SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Technology Stocks : BB: BlackBerry (fka RIMM: Research in Motion)
BB 10.60+10.9%Sep 24 4:00 PM EDT

 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
From: kidl6/17/2021 9:06:18 AM
   of 1647
 
Globe says BlackBerry gets "F" for lavish executive pay

The Globe and Mail reports in its Thursday edition that two major proxy advisory companies say BlackBerry's shareholders should reject the company's pay practices. The Globe's David Milstead writes that Institutional Shareholder Services and Glass Lewis & Co. recommend "no" votes on BlackBerry's non-binding vote on executive compensation, or "say on pay." Glass Lewis gave BlackBerry an "F" grade in its pay-for-performance system. It also recommends shareholders withhold votes from Prem Watsa, the Fairfax Financial boss who also serves as BlackBerry's lead independent director and chairs the board's compensation committee. The company's shareholders meeting is June 23. BlackBerry, in its proxy circular to shareholders, says "maintaining a world-class executive team" and clearly linking compensation to business performance are among the objectives of its compensation plans. BlackBerry's compensation practices typically make headlines every few years when the company gives chief executive officer John Chen a gigantic block of stock awards. Mr. Watsa personally negotiated Mr. Chen's 2018 contract extension and share award. ISS dislikes Mr. Chen's guaranteed bonus, and says, in effect, that Mr. Chen is overpaid.

© 2021 Canjex Publishing Ltd.




FP/wire say BlackBerry finds opposition to Watsa's role

The Financial Post reports in its Wednesday edition that a shareholder advisory firm has urged BlackBerry investors to vote against Prem Watsa as lead director, arguing that he should be held accountable for an executive compensation plan that is not in shareholders' interests. A Bloomberg dispatch to the Post quotes Glass Lewis & Co. saying the company "has been deficient in aligning pay with performance for each of the last three fiscal years," and that Mr. Watsa, who also has led the board's compensation committee since 2013, should not keep his role. Mr. Watsa is one of Canada's best-known investors through his control of Fairfax Financial, which owns about 15 per cent of BlackBerry. "We believe the concerns regarding the company's pay practices and programs are severe enough to warrant withholding votes from the chair of the compensation committee at this time," Glass Lewis said in its report. BlackBerry paid its executives more than the median compensation for its peers, but performed significantly worse, the advisory firm added. Chief executive officer John Chen earned $3-million (U.S.) in salary and bonus for the fiscal year ended Feb. 28, 2021, but was granted a $106-million (U.S.) equity award in 2019.



© 2021 Canjex Publishing Ltd.
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext