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Essay / Research Paper Abstract
An 8 page paper that reports and discusses corporate governance at Hess. Sections include: executive compensation, director compensation, minimum stock holdings by executives and directors, election of directors, and biographical information of current directors. The writer comments on how Hess compares to GE. Statistical data included. Bibliography lists 3 sources.
Page Count:
8 pages (~225 words per page)
File: ME12_PGhess11.rtf
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Unformatted sample text from the term paper:
2005). The committee determines the compensation for the CEO, monitors the companys compensation and benefits programs, administers the stock-based compensation plan related to long-term incentive plans, reviews certain programs such
as succession and development and prepares an annual report regarding executive compensation plans (Hess, 2005). This committee reviews the goals and objectives for the chief executive officer. Performance evaluation
is directly related to these objectives and the salary is supposed to be based on this evaluation. Regarding long-term incentives, this committee reviews the CEOs performance as well as the
companys performance in terms of returns for shareholders. They also benchmark insofar as they investigate incentives given to CEOs at other companies in the industry (Hess, 2005). Incentive awards may
be stock or cash. They do so in consultation with the executive staff. Executive compensation includes annual salary, annual cash bonus, stock options and stock awards. It also includes
other benefits such as health and welfare benefits, life insurance, retirement plan, a savings plan and other benefits (SEC, 2010). For the 2009 package, the board contracted with a compensation
consultant to advise them on appropriate compensation packages for the CEO and certain high-level executives (SEC, 2010). The board believes that it is important to link performance with pay, which
is why incentive awards are generous (SEC, 2010). Further, the salaries themselves are directly linked to that executives performance in his or her unit. Compensation is also linked to the
industry itself. For instance, the board did not grant increases in compensation to two executives in 2009 because of the global recession. The board follows a metric for targeted cash
bonuses that is identified as: one-third is linked directly to target or expected corporate performance, one-third is linked in the same way to the performance of the business unit, and
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