| From: kidl | 6/17/2021 9:06:18 AM | | | | | | 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.
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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.
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| From: Sultan | 6/18/2021 12:24:34 AM | | | | | | BlackBerry Wins Frost & Sullivan 2021 Technology Innovation Leadership Award
WATERLOO, ON, June 17, 2021 /PRNewswire/ -- BlackBerry Limited (NYSE: BB; TSX: BB) today announced Frost & Sullivan has presented BlackBerry® AtHoc® with the 2021 Technology Innovation Leadership Award for safe city solutions. Applying a rigorous evaluation process, Frost & Sullivan recognizes companies who are at the forefront of innovation and growth in their respective industries, and have a visionary understanding of the future.
BlackBerry Logo Black (PRNewsfoto/Blackberry Limited)
BlackBerry AtHoc is celebrated by Frost & Sullivan for its superior communication and collaboration capabilities, its ability to integrate with any endpoint, and its excellence in providing situational awareness and actionable intelligence. Frost & Sullivan highlights that BlackBerry AtHoc is the most secure critical event management solution in the market, which is vital to avoid bad actors being able to create or manage a critical event. BlackBerry AtHoc can be used by organizations and operators across an entire city or broader geography, to enable business continuity, keep people safe, and deliver a citywide response to critical events.
"BlackBerry is renowned for our innovations and leadership in safety, security and communications, which have been shaping the market for over thirty years. Our software is relied on by organizations around the world, including 18 of the G20 governments, for mission-critical use cases," said John Chen, Executive Chairman & CEO, BlackBerry. "BlackBerry is honored to receive the Frost & Sullivan 2021 Technology Innovation Leadership Award for BlackBerry AtHoc, the most secure and trusted critical event management solution."
"Some of the key capabilities for safe city technology include actionable intelligence, superior situational awareness, exceptional critical event monitoring, and secure communications," said Danielle VanZandt, Security Industry Analyst, Frost & Sullivan. "BlackBerry AtHoc checks all of these boxes and more, enabling organizations and operators to synthesize multiple data sources, identify critical incidents, and quickly and securely enact mitigation and remediation actions that can protect operations, assets, and citizens from potential harm, across an entire geographic area of interest."
BlackBerry AtHoc enables organizations to prepare for, respond to and recover from planned and unplanned critical events and emergencies. The solution is used by thousands of organizations around the world across verticals, including government, financial services, healthcare, and more.
To read the full Frost & Sullivan award report click here.
For more information on BlackBerry AtHoc click here.
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