Newsletter

St. Louis Post-Dispatch David Nicklaus Column

Nicklaus, David

2003

Overview

\"It was a very clumsy way of regulating something that could have been left to boards of directors and shareholders,\" said Lemma Senbet, professor of finance at the University of Maryland and co- author of a report on executive pay for the Financial Economists Roundtable. \"This section of the code has been counterproductive,\" Senbet said. \"It ends up doing nothing to rein in executive pay, and it actually shifts the structure of compensation away from salaries and stock grants to performance-based elements, such as stock options.\" Kellwood paid Hal Upbin exactly $1 million in salary last year, and its policy statement is typical. \"Kellwood's policy is to structure its performance-based compensation to executive officers to maximize deductibility,\" the company's proxy statement says.

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