations have yet to come to terms with putting in place boardroom practices that ensure executive decisions can be accounted for and are transparent. Following the major fallouts of US companies and the onset of the Sarbanes-Oxley Act on disclosure and internal control provisions in 2006, companies have been forced to re-integrate financial and personnel-related reports, including information on the remuneration of key executives. In some markets in Asia, including China, the government has made it mandatory for companies to disclose executive compensation data. Compensation awards are usually under the tight control of a small number of board-level directors and executives. As an example, when faced with five companies used in the comparative measure, it makes a very big difference whether to choose the median or mean salary as the benchmark. In China, complex salary composition and poor disclosure further complicate the opaque nature of compensation systems. Outside of China, securities law has been tightened to ensure proper disclosures of financial data, including directorsa€™ and executivesa€™ compensation.
Often, the largest portion of an executivea€™s salary is not the cash, but the long-term incentive elements represented by stock options and shares. Another difficulty with performance target setting is the reliance on a single financial indicator. When it comes to goal setting, it is also questionable whether companies should use relative or absolute indicators. Using a combination of relative and absolute indices can be an effective way to measure how a company has performed; however, the exercise is often complex. The implosion of the global financial market and the subsequent economic downturn has uncovered weaknesses in corporate risk control.
From the perspective of compensation management, performance incentives need to take into account a desire to limit or constrain on unhealthy risks. There is an increasing need to tie performance incentives for key executives to the risks to which they may expose a company. At Aon Consulting, we understand the importance of corporate governance and its impact on performance, compensation and leadership behaviors. Aon Consulting understands the need to keep abreast of critical human capital issues across Asia Pacific. It was his first visit to the United States since 2006, when he was forced into exile in Canada. USW District 12 Director Bob LaVenture, who chairs the unions' negotiations with Asarco, praised the ruling on behalf of the Asarco workers hired since July 1, 2011, to whom the company now owes millions. LaVenture said that Asarco management's strategy to discourage newer employees from joining the union by denying the bonus to them backfired. Overall, the USW represents 850,000 men and women employed in metals, mining, pulp and paper, rubber, chemicals, glass, auto supply, manufacturing and energy-producing industries, along with a growing number of workers in public sector and service occupations.
GREGORY, Texas (December 10, 2014) — The United Steelworkers released the following statement today from USW District 13 Sub-Director Ben Lilienfeld after bargaining resumed yesterday and today between the USW and Sherwin Alumina.
USW District 13 represents more than 50,000 members in Texas, Arkansas, Louisiana and Oklahoma. Members of Unite, Britain and Ireland’s largest union, also took part in the protest. Sherwin Alumina locked its doors on its hourly work force in Gregory on October 11 after the workers there refused to accept pay and benefit cuts.
Green also delivered a letter to Glencore CEO Ivan Glasenberg today on behalf of Workers Uniting, calling on the company to negotiate in good faith to resolve the labor dispute in Gregory, as well as those at Glencore-owned mines in Peru, South Africa and Colombia.
The BTDA represents 1,400 local city cab drivers and is a local affiliate of the United Steelworkers (USW), AFL-CIO. The USW is the largest private-sector union in North America, representing 850,000 workers employed in metals, mining, rubber, paper, oil refining and renewable energy products, chemicals, transportation, health care, security, hotels, and municipal governments.
The USW joined the petition to impose antidumping and countervailing duties on welded API line pipe this October . GREGORY, Texas (November 21, 2014) — The United Steelworkers (USW) union is calling on Sherwin Alumina to release more details to the public after an electrical power outage at the plant that began on Wednesday, creating a potentially hazardous situation for the surrounding community.
A power outage was a contributing factor in an explosion on July 5, 1999 at a Kaiser Aluminum plant in Gramercy, La., which injured 29 people and left some workers permanently disabled.
In addition, Wright said, Sherwin already owns a spotty safety record, with an injury severity rate above industry standards and an above-average number of citations from the Mine Safety and Health Administration.
Contracting out, rising health care costs, erosion of the union bargaining unit, staffing, fatigue and wages are some of the major issues. Once 75 percent of the oil units ratify it, the program becomes the union’s oil policy for 2015 negotiations, which begin in mid-January. The USW represents 30,000 workers at 160 production, refining, marketing, transportation, pipeline and petrochemical facilities nationwide, including 66 refineries representing approximately 64 percent of US refining capacity. The ITC is expected to issue a preliminary determination by December 1, while preliminary decisions from the DOC are likely by next spring. The USW is the largest industrial union in North America, representing workers in a wide range of industries including metals, mining, rubber, paper and forestry, oil refining, health care, security, hotels, and municipal governments and agencies. The Texas AFL-CIO includes more than 235,000 union members across the state, including about 450 members of USW Local 235A who work for Sherwin Alumina. Patrick, a former USW member and staff representative, said the union has repeatedly offered to keep working while negotiations on a new labor agreement continue. As a result of the ITC’s affirmative injury determination, the Department of Commerce will now impose antidumping (AD) and countervailing duty (CVD) orders against Mexican and Turkish producers of rebar. The USW is the largest private-sector union in North America, representing 850,000 workers employed in metals, mining, rubber, paper and forestry, oil refining and renewable energy products, chemicals, health care, and municipal governments. Pittsburgh – The United Steelworkers (USW) today said that members of 61 local unions at RockTenn facilities across the country voted by a large margin to ratify their first-ever master economic and security agreement that sets wage, pension, health insurance, health and safety and other provisions for about 6,000 workers. USW International Vice President Jon Geenen, who oversees the union’s paper sector negotiations, said that the new, six-year contract with RockTenn will provide security for workers and their families. USW District 9 Director Daniel Flippo, who co-chairs the union’s RockTenn negotiating committee, said that both workers and RockTenn will benefit from the ratified master agreement. The unions spent three days sharing collective bargaining data, identifying mutual obstacles and brainstorming potential solutions. Delegates also met with representatives of Dow Corning, Dow Chemical and CALIBRE Group, LLC to discuss topics such as the state of the chemical and silicon industries, strategies moving forward and the need for a collaborative safety partnership with members at both Dow Chemical and Dow Corning.
The meeting also served to strengthen international connections and increase mutual respect and understanding across Dow’s unionized worksites. GREGORY, Texas (October 1, 2014) — The United Steelworkers (USW) released the following statement today on the expiration of the labor agreement between USW Local 235A and Sherwin Alumina in Gregory, Texas. The USW is the largest industrial union in North America, representing workers in a range of industries including metals, mining, rubber, paper and forestry, oil refining, health care, security, hotels, and municipal governments and agencies. The final permit will allow Minntac to expand mine capacity as well as adding an additional 16 years of mine life. For the full text of the letter from USW International President Gerard to DOC Secretary Pritzer, Click Here. The decree, a rare decision known as a 10(j) injunction, was issued on September 4 by the U.S.
The court ordered Novelis to immediately stop engaging in its illegal union-busting activities, such as threatening workers with termination, plant closure or other forms of retaliation for supporting the United Steelworkers (USW).


Novelis Oswego employs about 600 hourly workers, who sought to join the USW after the company began to impose unilateral benefit cuts. USW District 4 represents tens of thousands of union members in New York, Connecticut, Delaware, Maine, Massachusetts, New Hampshire, New Jersey, Rhode Island, Vermont, and Puerto Rico. PITTSBURGH – The United Steelworkers (USW) today said that Region 28 of the National Labor Relations Board (NLRB) has issued a consolidated complaint against Western Cab Co.
More than 300 drivers for Western Cab, which is owned by the heirs of late Las Vegas entrepreneur and civic leader Herb Tobman, have been working without a contract for more than two years while negotiations toward a first collective bargaining agreement proceed. LaVenture said that drivers are not seeking exorbitant wage or benefit increases but are simply looking for a contract that puts them on par with other major taxi operators in the Las Vegas area. According to the complaint, the NLRB will seek an order that compels the company to bargain in good faith and has set a hearing for Jan.
The report is based on the publicly disclosed information from listed companies and analyzes Executive Pay Level, Stock-based Long-term Incentive Practice, Corporate Governance Situation and Board Director Compensation.
We use cookies in order to enrich your experience, remember your preferences, and help us understand how the website is being used. Employers are caught in a dilemma a”€ they have to ensure equitable compensation as well as reward star performers to retain talent. After all, executive compensation is a matter decided by the Board, based on relevant market benchmarking and internal compensation philosophy.
However, current poor economic condition has caused a setback in terms of rewards for executives. Compensation theories espouse that appropriate levels of compensation will attract the right kind of executives.
There are, however, three key areas that need to be addressed in designing executive compensation.
However, shareholders and investors doubt the integrity and authenticity of the data provided.
Transparency is hard to achieve as the members making the decision often have discretion regarding which benchmarks to use in measuring the performance of the target group. Even when the decision has been made to use the median, results will vary depending on whether the target receives fixed salary, comprehensive cash or full pay. It is quite common for executives with a state-owned enterprise to receive pay from several different posts and positions. Even in a country such as Singapore, with high corporate governance standards, listed companies are only required to disclose the combined remuneration of the top five executives. For example, in the United States, false disclosure can lead to fines of US$1 million and a prison term of 20 years, not to mention the potential for further civil action by the companya€™s shareholders.
In the governance of many companies in Asia, the companya€™s management develops the business strategy and only high-level financial information is provided to external or independent directors.A This results in top executives having a larger role in determining what constitutes good performance. In determining the target, if we adopt a single financial goal, such as a return on investment or shareholdera€™s return, it is simpler to build a link to the objectives of the shareholders. If a company decides to use return on investments (ROI) in the next three years as the key performance indicator for executivesa€™ performance, it is difficult to determine whether to use the rate of return on investment every year during the three years, or to base it on three cumulative years of return on investment. Relative indicators depend on the company's market position or its historical performance, while absolute indicators depend on how the company has set its plan and budget.
Consequently, management can argue that the performance indicators selected are not relevant and should not be used as a reference. The financial impact unleashed by the sub-prime mortgage crisis was unexpected and unprecedented.
Management does not need their hands tied when making decisions on investments or personnel. Boards of directors shaping compensation policy need to consider the aftermath of the companya€™s exposure to risks.
He specializes in the areas of executive performance management system, reward and long-term incentive.
It’s clear that Sherwin still wants to bully and intimidate its work force until they agree to unreasonable and unnecessary demands for deep cuts in pay and benefits.
Unite is the USW’s partner in the 3 million-member international union Workers Uniting. The USW is the largest industrial union in North America, representing workers in a range of industries including metals, mining, rubber, paper and forestry, oil refining, health care, security, hotels, and municipal governments.
This is a company that, eight weeks ago, locked its doors on 450 hard-working members of our community in an attempt to intimidate them into agreeing to unnecessary pay and benefit cuts. Those families now have less money to spend at local shops and restaurants, just as the holidays arrive.
With alumina prices on the rise and production costs declining, there is one simple reason why this company would lock its doors, and that reason is greed. Many of our members are at home over this holiday season holding their kids a little tighter, fearful of a system that does not value and protect all young people regardless of skin color. 11, has been operating the plant with inexperienced replacement workers for the past six weeks. Delegates also passed unanimously a resolution to form a committee that will put together a supplemental strike fund to support oil locals and units in addition to the International union’s substantial strike and defense fund. Local issues pertaining to a specific facility are handled at local union bargaining tables. The five committee members, along with USW International Vice Presidents Gary Beevers and Tom Conway, discussed the proposals and developed a bargaining agenda called the National Oil Bargaining program. 4, 2013 petition supported by the USW and the Rebar Trade Action Coalition (RTAC), which is a coalition of five major U.S.
Price, chair of Wiley Rein’s International Trade Practice and lead counsel to the RTAC, commended the determination. We call on the company to end this lockout, return to the bargaining table and continue to work toward a fair contract,” Lilienfeld said.
It is the largest private sector union in North America, representing workers in a wide range of industries including metals, mining, rubber, paper and forestry, oil refining, plus office, technical and service workers in health care, security, hotels and municipal governments and agencies.
The agreement covering 450 hourly employees expired at midnight on Tuesday, September 30th. We have directed our members to continue to report for work as usual,” said Ruben Garza, Director of USW District 13. We want workers everywhere to be able to be free to readily exercise the rights to which they are entitled. Income inequality is rising globally because workers do not share in the fruits of their labor. Ultimately, a strong contract is good news not only for these hard-working men and women and their families, but for the larger community and the businesses that it supports. The employer wants to freeze workers’ pensions, eliminate health care coverage for retirees, and significantly increase health care costs for active employees, among other regressive proposals.
A 21st century trade agreement must live up to the challenges we face in today’s world, not be bound by an ideology of outdated provisions from the past.
Trade plays an important role in our economic policy, and the public wants trade agreements that create jobs, reduce our trade deficit and rebuild our manufacturing base.
In response to an earlier petition from the USW, President Obama granted relief under Section 421 of our trade laws from a flood of Chinese tires.
The Department of Commerce (DOC) made the correct decision in regard to producers based in Mexico by placing significant dumping margins on them, but we are dismayed that the much larger rebar producers in Turkey received no dumping margins.
When the American rebar industry sees a decrease in market share of 3 to 5 percent year after year, that means lost hours, pay, and jobs for U.S.
Proper trade enforcement maintains a healthy and diverse economy where all workers can succeed. Too often, we first have to demonstrate lost jobs, lost market share and show that our employers are losing income and profitability. They need to have the staff necessary to investigate these trade cases, determine the facts and define the proper remedies. It also ordered Novelis to reinstate the demoted employee to his previous job and to meet with employees under NLRB supervision to communicate the details of the decision. The union fell just 14 votes short in a February election despite unprecedented interference by Novelis, which is owned by Indian multinational conglomerate Aditya Birla Group. The union will deliver thousands of signatures on petitions to the offices of elected officials, urging their vocal support for Western Cab drivers.
It aims to provide a full picture of how executives are paid and how the Board is run among China Listed Companies.


As part of his oversight of bailed-out companies, Kenneth Feinberg, the US Treasurya€™s Special Master for Compensation, recently ordered pay cuts averaging 50 percent for the top 25 executives at seven companies that took US bailout money2.
More importantly, they will motivate star employees to vigorously raise the companya€™s performance, which will ultimately help create greater value for the shareholders. Thus, it is not difficult to see why executivesa€™ pay, and performance, could very quickly far outpace the actual value they have created for the company. In this context, it is easy to understand the publica€™s negative reaction to news of astronomical salaries of these executives.
Recent studies have shown that companies often introduce long-term incentives by granting stock options with no strings attached.
Board discussions on performance are often superficial and difficult due to the lack of information and the Boarda€™s limited role in determining performance measures. In setting performance targets, it is easy sometimes to overlook indicators of internal operational efficiency and the long-term core competency-related goals. These two methods appear to be the same, but the former puts pressure on the executive to show results in each respective year during the period measured while the latter provides a certain level of flexibility by enabling three years of performance to be collectively measured. What the financial crisis has uncovered is the poor implementation of risk management mechanisms in relation to key executivesa€™ risk-taking appetite and subsequent linkage to how they are compensated. At the same time, however, boards of directors need to limit their executivesa€™ incentive to take actions that result in undue exposure to risks that could ultimately destroy a firma€™s value. They may even need to consider recovering previously paid compensation or recalculating the total compensation based on zero-based budgeting. Please complete your contact information on the web form, and once a month, you will receive an email with an overview of our latest featured content.
The company came to the table with a proposal that made only token progress and flatly refused the USW’s proposal to end the lockout in the spirit of the holidays, as we continue to negotiate. Welded line pipe in these size ranges is generally used for transporting oil and natural gas from fields to larger pipelines or for transporting oil and natural gas to refineries and utilities. Meanwhile millions of people continue to live on the fringes of society even though they want to live right by the law and contribute to our country. Bush – he will take executive action, recognizing that we are both a nation of laws and of immigrants. Gerard, issued the following statement today upon release by the White House of the Advanced Manufacturing Partnership (AMP) report. Commerce Department (DOC) and International Trade Commission (ITC) to impose antidumping and countervailing duties on welded API line pipe imports from South Korea and Turkey. International Trade Commission (ITC) today found that the rebar industry was materially injured by unfairly traded imports from Mexico and Turkey.
Paper mills are often situated in rural communities and provide some of the highest-quality advanced-manufacturing jobs in the country. 25) -- Leaders of United Steelworkers (USW) Local 7-669 were on the streets of the nation’s capital to give voice to their issues in the lockout of 150 union workers at Honeywell Corp. Trade Representative (USTR) Michael Froman yesterday announced that the United States will proceed with a labor enforcement case against Guatemala under the Dominican Republic-Central America- United States Free Trade Agreement (CAFTA-DR).
The bad news is that, for six years, Guatemala has refused to alter its practices to ensure that their people receive internationally recognized workers’ rights. In Guatemala, Honduras and elsewhere, governments need to know that failure to abide by their commitments is unacceptable.
Taken as a whole, these changes would have a tremendously negative impact on the quality of life for the workers, their families and the Gregory and surrounding communities. Department of Commerce final investigation determination on dumped steel concrete reinforcing bar (rebar) from Mexico and Turkey. We have to demonstrate that we have been badly damaged or show how significant the threats are. Dina Titus and Steven Horsford, along with other state and local government officials, need to increase public pressure on the Tobman family. Secretary of Commerce Penny Pritzker delivers a speech during her visit the China Executive Leadership Academy Pudong on April 16, 2015 in Shanghai, China.
The majority of Chinaa€™s listed companies are beginning to face the challenge of finding the a€?right levela€? of compensation, and to identify performance measures that are aligned with their long-term goals. Later on, they gradually transition to incentives where performance targets are linked to the stock plan.
That is why in many executive pay design processes, the board invites external consultants to provide a more objective view of the managersa€™ performance. The latter also gives more scope for executives to plan long-term-oriented strategic initiatives. However, when the board evaluates performance, it may adjust its ratings based on the changes in the external market environment (i.e.
Department of Commerce’s preliminary determination in the countervailing duty investigation on imports from China of Passenger Vehicle and Light Truck (PVLT) tires.
In fact, every President since Dwight Eisenhower has taken executive action on immigration. The USW deems the lockout to be illegal and in violation of the National Labor Relations Act (NLRA). The petition said unfairly dumped rebar from Mexico and Turkey, plus subsidized rebar from Turkey was injuring American jobs and threatening the industry with additional injury.
Converting sites are generally situated closer to metropolitan areas and are known for their progressive wage and benefit packages. Combined with the fact that these mills are now only operating at a 60 percent capacity nationally, it results in a lot of good-paying jobs left unfilled. The US Treasury through Kenneth Feinberg is said to be considering efforts to retrieve monies from overpaid executives working at companies receiving government assistance. This resulted in the USW filing petitions earlier this year under our antidumping and countervailing duty laws to stop Chinese unfair trade practices and restore market conditions. These are lost opportunities that our country can ill-afford as it seeks to rebuild its manufacturing base. Executives can point to their relative performance as the basis for arguing that high salaries should be retained. Clearly, the public around the world is ready for change in the compensation of top executives. Other alleged violations of the NLRA are the company’s announced unilateral change to benefits and repeated demonstrations of anti-union animus. Worker productivity is up and labor costs per metric ton of alumina are down,” said Ruben Garza, Director of USW District 13. It can be hard for a board of directors faced with a challenging external operating environment, to decide if a drop in performance should be attributed to poor management decision-making or external factors outside of managementa€™s control.
American tire workers and producers should be especially pleased our government’s investigation also found critical circumstances exist in this case.
Deputy Secretary of Energy Elizabeth Sherwood-Randall delivers a speech during her visit the China Executive Leadership Academy Pudong on April 16, 2015 in Shanghai, China. These illegal subsidies have resulted in thousands of lost American tire manufacturing jobs. The union will now wait for further action from the Board and will cooperate fully in the Board’s investigation. The USW is the largest private-sector union in North America, representing 850,000 workers employed in metals, mining, rubber, paper and forestry, energy, chemicals, transportation, health care, security, hotels, and municipal governments. International Trade Commission (USITC) preliminarily found a reasonable indication that the domestic tire industry has been injured by Chinese tires.
The USDOC has also agreed to initiate work on an additional nine subsidy programs identified by the USW.
Deputy Secretary of Energy Elizabeth Sherwood-Randall (R) talk during her visit the China Executive Leadership Academy Pudong on April 16, 2015 in Shanghai, China.
Today’s decision confirms an array of massive subsidies from China helped to drive this wave of exports back into our market. Secretary of Commerce Penny Pritzker talks during her visit the China Executive Leadership Academy Pudong on April 16, 2015 in Shanghai, China.



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