Harvard Corporate Governance

MAY 19, 2022

Bebchuk and Roberto Tallarita (discussed on the Forum here ); Companies Should Maximize Shareholder Welfare Not Market Value by Oliver Hart and Luigi Zingales (discussed on the Forum here ); Reconciling Fiduciary Duty and Social Conscience: The Law and Economics of ESG Investing by a Trustee by Max M. Schanzenbach and Robert H.

Total Shareholder Return 230

Total Shareholder Return Marketability 230

Harvard Corporate Governance

APRIL 27, 2023

Vanbastelaer, Kyle McCarthy, Nathan Grantz, and Anish Tamhaney. 2022 PEO Multiples by Sector In 2022, Energy CAP to SCT rations are the highest thus far, while Consumer Discretionary sector ratios are the lowest on average TSR vs.

Total Shareholder Return 133

Total Shareholder Return Marketability 133

Harvard Corporate Governance

MARCH 7, 2023

Executive Summary In 2021, CEO median actual total direct compensation (TDC*) among S&P 500 companies increased +14% driven by higher actual bonuses. Similarly in 2021, the S&P 500 total shareholder return (TSR) increased +29%.

Total Shareholder Return 159

Total Shareholder Return 159

Harvard Corporate Governance

DECEMBER 14, 2022

The new requirements consist of three components: (i) a pay-versus-performance table that includes metrics from the previous five fiscal years such as CEO and NEO compensation “actually paid,” cumulative total shareholder return (TSR) for the company and its peer groups, financial performance measures and the company’s net income; (ii) a description (..)

Total Shareholder Return 152

Total Shareholder Return 152

Harvard Corporate Governance

JULY 31, 2022

Their company evaluations now consider a broader set of financial metrics beyond total shareholder return, and their stewardship priorities now focus heavily on environmental, social, and governance (ESG) topics. Institutional investors and proxy advisors are signaling increased expectations through policy expansion.

Total Shareholder Return 211

Total Shareholder Return 211

Harvard Corporate Governance

MAY 9, 2022

Revenue (+17.1%), pre-tax income (+62.5%), EPS (+71.0%), and one-year total shareholder return, or TSR, (+35.8%) were all up substantially. Performance: 2021 median performance—as measured by revenue, pre-tax income, and earnings per share (EPS)—was higher than 2020. CEO Pay: Median CEO pay increased by +19%.

Total Shareholder Return 246

Total Shareholder Return 246

Harvard Corporate Governance

OCTOBER 6, 2022

a new measure: Compensation actually paid) and certain financial performance measures (company total shareholder return or TSR peer TSR, net income and a financial metric of the company’s choosing), covering five years of data.

Total Shareholder Return 168

Total Shareholder Return 168

Harvard Corporate Governance

SEPTEMBER 19, 2022

a table (the Tabular List ) of the most important performance measures used by the company to link compensation actually paid to the executives to company performance.

Total Shareholder Return 118

Total Shareholder Return 118

M&A Leadership Council

AUGUST 1, 2023

Large public companies are generally expected to link their CEO pay to total shareholder return over one to three years, whereas a new start-up will tend to focus more on sales growth. Bonus pay may be hard to align following a merger between one firm with huge bonuses and another one with none.

Mergers & Acquisitions 52

Mergers & Acquisitions Total Shareholder Return Equity Start-ups 52

Harvard Corporate Governance

NOVEMBER 9, 2022

In addition to the columns for executive compensation outlined above, the new table will include the following metrics for company performance: The company’s total shareholder return (TSR), The TSR of the company’s self-selected peer group, The company’s net income, and. Measuring the Performance Element.

Equity 176

Equity Total Shareholder Return Compliance Marketability 176

Reynolds Holding

AUGUST 25, 2022

These key performance metrics include total shareholder return (TSR), peer group TSR, net income, and a measure specific to the company. Companies will disclose several key performance metrics related to executive compensation.

Total Shareholder Return 45

Total Shareholder Return Corporate Finance Finance Marketability 45

Benzinga

APRIL 12, 2023

For our long-term shareholders, this transaction crystalizes a total shareholder return of approximately 700% since the 2016 merger of Triton and TAL International. "The sale price provides significant value to our investors and represents a 35% premium to yesterday's closing share price.

Total Shareholder Return 40

Total Shareholder Return Capital Structure Equity Dividends 40

Reynolds Holding

MARCH 1, 2023

Financial reporting measures also include stock price and total shareholder return (TSR). What if the incentive-based compensation is based on stock price or Total Shareholder Return (TSR)? Same as the NYSE. Same as the NYSE.

Total Shareholder Return 45

Total Shareholder Return Compliance Equity Finance 45

Value Scope

JULY 21, 2020

How do you justify making substantial investments and fundamental changes to corporate structures and culture without empirical evidence that it will make a direct impact on shareholder value, total shareholder return, net present value, and individual rates of return? What about stock price?

Intangible Assets 130

Intangible Assets Alpha Beta Unlevered Beta 130

Reynolds Holding

JUNE 14, 2022

Incentive-based compensation is any compensation that is granted, earned or vested based wholly or in part on the attainment of a financial reporting measure, including stock price or total shareholder return.

Total Shareholder Return 45

Total Shareholder Return Equity 45

Reynolds Holding

SEPTEMBER 6, 2022

footnote disclosure to the table for any amounts deducted and added to total compensation of the NEOs to determine the amount of compensation “actually paid” (as described below) and certain related assumptions, as well as the name of each CEO and other NEO included in table for each year and the fiscal year for which they were included.

Total Shareholder Return 45

Total Shareholder Return Equity Dividends Market Capitalization 45

Reynolds Holding

MARCH 5, 2023

Moreover, if PVP disclosure was required in a Form 10 (and its accompanying “information statement”), it would not be possible to complete column (f) of the PVP table with respect to the company’s total shareholder return (TSR), since the spin-off company would not have been publicly traded for any of the years covered by the PVP table.

Equity 45

Equity Dividends Total Shareholder Return Corporate Finance 45

Reynolds Holding

OCTOBER 27, 2022

Instead, the Commission is requiring companies to claw back compensation based on stock price and total shareholder return (“TSR”). We reasonably could have limited the definition to accounting-based metrics.

Total Shareholder Return 45

Total Shareholder Return Compliance Corporate Finance Finance 45

Value Scope

SEPTEMBER 24, 2020

How do you justify making substantial investments and fundamental changes to corporate structures and culture without empirical evidence that it will make a direct impact on shareholder value, total shareholder return, net present value, and individual rates of return? . These are fair questions.

Intangible Assets 130

Intangible Assets Alpha Beta Comps 130

Reynolds Holding

AUGUST 30, 2023

While traditional activism focused on short-term profit, stock price and total shareholder return (TSR) continues, a new set of activists has emerged, galvanized by climate and other environmental, employee/human capital, social and governance concerns.

Equity 40

Equity Dividends Total Shareholder Return Finance 40

Reynolds Holding

SEPTEMBER 7, 2022

Traditional activism, focused on short-term profit, stock price and total shareholder return (TSR), continues alongside a new form of activism emphasizing climate and other environmental, employee/human capital, social and governance (ESG) considerations.

Equity 45

Equity Total Shareholder Return Dividends Marketability 45