Are You Contemplating Your Post - Working Compensation?

[tay]

CALGARY - Shareholders made it known they're unhappy with rich payouts to two former executives at the Canadian Imperial Bank of Commerce's annual general meeting on Thursday.


An advisory resolution on the bank's approach to executive compensation was voted down by nearly 57 per cent of shareholders, with about 43 per cent voting in favour.


CIBC raised some eyebrows recently when it disclosed it planned to pay two retired executives a total of $25 million on top of their existing pensions, even though they no longer work for the company.


Under the "post-employment arrangements," former chief executive Gerry McCaughey will receive $16.7 million by April 2016, while former chief operating officer Richard Nesbitt will be paid $8.5 million, according to regulatory documents filed by the bank.


Thursday's vote is non-binding, but CIBC said in its proxy circular it would "consider the outcome of the vote as part of its ongoing review of executive compensation."


Outgoing chairman Charles Sirois said the vote's outcome should not be taken as "commentary to our overall approach to compensation."








CIBC Shareholders Vote Against Plan To Pay Execs $25 Million After They Left Company










and




CIBC's McCaughey And Nesbitt Keep Getting Paid After Retirement, To The Tune Of $25 Million

 

[Sal]

wtf?

oh yeah, they take all the risks, I remember now

Thursday's vote is non-binding, but CIBC said in its proxy circular it would "consider the outcome of the vote as part of its ongoing review of executive compensation."


Outgoing chairman Charles Sirois said the vote's outcome should not be taken as "commentary to our overall approach to compensation."

which part of no, did he miss?

 

[taxslave]

wtf?

oh yeah, they take all the risks, I remember now



which part of no, did he miss?

All of it. big word, could have many different meanings.

 

[Sal]

All of it. big word, could have many different meanings.

lol...yes

 

[captain morgan]

wtf?

oh yeah, they take all the risks, I remember now



which part of no, did he miss?

Life is hard ain't it?

 

[Sal]

Life is hard ain't it?

apparently yours is too much for you to handle lately

sorry to hear that

sorry to see that in about every post you make lately

 

[captain morgan]

Life is pretty good on my end.

I'm not upset that a private organization made a decision involving money, also, I understand that that it is extremely likely that this was not a discretionary payment just cause they are nice guys.

There is a lot of critical info that neither of us do not have access to that impact these payments.

 

[Sal]

Life is pretty good on my end.

I'm not upset that a private organization made a decision involving money, also, I understand that that it is extremely likely that this was not a discretionary payment just cause they are nice guys.

There is a lot of critical info that neither of us do not have access to that impact these payments.

so then chill out and enjoy it....quit taking everything so personal...you're starting to sound like a grumpy, old man with a miserable existance

it disgusts me that those type of pay offs are given out, I've seen the workings of big industry and it equally disgusts me...it's an opinion

 

[petros]

If hiring someone has made an institution billions because of their work there usually is long term payouts.

On a percentage scale even 0.25% can equal millions in retirement bonuses.