Compensation Survey and Peer Group Data Integrity & Analysis Problems
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1 Compensation Survey and Peer Group Data Integrity & Analysis Problems Steve Hennigan, CPA CPS Energy Board Chair Mark Van Clieaf Ken Stewart, FSA, FCIA, MAAA MVC Associates International Consultants In Organization Design, Leadership & Shareholder Value Tampa Houston Toronto London Copyright 2007, MVC Associates International 1 M3202.1
2 Data Integrity & Analysis Problems With Industry Compensation Surveys (Business & Top Jobs NOT Comparable) Major Compensation Surveys Mixing together compensation data from: Utility sectors including Telephone, Wireless, Internet & Electricity where business models very different and not comparable directly Power Electric Utilities: International vs. USA Only Generation (major assets), Transmission & Distribution vs. ONLY Transmission & Distribution Coal, Gas generation vs. Coal, Gas, Nuclear, Wind generation Surveys state CPS top jobs at the avg of 42nd percentile - but data & analysis questionable Regression on Revenue ( accepted compensation industry standard ) does NOT fix data integrity, survey peer and Top Job comparability problems & misleading pay percentiles NO business Performance data on companies in surveys - high vs. low performance companies relative to pay levels Mixing apples, oranges & pears, leads to compensation ratcheting effect - Executive Pay chasing Executive Pay Similar challenges in other industry sectors Copyright 2007, MVC Associates International slide 1 2 M3202.2
3 Problematic Industry Compensation Surveys (Business Complexity & Top Jobs NOT Comparable) Company AES Company Revenue $ Millions $ 11,564 Business Complexity Power Generation & Wholesale Electric Distribution & Retail Alternative Energy Wind & LNG Geographic & Regulatory Complexity 26 Counties including North America, Europe & Africa, Latin America, Asia, Middle East Sempra Energy $ 11,761 Power Generation & Wholesale Electric Distribution & Retail Gas Pipeline & Storage LNG Terminals Commodities Mgmt USA, Europe, Canada, Mexico, South America, & Asia Reliant Energy $ 10,877 Power Generation & Wholesale Electric Distribution & Retail USA only - 4 states Copyright 2007, MVC Associates International slide 2 3 M3202.3
4 Compensation Committee Needs Quality Assurance Check Pay Reports, Peer Groups & Pay Percentiles Based on recent MVC Associates experience for numerous clients (board & management) in reviewing the work / reports of major compensation consulting firms & executive compensation surveys used: Directors & management can t t just check the box with current compensation reports & accept peer groups & pay percentiles at face value Nor can Directors solely rely on reputable compensation consulting firm to check another firm s s work to provide a defensible QA check for Board Directors must exercise their own judgment on a meaningful process for developing peer groups, pay analysis & pay percentiles that will be certified as valid & accurate Risk that new certified SEC Compensation Report / CD&A could contain materially misleading statements to shareholders Copyright 2007, MVC Associates International slide 3 4 M3202.4
5 Check for Quality Assurance & Data Integrity Problems with Compensation Reports Jobs & Pay Not Truly Comparable Mixing executive roles at fundamentally different Levels of Work & role complexity across industries & sectors see MVC Research on CEO Levels of Work This leads to faulty peer groups, compensation surveys & reports: Mixing industry sub-sectors = unreliable pay percentiles Regression on Revenues NOT a defensible process for developing pay comparables Proxy Peer groups targeting 0.5X to 3X revenue size fosters a pay spiral Mixing companies with different pay philosophies (target 50th, 75th percentile) Faulty job matching / compensation calibration applied to public filings data & compensation surveys may lead to compensation data integrity problems for pay analysis & MATERIALLY unreliable pay percentiles & disclosures Mixing USA Only & Global companies - e.g. 49 % TDC pay level difference at median CEO pay Not all CEO, COO, CFO, Top C-Level roles are created equal - but too many compensation consultants & surveys treat roles with the same titles as equal: Campbell's Soup vs. P&G Eli Lilly vs. J&J Gateway vs. Dell Copyright 2007, MVC Associates International slide 4 5 M3202.5
6 Compensation Analysis / Report Quality Assurance For Directors Telecom company compensation report Different complexity of businesses, peer group not truly comparable and NO business performance data in compensation report analysis In the t end board disregards primary consultant report, exercises judgment & sets targeted TDC compensation at 25 % of existing peer group CEO could not disagree with logic, bought in and no one from management left Software company compensation report used peer group from $ 500 Million to $ 10 Billion for a $ 700M North American company Used a mix of hardware & software companies many not comparable Used a mix of Global & US Only peer companies NO business performance data / analysis on any of the peer companies Avg positioning for NEO s s in primary consultant report at 36 % below the median Board chose to agree to 10 % increase in TDC BUT NOT too median due to concerns with faulty peer group and pay percentiles analysis Directors educated about data integrity & analysis problems, get second expert opinion, & exercise their judgment on CEO / NEO final pay decisions Copyright 2007, MVC Associates International slide 5 6 M3202.6
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