Incentive Compensation

News & Analysis as of

A Partial FLSA Wish List

Presidential elections have typically sparked speculation about possible changes in employment laws and enforcement policies. But this seems to be especially true now, due in part to the discussion already occurring about...more

CFPB Issues Rigorous New Guidance to Financial Services Industry Regarding Sales Incentives

The compliance burdens being placed on institutions to monitor all aspects of product sales will require a substantial expansion of the types and scope of reporting that are done for product sales. On November 28, the...more

CFPB Steps Up Oversight of Companies’ Compensation Programs Following Wells Fargo Scandal

The Consumer Financial Protection Bureau (CFPB) will likely be weakened by the incoming Trump administration and its Republican allies in Congress. Exactly how, and how much, remains to be seen, however—and, in the meantime,...more

2016 Year-End Key Executive Compensation Reminders and Considerations

With the holiday season upon us, public companies should begin to prepare for the upcoming 2017 proxy season. Although 2017 may bring significant changes to the executive compensation landscape, the following is a brief...more

CFPB Issues Bulletin Warning About Excessive Employee Incentive Programs

On November 28, 2016, the Consumer Financial Protection Bureau announced that it issued a compliance bulletin warning regulated financial companies about the use of employee incentive programs in providing their financial...more

CFPB Outlines Expectations on Incentive Compensation

The CFPB issued a bulletin warning supervised financial companies that creating incentives for employees and service providers to meet sales and other business goals can lead to consumer harm if not properly managed....more

ISS and Glass Lewis Update Their Proxy Voting Guidelines for 2017

Institutional Shareholder Services Inc. (“ISS”) and Glass, Lewis & Co., LLC (“Glass Lewis”) recently updated the guidelines they will use to inform their voting recommendations for the 2017 proxy season. The updates address...more

CFPB issues bulletin on incentive programs

The CFPB has issued a new compliance bulletin (2016-03) on incentive programs. The issuance of the bulletin reflects the CFPB’s increased focus on such programs. In the bulletin, the CFPB acknowledges that incentives...more

Your Daily Dose of Financial News

Loyal Starwood pointers have been waiting anxiously to hear what the hotel brand’s merger with Marriott will mean for their coveted reward system. They’ll have to wait a bit longer, but here are a lot of answers to other...more

Something To Be Thankful For: The 2017 ISS Policy Updates

Institutional Shareholder Services Inc. (ISS) has published its voting policy updates for the 2017 proxy season, and those involved with public company compliance can add “generally insignificant changes to ISS voting...more

DOL Issues First Guidance on Fiduciary Rule

On October 27, 2016, the U.S. Department of Labor (DOL) issued initial guidance on its new fiduciary rules, which are scheduled to become effective on April 10, 2017. The guidance was issued in the form of FAQs and is...more

Incentive Compensation for Employees: Instead of Increasing Banks' Bottom Lines, These Arrangements May Increase the Risk of Fines

The New York State Department of Financial Services (DFS) recently issued guidance to regulated banking institutions (Institutions) prohibiting them from implementing incentive-based compensation programs unless these...more

CFPB: The Quarterly Review, Q3 2016

White & Case’s Financial Institutions Advisory (FIA) practice is pleased to share its most recent quarterly newsletter on the Consumer Financial Protection Bureau’s ("CFPB” or "Bureau”) oversight of the consumer financial...more

Executive Compensation Under Section 503(c) – The Sports Authority Story

A recent, and highly publicized, decision from the case formerly known as Sports Authority, In re TSA WD Holdings, Inc. et al., Case No. 16-10527 (MFW), Bankr. D. Del. (Docket #2863, Aug. 31, 2016), allowed the defunct...more

After Circling the Wagons: Wells Fargo’s CEO Finally Falls

The Wells Fargo scandal represents a textbook case of compliance and culture failures. Recently, the scandal and Wells Fargo’s defensive crisis management strategy resulted in CEO Stumpf’s resignation. Stumpf’s demise was...more

#Cheatingisachoice

Looking at my twitter stream over the weekend I saw Roy Snell’s tweet “If people cheat simply because of performance goals why do some people with performance goals refuse to cheat?” followed by #cheatingisachoice...more

How to Avoid Director Pay Litigation

In the last few years, Delaware courts have issued several rulings in lawsuits involving complaints of excessive compensation to non-employee directors (1). The takeaways from these cases can be summarized as follows...more

Clawbacks – Putting Fear into Executives' Hearts?

We are in October and I am looking forward to my annual exploration of classic monster movies beginning this coming Friday. This year I decided to go back to the roots by watching the 30s and 40s classic Universal monster...more

Changes to Russian Labor Law Affect Payments to Employees

A number of significant amendments to Russian labor legislation entered into force on October 3, 2016. The amendments were introduced by Federal Law No.272-FZ “On Introducing Amendments to Certain Legislative Acts of the...more

Keeping Chinese tech talent

The Chinese government announced plans in May to promote innovation-driven development, with the aim of becoming an 'innovative nation' by 2020, an international leader in innovation by 2030, and a scientific and...more

Wells Fargo Week, Part III-the Bank Knew All Along

You know it is going to be a very bad day when, as a company’s Chief Executive Officer (CEO), you receive a letter asking the following, “Specifically, the committee should thoroughly examine this issue, including: How it is...more

Blog: Ninth Circuit Addresses SOX 304 Clawback Requirements And Liability For Rule 13a-14 False Certifications

A new case from the 9th Circuit, SEC v. Jensen, is the first circuit court case to confirm the SEC’s position that the “clawback” provisions of SOX 304 provide for a disgorgement remedy against CEOs and CFOs when the issuer...more

Ethics and Incentive Compensation: A Ticking Time Bomb

In a recent Wall Street Journal article, it was reported that “some drug-industry watchers say Mylan’s incentives may have played a role in its steep price increases for the EpiPen.” The article addressed one-time awards for...more

White-collar crimes: companies could soon be held accountable

Proposals for a new criminal finance bill will, if implemented, hold company boards criminally responsible for offences such as money-laundering and false accounting committed by their employees. This is a move that is being...more

Wells Fargo Week: Part I – Who’s Afraid of Virginia Woolf or What is Risk?

Edward Albee died last week. To my mind he was right up there with Arthur Miller and August Wilson as one of America’s greatest playwrights of the second half of the 20th century. His works were known, as noted in his New...more

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