Indkaldelse til ordinær generalforsamling - JØP

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Lønninger og bonus m.v. i større selskaber
Selskab m.v. Uddrag fra Financial Crisis Inquiry Report Kilde
Generelt Stock options became a popular form of compensation, … Side 63
These pay structures had the unintended consequence of
creating incentives to increase both risk and leverage, which
could lead to larger jumps in a company’s stock price.
Fannie Mae Tying compensation to earnings also, in some cases, created Side 64
(se også ud- the temptation to manipulate the numbers. … “Fannie began Written testimony
draget I dette the temptation to manipulate the numbers. … “Fannie began for the FCIC, April
skema fra the last decade with an ambitious goal – double earnings in 9, 2010.
side 122 og 180) 5 years … A large part of the executives compensation was (k4,f73)
tied to meeting this goal.” Achieving it brought CEO Franklin
Raines $ 52 million of his $ 90 million pay from 1998 to 2003.
However … the goal “turned out to be unachievable without
breaking rules and hiding risks …”
Generelt “Many major financial institutions created asymmetric Side 64
compensation packages that paid employees enormous Written testimony
sums for short-term success, even if these same decisions for the FCIC m.v.,
result in significant long-term losses or failure for investors January 14, 2010.
and taxpayers.” (k4,f75)
Fannie Mae In September 2004, OFHEO (tilsynsmyndigheden for Fannie Side 122
Mae, tilføjelse) reported that Fannie had overstated earnings In 2006, OFHEO
from 1998 through 2002 by $ 11 billion and that it, too, had issued its final
manipulated accounting in ways influenced by compen- Report of the
sationplans. Special Examination
Fra fodnoten: of Fannie Mae.
OFHEO said that management engaged in numerous acts (k7,f125)
of misconduct, involving well over a dozen different forms
of accounting manipulation and violations of generally
accepted accounting principles.
Bear Stearns, Cioffi (CEO for Bear Stearns Asset Management eller kort Side 137
BSAM BSAM, tilføjelse) was rewarded with total compensation (k8,f51)
worth more than $ 41 million from 2005 to 2007. In 2007,
the year the two hedge funds (som BSAM styrede, tilføjelse)
filed for bankruptcy, Cioffi made more than $ 17.6 million in
total compensation.
AIG, Between 2002 and 2007, the least amount Cassano (CEO Side 141
Financial for datterselskabet Financial Products under AIG, tilføjelse) Provided by AIG to
Products paid himself in a year was $ 38 million. the FCIC. (k8,f91)
Fannie Mae Its (OFHEOs, tilføjelse) May 2006 special examination report Side 180
on Fannie Mae detailed the “arrogant and unethical corpor- May 23, 2006.
ate culture where Fannie Mae employees manipulated (k9,f164)
accounting and earnings to trigger bonuses for senior exe-
cutives from 1998 to 2004.”
Freddie Mac CEO Richard Syron’s compensation totaled $ 23.2 million Side 181
for 2005 and 2006 combined. (k9.f175)
GENERALFORSAMLING I JURISTERNES OG ØKONOMERNES PENSIONSKASSE