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GoPro is cutting more than 250 jobs and leaving the drone industry in an attempt to return to profitability by the second half of this year.
In its preliminary fourth-quarter results released Monday, the maker of action cameras said it was reducing its global workforce to fewer than 1,000 employees from 1,254. READ MORE
Days before her first performance evaluation, Wendy Wintersteen last week signed a formal five-year contract to serve as president of Iowa State University.
The document outlining her base compensation of $525,000 in the first year, increasing to $550,000 in the second year and to $590,000 in the third year does not include details of the $475,000 deferred compensation package outlined in her offer letter. READ MORE
Let's make one thing clear: It's hard to beat "Show me the money."
More money going to American workers in the form of bonuses and higher wages for the lowest-paid on the labor ladder are good things — minimum wage increases, in particular. Unlike the individual tax cuts that are set to expire in less than a decade and one-time bonuses, a wage increase is more money in the worker's pocket that's not going away. READ MORE
Wells Fargo & Company (NYSE: WFC) today announced an expansion of its ongoing investments in team members, communities, small businesses, and homeownership, pledging the following actions once tax reform is signed into law:
The Tax Cuts and Jobs Act, just approved by Congress and headed for President Trump’s signature, substantially modifies the limitation on corporate deductibility of executive compensation under Section 162(m) of the Code. The stricter limitations on executive compensation deductibility are presumably intended as a partial offset to the reduction in the corporate tax rate from 35% to 21%. READ MORE
House Ways and Means Committee Chairman Dave Camp’s private assessment of the payroll tax debate is pretty bleak.
Late Monday afternoon in Speaker John Boehner’s office, the Michigan Republican told House GOP leadership that the negotiations to extend the tax holiday seem like a replay of the disastrous deficit supercommittee, according to several sources present. READ MORE
Following a slew of corporate scandals in the early 2000s—most prominently the one involving energy company Enron—the United States government instituted a number of regulatory changes. The largest was the Sarbanes-Oxley Act of 2002, which expanded mandatory financial disclosures, and increased penalties for chief executive officers and chief financial officers who failed to comply. The hope was that, through the impetus of fines and prison time, chief executive officers would change their behavior. READ MORE
The tax bill that the House and Senate are set to vote on beginning Tuesday and likely pass and then deliver to President Trump and his waiting pen does not touch stock options and deferred compensation, but it does make substantial changes to executive compensation that necessitate additional disclosures this year and in the coming few years. READ MORE
In 1996, Congress enacted the intermediate sanction rules of IRS Code Section 4958. When someone in a key position related to a tax-exempt entity receives what is deemed an “excess benefit,” Section 4958 imposes an excise tax on that person, as Dennis Walsh, CPA, wrote in a primer for the Planned Giving Design Center. (The new excise tax, by contrast, is imposed on the organization rather than the individual.) READ MORE
The health system board should be prepared to address an extraordinary number of significant, enterprise-level challenges that are expected to arise in 2018. These challenges will impact governance elements ranging from the frequency and manner of board meetings, to information flow, to expectations of director engagement and to the board-management dynamic. READ MORE
Presidents at America's private universities saw their pay increase by 9 percent in 2015, according to a new report, with several of them topping $2 million in total earnings. The average chief received total compensation of nearly $570,000, including salary, bonuses and benefits, according to a survey of 500 schools released Sunday by The Chronicle of Higher Education. Among the highest earners were 10 who made more than $2 million, up from eight who crossed that mark the year before, while another 48 made at least $1 million. READ MORE
On Nov. 16, 2017, Institutional Shareholder Services Inc. (ISS) released updates to its proxy voting guidelines for 2018. The 2018 updates are effective for shareholder meetings on or after Feb. 1, 2018. This alert summarizes the highlights of the 2018 updates. READ MORE
The judge overseeing the Toys R Us bankruptcy case ruled Tuesday that the insolvent retailer can pay its 17 top executives $14 million in incentive bonuses. READ MORE
On December 2, 2017, the U.S. Senate passed its version of the Tax Cuts and Jobs Act (the “Senate Bill”). Our Benefits Law Advisors blog previously discussed some of the major provisions of a draft House of Representatives version of the bill. The House version subsequently underwent significant changes, including removal of previously proposed changes to the taxation of nonqualified deferred compensation, before its passage on November 16, 2017 (the “House Bill”). The Senate Bill differs from the House Bill in some respects; therefore, the bills must be reconciled by a joint committee of House and Senate members. Both bills would make significant changes to the Internal Revenue Code (“Code”) rules affecting executive compensation and employee benefits and would require some employers to review and, possibly, restructure their compensation arrangements, in some cases prior to 2018. READ MORE
The Senate passed a tax reform bill over the weekend that aligns closely with the republican House proposal from November (*see below for more information on the November proposal). Below is an update on the executive compensation related changes being proposed in the Tax Cuts and Jobs Act. These proposed changes are of particular importance to publicly traded companies: READ MORE
Earlier this year, Bloomberg View ran a series of articles about productivity growth. Productivity -- a measure of the economy’s efficiency -- has been slowing down lately, and there are many different ideas on how to jump-start it. My own suggestions largely revolved around improving on the bright spots of recent years -- skilled immigration and knowledge industry clusters, along with a judicious mix of infrastructure investment, higher urban density and targeted deregulation. READ MORE
NFL Commissioner Roger Goodell has signed a contract extension that runs through the 2023 season. The five-year deal is worth up to $200 million including potential bonuses, according to ESPN’s Adam Schefter. The deal marks the end of a tumultuous negotiation in which fans, players and owners like Jerry Jones questioned if Goodell was worth the hefty paycheck. READ MORE
The tax reform bill passed by the Senate early Saturday morning, December 2, in a 51-49 vote contained a number of last-minute amendments which, among other things, continue to leave key equity compensation rules in flux. Representatives from both chambers of Congress are scheduled to enter into conference this week to reconcile differences between the Senate and House Bills. Following is a brief look at where things stand on the Alternative Minimum Tax (AMT) and 162(m) transition rules. READ MORE
Joining an early-stage startup is risky: toiling for long hours at below market rates for a company that has a minuscule chance of hitting it big. To lure talented employees away from public companies and comfortable jobs, startup founders often have to dole out stock options. These options give early employees a chance to buy stock at an early (low) price in the hopes that the stock will gain value in the future. The options typically “vest,” or transfer ownership, over the course of years. READ MORE
Informatics and technology might be a huge pain point for hospitals, but most health IT professionals aren’t getting paid as much as they used to, according to a new survey. READ MORE