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The term clawback or claw back refers to any money or benefits that have been given out, but are required to be returned (clawed back) due to special circumstances or events, such as the monies having been received as the result of a financial crime, or where there is a clawback provision in the executive compensation contract. [1] [2]
Wall Street "pay czar" Kenneth Feinberg will ask several financial firms to strengthen so-called clawback provisions, but will not force them to recover bonuses paid at the height of the financial ...
Typical practice would be for 50% of the options or rights to vest at some predetermined target (e.g. if TSR is at least the median of the comparator group), and 100% to vest at some predetermined stretch target (e.g. if TSR is at least at the 75th percentile of the comparator group). Below target results in zero vesting.
Clawback of "faithless servant" employee compensation [ edit ] Under the faithless servant doctrine, which is a doctrine under the laws of a number of states in the United States, and most notably New York State law , an employee who acts unfaithfully towards his or her employer must forfeit all compensation received during the period of ...
Ruth Madoff's combined assets with her husband had a net worth of between $823 million and $826 million.She had $92.6 million in assets listed in her own name: [9] the $7 million penthouse on Manhattan's Upper East Side; an $11 million mansion in Palm Beach, Florida; a three-bedroom apartment in Cap d'Antibes on the French Riviera valued at $1.5 million; $45 million in municipal bonds and $17 ...
Dodd–Frank Wall Street Reform and Consumer Protection Act; Long title: An Act to promote the financial stability of the United States by improving accountability and transparency in the financial system, to end "too big to fail", to protect the American taxpayer by ending bailouts, to protect consumers from abusive financial services practices, and for other purposes.
Since the 1990s, CEO compensation in the U.S. has outpaced corporate profits, economic growth and the average compensation of all workers. Between 1980 and 2004, Mutual Fund founder John Bogle estimates total CEO compensation grew 8.5 per cent/year compared to corporate profit growth of 2.9 per cent/year and per capita income growth of 3.1 per cent.
[5] [6] The clawback clause is triggered at the very end of the fund, at a time where the General Partner may have already put the clawback amount to other use. In August 2010, Blackstone Group returned $3 million in carried interest to the limited partner of a fund as part of a clawback provision.