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ResMed Wants To Double Limit On Director Pay
ResMed wants to double limit on director pay
By Keith Darcé , UNION-TRIBUNE
Thursday, September 30, 2010 at 7:38 a.m.
Provided by ResMed
ResMed makes a number of devices for treating sleep apnea, including the C-Series Tango machine shown here.
The maximum annual pay for nonexecutive directors of ResMed as a group would jump from $400,000 to $800,000 if shareholders of the sleep disorder device maker approve a proposal announced Thursday morning by company executives.
Investors will cast ballots on that measure and several others during the San Diego company’s annual shareholder meeting set for 2 p.m., Nov. 11, at the company’s headquarters at 9001 Spectrum Center Blvd.
Three directors face re-election, and executives want to increase the number of ResMed shares available for sale from 200 million to 350 million.
ResMed shares were up 73 cents, or 2 percent, to $32.95 on Thursday.
In fiscal 2010, the six nonexecutive members of the company’s board received $330,000 in retainer payments as a group $60,000 each for committee chairmen and $50,000 for the others, according to a Securities and Exchange Committee filing outlining the proposals.
Those figures represented an increase over the pay rates that had been in place in 2009 when each board member received a $15,000 retainer, $1,500 for attending board meetings and $1,000 for attending committee meetings.
ResMed made the change in the director payment system after a compensation consultant said the old structure was out of line with those at other similar companies.
However, the change sent total board payments approaching a $400,000 cap, prompting the board to ask shareholders to increase the cash compensation ceiling.
Without the change, ResMed could face problems increasing the size of its board or paying directors at rates that keep pace their peer companies, the board argued.
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When in America do as the Americans do.
*I wonder who the idiot was that chose to include a picture and reference to the C Series Tango???
The Tango is a still-living dinosaur!
By Keith Darcé , UNION-TRIBUNE
Thursday, September 30, 2010 at 7:38 a.m.
Provided by ResMed
ResMed makes a number of devices for treating sleep apnea, including the C-Series Tango machine shown here.
The maximum annual pay for nonexecutive directors of ResMed as a group would jump from $400,000 to $800,000 if shareholders of the sleep disorder device maker approve a proposal announced Thursday morning by company executives.
Investors will cast ballots on that measure and several others during the San Diego company’s annual shareholder meeting set for 2 p.m., Nov. 11, at the company’s headquarters at 9001 Spectrum Center Blvd.
Three directors face re-election, and executives want to increase the number of ResMed shares available for sale from 200 million to 350 million.
ResMed shares were up 73 cents, or 2 percent, to $32.95 on Thursday.
In fiscal 2010, the six nonexecutive members of the company’s board received $330,000 in retainer payments as a group $60,000 each for committee chairmen and $50,000 for the others, according to a Securities and Exchange Committee filing outlining the proposals.
Those figures represented an increase over the pay rates that had been in place in 2009 when each board member received a $15,000 retainer, $1,500 for attending board meetings and $1,000 for attending committee meetings.
ResMed made the change in the director payment system after a compensation consultant said the old structure was out of line with those at other similar companies.
However, the change sent total board payments approaching a $400,000 cap, prompting the board to ask shareholders to increase the cash compensation ceiling.
Without the change, ResMed could face problems increasing the size of its board or paying directors at rates that keep pace their peer companies, the board argued.
-------------------------------------------------------------------------------------------------------------------------------------------------
When in America do as the Americans do.
*I wonder who the idiot was that chose to include a picture and reference to the C Series Tango???
The Tango is a still-living dinosaur!
Views: 35
Replies to This Discussion
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Permalink Reply by Mike on
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I'm not worked up over this. A public company like resMed needs experienced outside directors. If the market for those people demands more than they're getting paid, the company needs to increase pay to attract the best talent. Now if they could only find some outside directors to advise them on the importance of the patient market and not just the clinical market . . .
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Permalink Reply by Chris H on
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Sounds like big bucks ? What does it mean to us? More expensive machines?
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