Shareholders OK MONY Executive Compensation Plans
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Shareholders of The MONY Group Inc., New York, on Wednesday approved an annual incentive plan for senior officers; a long-term performance plan; and a 2002 stock option plan.
The proposals were under scrutiny by The Paper, Allied-Industrial, Chemical and Energy Workers International Union, called PACE, which holds stock in MONY Group.
The union campaigned against the proposals, urging shareholders to "vote no" to the plans proposed by management.
PACEs concerns are that the plans are excessive, secretive and do not reward performance.
Hilary Chiz, of the PACE Special Projects Department, says the union considers the turnout an indication of "healthy opposition."
"PACE considers this a good sign since it was only a vote of 75% in favor," she says. "I think its significant that 25% of shareholders viewed the compensation plan as troublesome."
Reproduced from National Underwriter Life & Health/Financial Services Edition, May 20, 2002. Copyright 2002 by The National Underwriter Company in the serial publication. All rights reserved.Copyright in this article as an independent work may be held by the author.
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