Proxy Statements That Mention ERI Data
For each named executive officer, we typically review the relevant position and the salary data from major sources, including from time to time: (1) a national energy industry survey which includes exploration and production companies, oil field service companies, and seismic companies; (2) a confidential seismic industry compensation survey conducted through an industry liaison group in which the Company has participated; and (3) publicly available reports, including from the Economic Research Institute to supplement Geokinetics' compensation data.
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During the fiscal year ended December 31, 2010, the Committee did not engage a consultant to provide advice regarding compensation matters. However, the Committee reviewed survey data prepared in December 2010 by ERI Economic Research Institute ("ERI"), a nationally-recognized compensation data service. The data provided information about cash compensation levels of specified officer positions at comparable size companies in each of the two broad industries in which the Company operates -- (i) general medical and surgical hospitals and (ii) medical and hospital equipment.
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Utilization of Compensation Data by Directors and Management The Company employs a direct subscription with the Economic Research Institute to access and utilize market compensation data from a peer group of companies, which provides information about the compensation levels of all of our top- and mid-level employees as compared to comparable positions in peer group companies. Based on the Economic Research Institute's survey data, the HR&C Committee determined that base salaries and incentive compensation amounts, inclusive of compensation adjustments, as appropriate, were generally comparable with or below current median rates of compensation for our peer group while within the overall framework of the HR&C Committee's philosophy and objectives.
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Management periodically obtains survey data of comparably situated companies from Economic Research Institute ("ERI") to guide it in its recommendations of compensation increases. The specific parameters defined for ERI are job description, company revenue size, company SIC code and geographic location. Based upon these inputs, ERI supplies base salaries, incentive and total compensation information for comparable job descriptions. Where comparable job descriptions do not exist, further analysis is necessary to determine appropriate comparable compensation parameters. Thus, because it is our current practice to have both an Executive Chairman and a President and Chief Executive Officer, the starting point for our consideration of the compensation for these two positions is determined by combining the ERI data for the position of "Outside Chairman" and the position of "President and Chief Executive Officer" and adjusting for the additional activities and responsibilities of our Executive Chairman.
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For fiscal 2011, we used an executive compensation assessment prepared for us by the Economic Research Institute. The assessment provided comparative compensation information for executive officer salaries at companies with comparable size, sales and growth levels to us in the Minneapolis and Fargo markets.
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The nationally recognized published surveys utilized were the Aon Executive Compensation Survey, Economic Research Institute Executive Assessor, Culpepper Technology Executive Pay Report, Mercer Executive Compensation Survey, and Watson Wyatt Top Management Compensation Survey.
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In addition, our Compensation Committee considered market data from the Economic Research Institute, the Employers Group, which provides data regarding California payroll practices.
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For benchmarking purposes, the Compensation Committee uses several recognized resources: (1) Watson Wyatt Data Services; (2) Economic Research Institute; and (3) Equilar Executive Compensation. When utilizing these materials, the Compensation Committee generally uses collected information from the designated business sector - professional services. There is an extremely large participant list of companies which are included in the data collected for these surveys and, therefore, it is not practical to list them all.
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Periodically, the Compensation Committee, with the help of the Company's Human Resources Department, undertakes a market evaluation of the compensation of the Company's executives. The last market evaluation was performed during fiscal 2010, with data provided by the Economic Research Institute ("ERI").
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The Committee reviewed market data at the 50th percentile when setting our executive compensation from the following surveys:Economic Research Institute 2009 Executive Compensation Assessor (our focus was on the crude petroleum pipelines industry data);
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The consultant also prepared and presented the committee with data from national survey sources, including Watson Wyatt Data Services, Mercer Human Resources, and the Economic Research Institute, using, to the extent reasonably possible, reported data from the telecommunications industry for organizations having comparable revenue and size of employee base.
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Additionally, MCCA provided additional national and regional compensation survey data compiled by reputable sources such as American Bankers Association, BAI Banking Strategies and Economic Research Institute to supplement the peer group information
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Market executive total compensation results were also drawn from a nationally recognized executive compensation survey Economic Research Institute ("ERI") and selected Massachusetts-based publicly-traded companies' proxy statements.
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In addition to peer group data, the CRI study also utilized data from the following published salary surveys: Executive Assessor Economic Research Institute; Executive Compensation Review- Insurance Companies SNL Securities
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The Milliman survey data came from the following sources: Mercer Executive, Economic Research Institute Executive Assessor, Watson Wyatt Top Management Compensation Survey, Milliman Executive Pay Survey, Aon Executive Compensation Report, Compensation Data Survey, Culpepper Technology Executive Pay Report, Custom Proxy Survey, and Hay Retail Executive.
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The 2009 market study, which provided base salary, total cash compensation and total direct compensation analysis, utilized proxy data of our peer group from 2006 to 2008 and survey data from the following sources:Executive Compensation Assessor 2009
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Longnecker also reviewed survey data as a reference point to compare the compensation of our executives to those of a broad range of companies. The following published surveys utilized by Longnecker were:
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The Compensation and Human Resources Committee instructed Arthur Warren Associates to benchmark the Bank's compensation programs against its peers to ensure that such programs are consistent with prevailing practices in its industry. The peer group consisted of three market surveys (Connecticut Bankers Association, Economic Research Institute and Pearl Meyer & Partners) as well as 10 publicly traded banks within the region having assets ranging between $134 million and $559 million.
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Prior to the offering and becoming a public company, management engaged Growth Management Strategies, LLC to review our current compensation plans and philosophies and compare them to those of other firms, competitors and industries. Industries included in the review were metal fabrication and production, telecommunications, utility transmission, electric power generation and others. The review covered publicly available compensation data, including that of recent newly public companies, published reports by the Economic Research Institute and Towers Watson & Co., and Durable Goods Manufacturing survey data.
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In 2009, the Compensation Committee retained Dean Group Consulting, LLC ("Dean"), to assist the Compensation Committee in analyzing the Company's compensation programs and practices During 2010, the Compensation committee utilized the data provided by the Dean Group in conjunction with the data available through the Economic Research Institute as well as other publicly available information to guide executive compensation practices.
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EW Partners utilized published compensation surveys including the Milliman 2009 Northwest Financial Industry Salary Survey (using data from participants with over $1 billion in assets), the 2009 California Bankers Association Compensation & Benefits Survey (using data from participants with assets from $1 billion to $10 billion), the 2009 California Department of Financial Institutes: Executive Officer and Director Compensation Survey (using data from participants with assets over $1 billion), the 2008-2009 Watson-Wyatt Financial Institutions Benchmark Compensation Report (using data from participants with assets over $2 billion to $9.9 billion), and the Economic Research Institute 2009 Executive Compensation Assessor (using data from participants with assets over $2 billion to $5 billion)
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L&A relied upon published survey information provided by recognized sources including the Economic Research Institute, Watson Wyatt, William Mercer, and World at Work. L&A procured market competitive compensation for the respective named executive officers from these survey sources based upon banking and financial service companies with comparable asset sizes.
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... the Compensation Committee generally relies on market data gathered by our Human Resources department in evaluating the competitiveness of pay arrangements for our named executive officers, including updated information with respect to the Peer Group, independent compensation surveys by companies (such as Mercer LLC and the Economic Research Institute (ERI)) conducted with respect to companies categorized as retailers with similar sales revenue as our company.
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In addition to the Peer Group, as part of the benchmarking process, a market analysis is performed, using data from four survey sources. Published survey sources used were from Economic Research Institute, CompAnalyst, Watson Wyatt 2009-2010 Financial Institution Survey and L.R. Webber Associates 2009 Survey
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Market compensation data from the Compensation Peer Group, McLagan's database, and other surveys were aged by an annualized factor of 2.0% to adjust for the historical nature of the data. In addition, data from McLagan's database and other surveys were adjusted utilizing data from the Economic Research Institute to reflect the cost of wages in the Company's local market.
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In 2007, the Company benchmarked the pay range for base salary and bonus established for each position .... From the Economic Research Institute salary database, which has information from a collection of compensation surveys, Crowe Horwath used information designated by the Economic Research Institute as reflecting individuals (administrative and professional ) who had held their positions for three years at commercial banks with a Huntington, West Virginia, database location.
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In 2010, we used Economic Research Institute, CompAnalyst and Hay Group market data as additional comparison points. Total market data was compared with individual pay for each position, and "compra-ratios" were determined.
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In addition, Deloitte compared the Corporation's executive compensation to the compensation survey data for California manufacturers supplied by the Economic Research Institute. The company did not review or have access to the names of the companies in the survey data. With respect to the Chief Executive Officer and the Chief Financial Officer, the Compensation Committee reviewed both the peer group data and the compensation survey data.
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In connection with the 2010 compensation program, the compensation consultant benchmarked the proposed compensation packages against (i) proxy data of fourteen energy industry companies (the "Peer Group"), and (ii) published survey data (including the Mercer Executive Compensation Survey, the Watson Wyatt Top Management Calculator and the Economic Research Institute Executive Compensation Assessor)
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Lawrence Associates utilizes compensation and specific salary survey data provided by the Economic Research Institute ("ERI"), a recognized leader in survey analyses and web-based collection of compensation survey data. The ERI database consists of both proxy statement information and a compilation of compensation data obtained from numerous sources, including subscriber-provided data and purchased surveys. While the information gathered from proxy statements can be attributed to specific companies, individual organizations that otherwise participate in the database compilation cannot be specifically identified. Lawrence Associates uses ERI data for organizations with an SIC code of 6100 ("Finance, Insurance, and Real Estate - Non-depository Credit Institutions"). There were in excess of 200 institutions in the database for non-depository credit institutions (SIC code 6100) at the time the analysis was conducted. Using regression analysis, the ERI software database enables Lawrence Associates to statistically approximate the competitive market survey data for the requested executive positions at non-depository financial services institutions with approximately $20 billion in assets.
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In setting 2010 salaries, the CEO and the Compensation Committee reviewed the analysis and findings of the compensation consultant, as well as executive officer compensation survey data from Towers Watson Data Service, Salary.com, Inc., and the Economic Research Institute. Compensation data is obtained from these sources to ensure that we continue to reward our principal executives with competitive compensation.In 2010, the Compensation Committee relied primarily on the published surveys of Towers Watson Data Service (for all for-profit organizations with 2,500 employees or more located on the West Coast), Salary.com, Inc. (for durable goods manufacturers with revenues between $500 million and $1 billion located either in the state or metropolitan area where the Named Executive Officer is based) and Economic Research Institute (for all industries with revenue of $1 billion in the Named Executive Officers' metropolitan area). These compensation surveys provide valuable data for subjective review and confirmation of the equanimity of the salaries paid to the Named Executive Officers.
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The Compensation and Stock Option Committee does, however, review compensation for our executive officers annually considering current compensation trends, economic conditions, the performance of the business and relevant compensation survey data. Compensation data from the Croner Company Cable and Satellite MSO Compensation Survey and the Economic Research Institute were considered in this review. This data was used to obtain a general understanding of current compensation practices and to confirm that our current compensation program and policies are competitive within the market and within our industry. The Compensation and Stock Option Committee does, however, review compensation for our executive officers annually considering current compensation trends, economic conditions, the performance of the business and relevant compensation survey data. Compensation data from the Croner Company Cable and Satellite MSO Compensation Survey and the Economic Research Institute were considered in this review. This data was used to obtain a general understanding of current compensation practices and to confirm that our current compensation program and policies are competitive within the market and within our industry.
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Why We Pay these Elements of Compensation; How We Determine the Amounts; and Interrelationships of these Elements. The Compensation Committee increased the salaries of the Named Executive Officers (other than the CEO) by $100,000 each at the beginning of 2010 because the Committee determined, based on the information it reviewed relating to the Utah Companies, the Internet Retail Companies, and a summary of the information the Company obtained from SCP and the Economic Research Institute ("ERI"), a database leased by the Company, that our executive cash compensation was significantly below market rate.
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a survey by the Economic Research Institute, showing that 2009 salary increases, both in Oklahoma and nationally, had been between 2.6% and 2.7%, with management and executive increases between 2.5% and 2.8% both locally and nationally; and
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