Yes, the burdens and risks of directorships are significantly greater than in the past, and they do justify higher equity-based compensation subject to corporate performance.
FORBES: Pay Hikes for Directors Should Trigger Clear, Confident Communications
While RBS was careful to state that Hourican had no role in the wrongdoing, it ultimately took place on his watch and he will forfeit his unvested bonus and the portions of his long-term compensation subject to clawbacks.
FORBES: RBS Latest To Cough Up Libor Settlement, Will Pay $615 Million
He says stock options--which are not subject to the deferred compensation cap--could be one way to make up for the cap on deferred revenue.
"The full extent of the partner compensation arrangements is subject of continuing investigation, " said Joff Mitchell, its chief restructuring officer.
All firms that received bailout cash are subject to limits on their compensation practices, but for some, the situation is thornier.
If they do, they're subject to civil suits, including compensation for emotional injury and punitive damages.
Most taxpayers receive compensation as ordinary wages subject to rates as high as 35%.
"The question of whether anybody has suffered an injury, which is recognised in law and is entitled to compensation, will be the subject to further detailed investigation by the court, " he said.
While fees will almost certainly increase, overall compensation derived from pensions by consultants subject to conflicts of interest will dramatically decline.
FORBES: SEC Scrutiny of Pension Consultants: A Call To Action (February 28, 2004 )
Companies that have received "special assistance" from the Treasury--AIG, Bank of America, Citigroup, General Motors, Chrysler and the automakers' financing arms--are subject to Feinberg's oversight on executive compensation.
If shares of stock used as compensation have an ascertainable value, they are immediately subject to income and payroll taxes.
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