LEXMARK EXEC'S PAY AT ISSUE AGAIN FOR SHAREHOLDERS

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LEXMARK EXEC'S PAY AT ISSUE AGAIN FOR SHAREHOLDERS

 user 2009-05-11 at 11:33:11 am Views: 71
  • #22144
    http://www.kentucky.com/103/story/767108.html
    Lexmark exec’s pay at issue again for shareholders
    This
    year’s annual shareholder meeting for printer maker Lexmark
    International might seem familiar.Sixty percent of stockholders
    approved a measure last year that sought to give them a non-binding
    vote on executive pay.

    It’s back again.
    Lexmark
    executives said the company took “meaningful actions” in 2008 but did
    not agree to adopt the proposal, which will again be discussed at the
    meeting that will be held at 8 a.m. Thursday at the Embassy Suites on
    Newtown Pike.The company argues that the vote would place Lexmark at a
    “competitive disadvantage” because rival firms wouldn’t be subject to
    such a non-binding vote.Also, Lexmark said that in the past year it
    surveyed shareholders that hold more than 60 percent of its stock and
    also had one-on-one conference calls with the largest shareholders to
    discuss compensation practices.An investment fund associated with
    Amalgamated Bank, which bills itself as “America’s Labor Bank,” has
    made the proposal both times, saying the vote “gives shareholders a
    clear voice that could help shape senior executive
    compensation.”Lexmark, though, says there would not be “any clear
    indication of the meaning of (the) vote.”

    Thursday’s vote comes
    as compensation for Lexmark’s top executive continues to fall.Chief
    Executive Paul Curlander saw his total compensation fall from $8.18
    million in 2007 to $4.25 million in 2008, driven by a more than $3
    million decline in the value of his stock option awards.Curlander’s
    compensation might well drop further next year. Earlier this year, he
    asked the board not to award him a stock-based long-term incentive
    award in 2009 as a way to “control costs during this current economic
    downturn.”