What is the Role of a Compensation Committee?
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Q: What Is The Role of A Compensation Committee? A: The typical compensation committee consists of non-employee members of the Board of Directors, who are considered disinterested parties since they do not benefit from any compensation decisions made be the committee.
Content:
Q: What Is The Role of A Compensation Committee?
A: The typical compensation committee consists of non-employee members of the Board of Directors, who are considered disinterested parties since they do not benefit from any compensation decisions made be the committee. Compensation Committees generally perform the following duties and responsibilities.
· Approve level of executive pay and benefits consistent with performance (both company and individual) and the company’s strategy.
· Approve executive pay and benefit programs.
· Review executive and non-executive pay and benefits policy and program design strategy.
· Prepare the Compensation Committee report for the proxy statement (publicly-traded companies).
· Approve individual grants of stocks and/or other equity awards, including the number of shares, the price per share, the award period and other similar design issues relevant toward stock and award plans.
By fulfilling these responsibilities, members of the Compensation Committee ensure the appropriateness of executive pay and guarantee that the executive compensation programs attract, retain and motivate top-flight executives.
Author: Paul R. Dorf, Ph.D., APD
About Author:
Paul R. Dorf is the Managing Director of Compensation Resources, Inc. He is responsible for directing consulting services in all areas of executive compensation, short and long-term incentives, sales compensation, performance management systems, and pay-for-performance salary administration. He has over 40 years of Human Resource and Compensation experience and has held various executive positions with a number of large corporate organizations. He also has over 20 years of direct consulting experience as head of the Executive Compensation Consulting Practices for major accounting and actuarial/benefit consulting firms, including KPMG, Deloitte Touche Tohmatsu (formerly Touche Ross), and Kwasha Lipton.
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