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GEOnews - 08 March 2013
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Only Two Weeks Left to Submit Your NECF Speaking Proposals
There are only two short weeks left to submit a speaking proposal for GEO's 3rd Annual National Equity Compensation Forum (NECF). We encourage anyone interested in being a part of this year's agenda to submit a proposal soon. The submission deadline is 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.
Upcoming GEO Webcast
Please join GEO and industry expert Mike Melbinger of Winston & Strawn for a webcast "Rule 10b5-1 in the Hot Seat: What Public Companies Should be Doing Now" on Wednesday, 13 March to hear why insider trading plans are making headlines again and what you can do to ensure your executives stay out of the limelight. For more information about this webcast or to register for it, please click here.
--New speaker, Alan Jagonlinzer, PhD, author of the research that triggered the 10b5-1 articles in the WSJ!
Registration for GEO's14th Annual International Conference
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! Registration will open soon.
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.
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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
| | | 13 MARCH 2013
Rule 10b5-1 in the
Hot Seat: What Public Companies Should
Be Doing Now REGISTER
27 MARCH 2013 Rethinking Your French Equity Compensation Plans NOTE DATE CHANGE SAVE THE DATE
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09 April 2013
UK and CI Chapter
London, England
SAVE THE DATE
18 April 2013
Toronto Chapter
Toronto, Canada
SAVE THE DATE
16 May 2013
NY Chapter
New York, New York
SAVE THE DATE
23 May 2013
Netherlands Chapter
Amsterdam, Netherlands
SAVE THE DATE
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- 26 March - 9th Annual CEP Symposium, Drop by the GEO booth located in the exhibitor area and say hello to your friends at GEO.
- 29 April - 1 May - World at Work Total Rewards Conference, Hear our own Danyle Anderson speak on "Insights from the Inside: Private vs. Public Global Equity Compensation." Be sure to also vist the GEO booth, number 225, in the exhibit hall.
- 5-8 May - Solium Synergy, Hear our own Robyn Shutak speak at the session, "Hoedown Throwdown - Financial Reporting and Legal Challenge."
- 15-18 May - E*TRADE Directions 2013, Attend the sessions "So ESPPs Aren't Dead After All? A Design and Accounting Primer" and "Life Events & Equity Compensation" and hear from our own Robyn Shutak.
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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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Europe Moves Towards Swiss-Style Executive Pay Curbs
Source:
Reuters
European officials, emboldened by a victory over banker bonuses, will propose legislation this year giving shareholders voting rights to challenge executive pay at public companies. Corporate largesse is under attack across Europe with Switzerland last week voting to impose some of the world's strictest controls on executive remuneration amid public anger at Wall Street-style excess in the country's boardrooms.
EU Reaches Deal to Curb Bank Bonuses
Source: WSJ The European Union moved to slap a strict limit on bank executives' bonuses in the latest effort to curb what is seen by many as corporate and banking excess. Negotiators for the European Parliament and EU states said they reached a preliminary deal on a measure that would forbid bonuses that exceed a bankers' fixed salary. Flexible pay could increase to twice fixed salary, but only with explicit shareholder approval.
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Blue-Chip Co's Allot Employee Stocks Worth Rs 5,500 Cr
Source: Firstpost Seeking to reward their staff amid an uptrend in the stock market, top blue-chip companies like HDFC Bank, ITC, L&T, Kotak Mahindra Bank and Wipro have awarded crores of shares to their employees and many more such equity offerings appear to be in the pipeline. As the financial year 2012-13 draws to an end next month, 20 of the country's biggest blue-chip firms have together allotted shares worth nearly Rs 5,500 crore to their staff this fiscal upon the exercise of employee stock options.
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Tax Treatment of Stock Option Plans
Source: Deloitte In recent years the Philippine tax authorities - the Bureau of Internal Revenue (BIR), has held different opinions on the taxability of the gain or income derived from the exercise of stock options granted to employees. There were rulings asserting that the gain on the exercise of stock options would be considered as additional compensation income subject to withholding tax to the employee, irrespective of the employee's position with the company. Other rulings stated that the income or gain would be subject to fringe benefit tax. The fringe benefit tax would be payable by the employer on the grossed up value of the benefit, leading to (possible) higher costs for the employer.
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Currency Control Restrictions on Transactions Made Through Foreign Bank Accounts
Source: Deloitte In accordance with Federal law No. 173-FZ of December 10, 2003 "Currency Regulation and Currency Control" (hereinafter, the "Law"), Russian residents for currency control purposes ("Residents") (who can be different from Russian tax residents) may open accounts with foreign banks provided that they notify the Russian tax authorities on the existence of those accounts within one month of such opening. However, there are certain restrictions on the types of payments that may be transferred to the foreign bank accounts of Residents.
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Swiss Back Executive-Pay Controls
Source: WSJ Swiss voters on Sunday overwhelmingly backed a plan giving shareholders sweeping authority over executive pay, the latest in a series of moves aimed at curbing what is seen as excessive remuneration levels at top companies. Roughly 68% of those who voted supported the Minder Initiative, named after the businessman and politician who created it, according to the government. The 24-item measure enables shareholders of Swiss companies to approve or block proposed compensation for corporate executives and board members.
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UK Government Publishes Proposals for Changes to Law on Share Buy Backs
Source: Morgan Lewis On 15 February, the UK Government published its response to its consultation on the share buy back recommendations made by the Nuttall Review on employee ownership. Included in the response are the government's proposals for changes in the current law, which are aimed at encouraging companies, particularly smaller companies, to make greater use of employee share schemes and equity arrangements. The government intends that these changes will come into force during 2013.
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Facebook and LinkedIn Reap Major Tax Breaks on Stock Options
Source: Accounting Today Social media sites Facebook and LinkedIn are enjoying massive tax breaks on stock options, according to recent reports. Facebook's first "10-K" annual financial report since going public last year disclosed in its footnotes that despite $1.1 billion in U.S. profits in 2012, the Menlo Park, Calif.-based company did not pay any federal and state income taxes. Instead, Facebook said it will receive net tax refunds totaling $429 million, according to a report by the advocacy group Citizens for Tax Justice.
Government Targets Executive Pay With Proposed New Disclosure Requirements
Source: JDSupra Lawnews On 14 December 2012, Treasury released for consultation the next set of proposed reforms to Australia's executive remuneration framework. The Corporations Amendment (Remuneration Disclosures and Other Measures) Bill 2012 is intended to simplify executive remuneration disclosures and reduce the regulatory burden on companies. In our view, the reforms may increase the regulatory burden by adding greater complexity and length to remuneration disclosures for listed disclosing companies.
SEC Expands Probe into Rule 10b5-1 Plans - Firms Should Prepare to Show Compliance
Source: Lexology Recent press stories have revived speculation that corporate insiders may be abusing rule 10b5-1 trading plans to reap unfair profits from inside knowledge of their companies.1 The SEC is reported to have expanded its probe beyond trades highlighted by the press to cover a larger range of executive trading activity.2 Other regulators have launched their own investigations, and investor groups have joined the conversation.3 In light of this widespread and intensifying scrutiny, companies and executives should consider techniques that make it easier to demonstrate compliance with the requirements of rule 10b5-1, such as:
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