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GEOnews - 22 February 2013
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Try a GEO Webcast for Free!
For a limited time only, GEO is pleased to offer non-members an opportunity to try a GEO webcast. Members and non-members are invited to join GEO and experts from Allen & Overy for a webcast, "Shareholder Activism Around the Globe and the Direct Impact on Executive Remuneration" on Wednesday, 27 February where panelists will review the history behind shareholder activism around the globe, the impact it has had on executive remuneration and the imposition of new legislation to limit or curb excesses of pay. Register now to experience a GEO webcast and see for yourself how valuable they are.
GEO Out & About
Please join GEO's, Robyn Shutak, at the upcoming Silicon Valley GEO chapter meeting on Thursday, 28 February, where she will co-present a session, "What's Happening: New (and Resurgent) Equity Themes in 2013," with Emily Cervino of Fidelity Investments. During the meeting Emily and Robyn will reveal the ten most likely things to hit your desks this year! Register here to join the fun!
Mark your calendars--GEO will be at the 9th Annual CEP Symposium in Santa Clara, California on Tuesday, 27 March 2013. Please take a moment to drop by the GEO booth located in the exhibitor area to say hello to your friends at GEO.
For more information about the CEP Symposium, please visit the CEPI website. GEO looks forward to seeing you at the event!
Make sure you mark your calendars and plan to join GEO in Munich, 12-14 June, for our premier conference event of the year. GEO's International Conference will feature keynotes from the world of academia, regulators and top professionals as well as more than 50 sessions presented by leaders in their fields and companies. GEO's annual International Conference is known for the quality of its educational opportunities and average speaker ratings at past GEO conferences typically in excess of 90%. If your company offers equity on a global basis, this is an event that you cannot afford to miss!
Now Accepting GEO Award Submissions
GEO is currently accepting submissions for GEO Awards. Past winners include a combination of large and small companies from around the world in various industries. If you'd like to join GEO's elite group of award winners, please visit the GEO website to learn more about how to submit an award application.The deadline to submit an award application is Friday, 12 April 2013.
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. GEO's NECF is known for bringing together senior, strategic-minded attendees who are knowledgeable about employee share plans and interested in topics that address current issues vital to the application of equity in all of its core disciplines. Please visit the GEO website for more information on how to submit a proposal.
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CONFERENCES
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18 April 2013
Northern California Forum
San Carlos, California REGISTRATION OPEN
12-14 June 2013
14th Annual International Conference
Munich, Germany
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WEBCASTS
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CHAPTER MEETINGS
| | | 27 February 2013
Shareholder Activism
Around the Globe and
the Direct Impact on Executive Remuneration REGISTER
13 MARCH 2013
Rule 10b5-1 in the
Hot Seat: What Public Companies Should
Be Doing Now REGISTER
| 28 February 2013
Silicon Valley Sunnyvale, California
MORE INFORMATION 05 March 2013 Boston Chapter Boston, Massachusetts
MORE INFORMATION 18 April 2013 Toronto Chapter Toronto, Canada SAVE THE DATE | |
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 Kelley Garrett, CEP 
GEO Pacific Northwest Chapter Advisory Board Member
International Stock Plan Manager
Microsoft Corporation
Kelley Garrett is the International Stock Plan Manager within the Global Compensation Programs group at Microsoft Corporation. Kelley is responsible for oversight of global stock program (restricted stock units, stock options, and Employee Stock Purchase Plan) issues, including regulatory, tax and employment concerns, impacting non-US stock plan participants in over 110 countries. She also manages the stock component of mergers and acquisitions for Microsoft. Kelley has 15 years of experience working with employee equity programs in the technology industry. Kelley received her B.A. in History from the University of Washington and M.B.A. from Seattle University, and earned her Certified Equity Professional (CEP) designation in 2001. She is a currently a member of the GEO Pacific Northwest Chapter Advisory Board and GEO Issuer Advisory Council, and is a past member of the CEPI Advisory Board and the NASPP Seattle Chapter Board.
About Microsoft
Founded in 1975, Microsoft is the worldwide leader in software, services and solutions that help people and businesses realize their full potential.
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China Strengthens Data Privacy Laws
Source: Nair&co The Chinese government has recently passed a resolution intensifying data privacy laws in the country. These regulations contain significant and comprehensive requirements relevant to the collection and processing of electronic personal information. The new data privacy rules make following two significant statements:
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Change in the Interpretation by the Hungarian Tax Authority on the Sourcing Rules of Equity Compensation
Source: Deloitte. Based on a nonbinding guideline recently issued by the Hungarian Ministry for National Economy, there is a change in the interpretation of the authorities on the sourcing rules of equity compensation. Previously, the amount of stock option income recognized by internationally mobile employees was based on the period of presence in Hungary over the period between grant to exercise. Organisation for Economic Co-operation and Development (OECD) sourcing principles have been confirmed.
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2012 Share Scheme Reporting Deadline Reminder
Source: Lexology The Indian securities market regulator has prohibited listed companies in India from framing any employee benefit scheme involving acquisition of the company's own securities from the secondary market. The Securities and Exchange Board of India ("SEBI") issued a circular on January 17, 20131 ("Circular") to amend the SEBI (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999 ("ESOP Guidelines") and the Equity Listing Agreement.
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Employee Share Benefit Schemes - Employer Year-End Reporting Obligations for 2012
Source: Deloitte. For the 2009-2011 tax years, employee share awards, such as free shares, restricted stock units (RSUs), performance shares, restricted shares, etc., were required to be reported by employers to Irish Revenue on the Form RSS1. For the year ended December 31, 2012, such share awards are not required to be reported by employers to Irish Revenue as a result of the pay as you earn (payroll) withholding requirement that now exists in respect of these share awards.
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Employee-Owned Firms Outperform FTSE Firms
Source: Lexology Employee-owned organizations outperformed the FTSE all-share companies in the first nine months of 2012, according to research by Field Fisher Waterhouse. The UK Employee ownership index (EOI), published by the law firm's equity incentives team, monitors the share-price performance of listed organisations, comparing the performance of FTSE all-share companies with organisations that are 10% owned by employees.
Nuttall Supports 'Ambitious' Govt Response to Employer Share Buy Backs
Source: WSB The government has published proposals to ease the burden on firms wishing to conduct share buy-backs from employees, as recommended by the Nuttall Review. The measures are designed to encourage employee ownership and reduce barriers to companies operating direct share ownership schemes. |
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Facebook Gets a $429M Tax Refund for 2012, Despite Record Profits
Source: MSN Facebook made $1.1 billion in pre-tax profits in 2012, which means wealth for shareholders, revenue for the government, everyone wins and, yay, capitalism! Right? Wrong. The company will get a $429 million tax REFUND from the Internal Revenue Service, because of how stock options and awards are treated by the tax code. This has tax advocacy groups hopping mad. Citizens for Tax Justice called the fact that Facebook "did not pay even a dime in federal and state income taxes ... an amazing admission.
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Backdating Stock Options is Bad for Your Career
Source: BusinessFinance Top corporate executives, including CFOs, who are implicated in the backdating of stock options (enhancing options' value by dating them earlier than the day on which they are issued) often lose their jobs and have less than half a chance of finding a new one compared to their non-backdating peers, according to a study conducted by researchers at the University of Texas, Pennsylvania State University and Texas A&M and published in the American Accounting Association's The Accounting Review.
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