On December 5, we held our annual roundtable for compensation committee members: Is Your Compensation Committee Ready for 2020? Mike Marino, managing director, and Joe Sorrentino, principal, FW Cook & Co., moderated the session, which brought together committee members from a diverse group of companies to discuss current developments, share insights and probe issues facing boards and companies today.
After the stage was set with a review of the evolution of executive compensation, the participants explored several pertinent topics:
Recent SEC regulatory developments
How to cope with proxy advisory services and, specifically, whether new SEC rules might assist companies in dealing more effectively with ISS and Glass-Lewis
The importance of shareholder engagement on say-on-pay and equity plans
The current conversation about sustainability and other long-term objectives as valid concerns of companies
Utilization of clawbacks to address repetitional issues
Trends in long-term metrics, including ISS’s introduction of Economic Value Added as a performance metric
Managing the impact of a possible recession on equity award practices
The board’s compensation
The compensation committee’s growing role in broader issues of pay equity and gender parity managing US-centric incentive compensation for a global company
Guidance on compensation actions when onboarding a new CEO.
Mike Marino consults to organizations on all aspects of executive compensation strategy and design, including tax, accounting, and securities law implications, as well as matters of corporate governance. He joined the firm in 2009, having previously been a senior consultant at Watson Wyatt and, prior to that, an associate at Merrill Lynch. Mike has over 21 years of combined corporate and consulting experience. He has extensive experience working with board compensation committees and generally attends or participates in over 90 committee and/or board meetings annually. A frequent writer and speaker on emerging issues in the field, Mike has consulted with a diverse group of clients ranging from large industrial, financial and service-based companies to small public and private companies. In addition, Mike works with many private equity firms and their portfolio companies across a variety of industries. Mike serves on the advisory board for the National Association of CorporateDirectors (NACD) New Jersey Chapter.
Joe Sorrentino joined the firm in 2018 and has over 20 years of executive compensation consulting experience. His client assignments have been with both public and privately held companies in industries including: chemicals, consumer products, financial services, health care, manufacturing, pharmaceuticals, real estate/REITS and utilities. His consulting engagements often focus on the development of executive compensation strategy, design of annual and long-term incentive programs, and ISS equity plan modeling, compensation and governance policies.
Joe serves as the independent advisor to Compensation Committees and works in a supporting consultant role on many of the firm’s large and more complex clients. Examples of companies familiar with Joe’s consulting services include: Chobani, Corning, H&R Block, Johnson & Johnson, Magellan Health, Major League Soccer, Minerals Technologies, Retail Properties of America, Sirius XM and Travelers.
Joe is a frequent author and speaker on issues related to executive compensation. He has spoken at numerous conferences including those held by the Conference Board, the Global Equity Organization, the National Association of Stock Plan Professionals, WorldatWork, and other related trade and educational organizations.
Previously, Joe was employed as an executive compensation consultant with Steven Hall & Partners and Pearl Meyer & Partners.