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GEOnews - 08 February 2013
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 GEO Award Submissions
GEO will be accepting submissions for GEO Awards, which includes two new categories and some old favorites, this Monday, 11 February to 12 April 2013. If you'd like to know more about how to submit an award application or receive an award of your own, tune in on Thursday, 14 February at 8:00 am PT/11:00 am ET/4:00 pm UK/5:00 pm Europe to the following webcast, "Tips for Applying for a GEO Award." Please visit the GEO website for more information on webcast registration.
Now Accepting NECF Speaking Proposals
GEO is currently accepting speaking proposals for its 3rd Annual National Equity Compensation Forum (NECF). We encourage anyone interested in being a part of this year's agenda to submit a proposal before the submission deadline on Friday, 22 March 2013. Please visit the GEO website for more information on how to submit a proposal.
GEO DACH Chapter
Last year the GEO DACH Chapter initiated a new interview series on ESPP's in the German DAX 30 companies of GoingPublic Magazine. The interview series was implemented as a special service for the chapter.
Currently there are three available interviews--RW RWE AG, SAP AG & Allianz SE--with others expected in the next edition of the magazine. The interview series and the webpage content are only available in German, however, anyone can access the content and the webpage here. Congratulations to the GEO DACH Chapter for this terrific public outreach.
GEO Membership
GEO wants you to have access to all of its many resources, including our newly announced lineup of webcasts and the member sections of GEO's website. Consider becoming a member today to enjoy these and other member benefits. Please contact michele.holly@globalequity.org for more information about a GEO membership or visit the GEO website. Anyone interested in a GEO membership is also encouraged to visit one of GEO's member run chapters, which are generally available at no cost, to experience GEO and all that is has to offer.
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CONFERENCES
12-14 June 2013
14th Annual International Conference -
Munich, Germany
MORE INFORMATION23-25 October 2013
2013 National Equity Compensation Forum (NECF)
Rancho Palos Verdes, CA
SAVE THE DATE
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CHAPTER MEETINGS
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28 February 2013
Silicon Valley
Sunnyvale, California
MORE INFORMATION
05 March 2013
Boston Chapter
Boston, Massachusetts
MORE INFORMATION
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18 April 2013
N. California Forum
San Carlos, California
REGISTRATION OPEN
18 April 2013
Toronto Chapter
Toronto, Canada
SAVE THE DATE
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 Clinton Shoap 
Director, Global Processes
Cargill Incorporated
Clinton Shoap leads Cargill's global process team, which is responsible for the delivery of Cargill's global HR processes, including the equity program. He received his MBA from the Carlson School of Management at the University of Minnesota, and also holds an inactive CPA license. He has worked for Cargill for eight years focusing on executive compensation, annual incentive, and equity programs. During this time he has implemented significant changes within the equity program's design and processes. Prior to joining Cargill's equity team, he was the Director of Compensation and International HR at Pentair.
About Cargill
Cargill is an international producer and marketer of food, agricultural, financial and industrial products and services. Cargill was founded in 1865, is a privately held company and employs 142,000 people in 65 countries.
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2013 Tax Reform Proposal May Impact Globally Mobile Employees
Source: PWC The 2013 tax reform proposal submitted by the Cabinet Office Tax Commission known as Taiko, (the 2013 Tax Reform Proposal), was released on January 29, 2013 upon approval by the Cabinet. The proposed tax law changes will be submitted to the Diet this month for consideration. MORE
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Tax Treatment of Transferable, Non-Transferable Stock Options
Source: KPMG KPMG in Luxembourg reports on a new circular (LIR n° 104/2) on the taxation of stock option plans, which updates a 2002 circular on the matter. The new circular, applicable as from January 1, 2013, amongst other guidance on the distinction between transferable and non-transferable stock options and the treatment of the related benefit-in-kind, increases the valuation of transferable options from 7.5 percent of the underlying stock at the moment of the granting of the option to 17.5 percent of the underlying stock at the moment of the granting of the option.
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UBS Changes Compensation Framework
Source: Share Chat UBS has implemented changes to its compensation framework to better align employee and shareholder interests. According to the bank's Fourth quarter 2012 report, these changes aim to focus employees on medium and longer-term performance, provide them with the opportunity to benefit from the bank's long-term success, and make the compensation framework more transparent. MORE
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Plan to Get Workers to Give up Rights in Exchange for Shares Proves all that Glisters is not Gold
Source: Scotsman.Com A SCHEME encouraging employees to relinquish certain rights in exchange for shares in their company gets underway in April. But the controversial plan comes with a tax promise that is far less attractive than the government has claimed. Under the scheme, set out late last year, workers giving up their employment rights can claim shares worth between £2,000 and £50,000. MORE
Virgin Media's Share Scheme Windfall
Source: employeebenefits.co.uk Almost 2,500 Virgin Media employees could receive an average of £15,984 each as the media company is sold to US cable television giant Liberty Global. Around 2,468 staff who signed up for a share save scheme in 2009 will share in the proceeds of the deal, which was agreed on 6 February.
Office of Tax Simplification's Proposed Changes to the Taxation of Unapproved Share Plans
Source: Deloitte. On 16 January 2013, the UK Office of Tax Simplification (OTS) published their recommendations in respect of the simplification of unapproved share plans. These recommendations followed the interim report, which invited stakeholders to identify areas of complexity in the tax treatment of share awards and options. This Global Reward Update summarizes the OTS's recommendations.
UK Employee Share Plans: Roadmap to Simplification
Source: Squire Sanders The UK Office of Tax Simplification has now published its final report on the tax treatment of unproved employee share schemes. Its recommendations are, for the most part, welcome and should not prove controversial. However, some aspects will need careful consideration and could cause more problems than they solve.
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Ex-Stiefel Employees Say they Lost in Deal
Source: timesunion.com Former employees of Stiefel Laboratories, which operates a toothpaste factory in Greene County, say they got a raw deal when the family-owned pharmaceutical company was sold in 2009 to GlaxoSmithKline in a $3.6 billion deal. Lawsuits filed by employees as well as the U.S. Securities and Exchange Commission over the past several years - including one filed last week in Albany - allege that Stiefel purchased company shares from employees on the cheap, knowing the stock had been valued much higher by potential suitors.
IGT Says Former Chairman was Awarded Backdated Stock Options
Source: Bloomberg International Game Technology (IGT), embroiled in a proxy battle with its former chief executive officer, said he received backdated stock options to capture almost $2.8 million in personal profit. Charles Mathewson, who served as IGT's CEO until 2000, engaged in "questionable" compensation practices "despite publicly trumpeting an annual salary of $1," IGT said in a letter to shareholders today.
The Virginia Supreme Court on Damages, Equity Valuation, and the Significance of Delaware Corporations Law in the Termination and Removal of a Chairman and CEO
Source: Lexology The Virginia Supreme Court has spoken again on the calculation of damages in a complex employment contract case. In Online Resources Corp. v. Lawlor, No. 120208 (Va. Jan. 10, 2013), the court addressed the expert qualifications required for the valuation of equity following the termination of the chairman and chief executive officer (CEO) ("executive") of a publicly-traded company, as well as the applicability of Delaware Corporations Law to related change in control (CIC) provisions.
Rule 10b5-1 Trading Plans Under Scrutiny
Source: Lexology For more than a decade, corporate officers and directors of publicly traded companies have relied on trading plans, known as Rule 10b5-1 trading plans, in order to trade stock in their companies without running afoul of laws prohibiting corporate "insiders" from trading on material information not known to the general public. Historically, effective 10b5-1 plans have provided corporate insiders with an affirmative defense to allegations of unlawful insider trading.
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Final Stock Exchange Rules for Compensation Committees and Advisers
Source: Sullivan & Cromwell On January 11, 2013, the SEC approved revisions to the equity listing standards of the New York Stock Exchange, the Nasdaq Stock Market and a number of other exchanges relating to compensation committee and compensation adviser independence. These revisions were proposed by the exchanges in September 2012 in response to SEC rules issued under the Dodd-Frank Wall Street Reform and Consumer Protection Act. Under the final NYSE and Nasdaq rules, all U.S.-listed companies must expand the authority of their compensation committees with respect to the oversight of compensation consultants, outside legal counsel and other advisers to the committee by July 1, 2013, and thereafter a compensation committee may select or receive advice from an adviser only after conducting an independence assessment.
SEC Approves Listing Standards for Compensation Committees
Source: Lexology On Jan. 11, 2013, the SEC approved the proposed listing standards of the NYSE, Nasdaq and other exchanges relating to the independence of compensation committee members and their advisers. The SEC approved the standards substantially as proposed in October 2012 (see related item here), including recent amendments to the proposals that made a few minor changes (including extending the phase-in schedule for issuers that cease to be smaller reporting companies and clarifying that assessing the independence of compensation advisers is not required for advisers whose roles are limited to consulting on broad-based, nondiscriminatory plans or providing noncustomized data). |
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