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Compensation Committee Guide

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Compensation Committee Guide Wachtell, Lipton, Rosen & Katz Compensation Committee Guide February 2020 About This Compensation Committee Guide This Compensation Committee Guide (this “Guide”) provides an overview of the key rules applicable to compensation committees of listed U.S. companies and practices that compensation committees should consider in the current environment. This Guide: • outlines a compensation committee member’s responsibilities; • reviews the composition and procedures of the compensation committee; • considers important legal standards and regulations that govern compensation committees and their members; and • recommends specific practices to promote compensation committee effectiveness in designing appropriate compensation programs that advance corporate goals. Although generally geared toward directors who are members of a public company compensation committee, this Guide also is relevant to members of a compensation committee of a private company, especially if the private company may at some point consider accessing the public capital markets. This Guide also contains sample compensation committee charters as Exhibits. These Exhibits are intended to assist a compensation committee in performing its designated functions. However, it would be a mistake for any company to simply copy published models. The creation of charters requires experience and careful thought. It is not necessary that a company have every guideline and procedure that another company has to be “state of the art” in its governance practices. When taken too far, an overly broad or detailed committee charter can be counterproductive. For example, if a charter explicitly requires the compensation committee to review a particular type of compensation arrangement, meet a stated number of times each year or take other action, and the compensation committee has not taken that action, the failure may be considered evidence of lack of due care. Therefore, we recommend that each company tailor its compensation committee charter and written procedures to what is necessary and practical for the particular company. This Guide is not intended as legal advice, cannot take into account particular facts and circumstances (including the extent to which certain federal fiduciary laws may apply to a given compensation committee) and generally does not address individual state or non-U.S. corporate laws. © February 19, 2020 Wachtell, Lipton, Rosen & Katz All rights reserved. Compensation Committee Guide TABLE OF CONTENTS Page Introduction ..................................................................................................1 I. Key Responsibilities of Compensation Committee Members ..........................................................................................3 A. Responsibilities Imposed by the Securities Markets and Dodd-Frank ...................................................................3 1. New York Stock Exchange Requirements .............. 3 2. NASDAQ Requirements ......................................... 5 B. CEO and Executive Officer Compensation .........................6 C. Non-Executive Officer Compensation and Broad- Based “ERISA” Plans ..........................................................7 D. Development of Compensation Philosophy.........................8 E. Compensation-Related Disclosure Responsibilities ............8 1. Compensation Discussion and Analysis ................. 9 2. Compensation Committee Report ........................... 9 3. Additional Annual Disclosure Regarding NEO Compensation ................................................ 9 4. Director Compensation Table ............................... 10 5. Compensation Committee Governance ................ 11 6. Compensation Consultants and Advisors ............. 11 7. Risk and Broad-Based Compensation Programs ............................................................... 11 8. Dodd-Frank Disclosure Requirements .................. 12 a. Pay Ratio Disclosure ................................. 12 b. Hedging Disclosure ................................... 13 9. Current Reports on Form 8-K ............................... 14 10. Conclusion ............................................................ 14 -i- F. Internal Controls ................................................................15 G. Equity Compensation Grant Policy ...................................15 H. Management Succession ....................................................16 I. The Role of the Compensation Committee in Risk Oversight of Incentive Compensation ...............................17 II. Fiduciary Duties of Compensation Committee Members .............21 A. Fiduciary Duties Generally ................................................21 1. Business Judgment Rule ....................................... 21 a. Duty of Care .............................................. 21 b. Duty of Loyalty ......................................... 22 2. Adopting or Amending Compensation Arrangements in the Context of Corporate Transactions .......................................................... 24 B. Fiduciary Duties Under ERISA .........................................26 III. Methods of Compensation .............................................................31 A. Understanding and Pursuing Compensation Goals and Objectives ....................................................................31 B. Equity Compensation .........................................................32 1. Stock Options ........................................................ 32 2. Stock Appreciation Rights .................................... 34 3. Restricted Stock .................................................... 35 4. Restricted Stock Units........................................... 36 C. Retirement Programs .........................................................38 D. Perquisites ..........................................................................39 E. Clawback Provisions ..........................................................39 IV. Laws and Rules Affecting Compensation......................................41 A. Section 162(m) of the Internal Revenue Code ...................41 1. General .................................................................. 41 2. “Covered Employees” ........................................... 41 -ii- 3. Expansion of Impacted Companies ...................... 42 4. Continuation of Section 162(m) Compliance Procedures ............................................................. 43 5. Next Steps Under the New Section 162(m) Regime .................................................................. 44 a. Grandfathering of Certain Existing Arrangements ............................................ 44 b. Plan Design ............................................... 45 B. Section 409A of the Internal Revenue Code ......................47 C. Stock Exchange Rules Regarding Shareholder Approval of Equity Compensation Plans ...........................48 1. General Rules ........................................................ 48 2. Material Revisions ................................................ 49 D. Dodd-Frank Proposed Pay Versus Performance Rules ..................................................................................49 E. Dodd-Frank Proposed Compensation Clawback Rules ..................................................................................51 V. Change-in-Control Compensation Arrangements..........................57 A. Addressing Executive Uncertainty in a Deal Environment .......................................................................57 B. Forms of Compensatory Arrangements .............................58 1. Change-in-Control Protections ............................. 58 2. Stock-Based Compensation Plans......................... 61 3. Separation Plans .................................................... 62 4. Deferred Compensation Plans............................... 62 5. Retention Programs ............................................... 63 6. Considerations in Mergers of Equals .................... 63 VI. Special Considerations Applicable to Financial Institutions .........65 A. Safety and Soundness Guidance ........................................66 B. Section 956 of Dodd-Frank ................................................68 1. Covered Financial Institutions .............................. 68 -iii- 2. Covered Persons.................................................... 69 3. Prohibitions Under the Proposed Rule .................. 69 4. Additional Requirements Applicable to Level 1 and Level 2 Covered Financial Institutions............................................................. 71 5. Policies and Procedures ........................................ 72 C. FDIC Golden Parachute Regulations .................................73 VII. Shareholder Proposals, Relations and Litigation ...........................75 A. Say-on-Pay .........................................................................75 1. The Say-on-Pay Vote ............................................ 75 2. The Say-When-on-Pay Vote ................................. 79 3. The Golden Parachute Say-on-Pay Vote .............. 80 B. Shareholder Proposals ........................................................81 C. The Rise of ESG-Related and Other Non-Financial Performance Goals and the Future of Executive Compensation ....................................................................83 D. Shareholder Advisory Firms ..............................................84 E. Executive Compensation Litigation ...................................96
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