Proxy Statements That Mention ERI Data
In order to receive the severance and continued benefits, each officer would be required to sign a release of claims against us, fulfill his non-competition obligations, cooperate with transitioning his duties and execute a non-disparagement agreement with us. We arrived at these terms based on the advice and experience of our advisors and directors, including their knowledge of practices and agreements at public companies. However, with respect to the amounts of compensation payable under these agreements, we considered the Economic Research Institute report, which does not identify the companies utilized in the assessment.
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The Compensation Consultant compiled compensation data for the peer group from a variety of sources, including proxy statements and other publicly filed documents and also compiled published survey compensation data from multiple sources, including the Economic Research Institute, Mercer and Towers Watson. This compensation data was then used to compare the compensation of our named executive officers to our peer group where the peer group had individuals serving in similar positions and to the market.
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In December 2010, in connection with its consideration of salary increases for the named executive officers for 2011, the Committee reviewed survey data prepared 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 the Company's industries. The information was provided on an aggregate basis for companies within these industries, without referring to individual companies.
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For each named executive officer, we typically review the relevant position and the salary data from major sources, including from time to time: (i) a national energy industry survey which includes exploration and production companies, oil field service companies, and seismic companies; (ii) a confidential seismic industry compensation survey conducted through an industry liaison group in which the Company has participated; and (iii) publicly available reports, including from the Economic Research Institute to supplement Geokinetics' compensation data. This data is then reviewed by job title, and salary ranges are established for each position. Each named executive officer's years of service, years of relevant experience and time in position are evaluated in comparison to the external ranges to establish the appropriate salary level in comparison to the external data.
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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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Stone Partners also compiled relevant compensation data from the following sources to augment the data from the "peer group:" the Economic Research Institute; Mercer Executive Compensation Surveys and Watson Wyatt Top Management Compensation Surveys.
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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.
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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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Management collects, analyzes and presents publicly available compensation data and subscription compensation survey data. Specific surveys utilized are those produced by The Survey Group and the Economic Research Institute, which provide baseline data on eastern Massachusetts, San Francisco-Silicon Valley area and national technology-oriented companies, respectively, with revenues of less than $250,000,000. We also benchmark our compensation practices in relation to other comparable companies in the renewable energy market sectors.
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...In this regard, the Compensation Committee, with the assistance of CFS, developed an external market model of similarly situated companies from which to develop its executive total compensation comparisons for benchmark executive positions. Market executive total compensation results were also drawn from two nationally recognized executive compensation surveys: Economic Research Institute ("ERI") and Towers Watson's survey of Executive Total Compensation.
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The nationally recognized published surveys utilized were the Aon Executive Compensation Survey, Economic Research Institute Executive Compensation Survey, Culpepper Executive Survey, Towers Watson Top Management Compensation Survey and Milliman Executive Compensation Survey.
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...In evaluating 2011 executive compensation decisions, the Committee reviewed and analyzed data from surveys prepared by Towers Watson, William M. Mercer, Economic Research Institute, and the Delves Group. Deloitte extracts compensation information from these surveys for companies with comparable revenue and operating in similar industries to provide compensation information most accurately reflecting the scope of responsibility for each executive officer.
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The study by LTC contained survey benchmarks and proxy analysis, along with pertinent information about key trends impacting the evolving field of executive compensation from a number of reputable sources, including: Economic Research Institute, Towers Watson, PayScale, Compdata, Cornell University, Executive Compensation Answer Book, The Hay Group, Hewitt Associates and Clark Consulting.
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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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...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 most recent market evaluation was performed during fiscal 2010, with data provided by the Economic Research Institute ("ERI"). On August 1, 2011, the Company changed the base salary for executives with an annual pay raise.
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In addition to peer group data, the CRI study also utilized data from the following eight published salary surveys:
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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, <span class="proxyERI">Economic Research Institute</span> and Pearl Meyer & Partners) as well as 10 publicly traded banks within the region having assets ranging between $134 million and $559 million. Based on the analysis prepared by Arthur Warren Associates, the Compensation and Human Resources Committee determined that the Bank's compensation programs and levels were generally lower than the compensation programs and levels maintained by the Bank's peers.
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EW also analyzed survey data from the 1) 2010 / 2011 Financial Institutions Benchmark Compensation Report (asset size between $2 billion and $9.9 billion), the 2) State of California Department of Financial Institutions' 33rd Annual Executive Officer and Director Compensation Survey, effective June 1, 2010 (asset size over $1 billion), the 3) Executive Assessor developed by the <span class="proxyERI">Economic Research Institute</span>, as of April 2011 (financial institutions in California between $3 billion and $5 billion) and 4) the 2010 California Bankers Association Compensation & Benefits Survey (asset size between $1 billion and $20 billion).
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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 Economic Research Institute, 2012 ERI Executive Compensation Assessor
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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 <span class="proxyERI">Economic Research Institute</span>, CompAnalyst, Towers Watson 2010-2011 Financial Institution Survey and L.R. Webber Associates 2010 Survey
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The Compensation Committee annually reviews compensation-related survey data through the Economic Research Institute and other publicly available information for similarly-sized companies operating in the same industries and regions, including local competitors, in determining cash compensation for our executive officers, establishing performance objectives and making its recommendations to the Board of Directors regarding future compensation decisions.
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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 in 2010 compensation for the respective NEOs from these survey sources based upon banking and financial service companies with comparable asset sizes.
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Survey data as reviewed by our third party consultants, from various sources also were utilized, including the following: Economic Research Institute, 2012 Executive Compensation Assessor Towers Watson 2011/2012 Top Management Compensation - Compensation Calculator
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In addition to the Custom Peer Group, Longnecker derived the competitive pay information from published survey data from the following sources (collectively, the "Industry Survey Data")
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L&A compiled compensation data for the peer group from a variety of sources, including proxy statements and other publicly filed documents. L&A also provided to the committee published survey compensation data from multiple sources, which makes up 50% of the market weight. L&A utilized the following surveys: <span class="proxyERI">Economic Research Institute</span>, Mercer, Inc. and Towers Watson. For each survey, L&A adjusted the data to appropriately reflect companies similar in size to us
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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 3.0% 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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DGC utilizes the Economic Research Institute (ERI) Survey which is a comprehensive database purchased by over 75% of the Fortune 500 companies. The database consists of many of the most widely used published survey sources as well as
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Based on Frost's analysis of oil and gas industry market studies published by Economic Research Institut and Mercer, general market information published by Towers Watson and the base salaries, target bonuses and long-term compensation opportunities of our 2011 Peer Group (as described in proxy statements and other periodic reports filed by companies in our 2011 Peer Group)
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...Over the years, the Company has retained Crowe Horwath LLP ("Crowe Horwath") to update the benchmarking information. In 2007, the Company benchmarked the pay range for base salary and bonus established for each position using the services of Crowe Horwath. The 2007 Crowe Horwath Comprehensive and Midwest Financial Institutions Surveys, the <span class="proxyERI">Economic Research Institute</span> salary database, the Watson Wyatt Financial Institutions Compensation Survey (commercial banks category) and the 2006 proxy data from a peer group of ten companies were used in the benchmarking analysis. The selection criteria for inclusion in the peer group were as follows: total assets between $675 and $850 million, located in the Midwest Region with comparable performance metrics in return on assets, return on equity, net interest margin and efficiency ratio.<br />
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In setting salaries for the Company's executive officers and other employees, the Compensation Committee and human resources manager use pay ranges that are established based on publicly available market data regarding compensation paid to similarly situated executive officers and employees at other companies. Pay ranges are established and adjusted periodically with the assistance of an outside consulting firm, BalancedComp LLC, which utilizes market data from the following publicly available compensation surveys: Mercer, Watson Wyatt, The Delves Group, Economic Research Institute, Towers Perrin
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The consultant compiled compensation data for the peer group from a variety of sources, including proxy statements and other publicly filed documents. The consultant also provided published survey compensation data from multiple sources, including the following surveys: <span class="proxyERI">Economic Research Institute</span>, Mercer, Inc. and Towers Watson. For each survey, the consultant adjusted the data to appropriately reflect companies of a similar size to Lufkin.<br />
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Total market data was compared with individual pay for each position, and "compra-ratios" were determined.<br />
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In addition, Deloitte compared the Corporation's executive compensation to the compensation survey data for California manufacturers supplied by the <span class="proxyERI">Economic Research Institute</span>. With respect to the Chief Executive Officer and the Chief Financial
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... In 2011, overall compensation package assessments were conducted with regard to the named executive officers, and short-term incentive bonus decisions were guided, in part, by review of the peer group data and in part by reference to industry survey data provided for the Oil and Gas Field Services, Nationwide by the <span class="proxyERI">Economic Research Institute</span> and additional survey data for validation purposes from Mercer, LLC.<br />
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The Committee reviewed the following surveys in conjunction with the 2011 Executive Compensation Review: Benchmark Database Executive Survey Report; Mercer (2011) Executive Assessor; Economic Research Institute
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In connection with the preparation of the 2011 compensation program, the compensation consultant benchmarked the proposed compensation packages for the named executives against (i) proxy data available for the Peer Group, and (ii) published survey data (including the Mercer Human Resources Consulting 2010 Executive Compensation Survey, the Watson Wyatt 2010/2011 Top Management Calculator and the <span class="proxyERI">Economic Research Institute Executive Compensation Assessor</span>). The proposed 2011 compensation packages for total direct compensation were also compared to the trended energy industry peer group data as the proxy data reflected 2010 pay data only.<br />
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...The Committee and Board of Directors have defined the competitive market for our executives (other than Mr. Smith) as the other 11 Federal Home Loan Banks ... and non-depository financial services institutions with approximately $20 billion in assets as represented by broad-based survey data provided by the Economic Research Institute ("ERI"). Aside from the other FHLBanks, we believe that non-depository financial services institutions with approximately $20 billion in assets present a breadth and level of complexity of operations that are generally comparable to our own.
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Milliman relied on the following published compensation surveys for competitive market data: 2011 American Banking Association Executive Compensation Survey, 2011 Mercer Executive Compensation Benchmark Data Survey, 2011 <span class="proxyERI">Economic Research Institute Top Management Compensation Report</span>, 2011 Towers Watson Long-term Incentive Study, 2011 Towers Watson Top Management Compensation Report, and the 2011 Milliman Northwest Financial Industry Salary Survey.
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The Compensation Committee reviews several sources as a reference for determining competitive total compensation packages including: In 2011, the Compensation Committee reviewed and considered Stone Partners' 2010 Oilfield Manufacturing and Services Executive Compensation Survey,
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...In 2011, 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 <span class="proxyERI">Economic Research Institute</span> (for all industries with revenue of $1 billion or less 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.<br />
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2010 Mercer Total Compensation Study for the Energy Sector, aged 4% to bring April 2010 figures current to December 2010 levels Salary Assessor - Economic Research Institute - Survey data covering 2,000 industries, 300 cities and over 6,200 position titles, including 500 top management/executive positions.
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...Adams conducted a competitive market analysis of comparable positions by utilizing surveys from Watson Wyatt, <span class="proxyERI">Economic Research Institute</span>, CompData, the National Executive Compensation Survey and Salary.com. The proxy analysis included 15 public companies within the same industry and approximate revenue size as us. Adams focused on the base salary, annual bonus and long-term equity compensation of our chief executive officer, the chief financial officer, the senior vice president and the general counsel, and on the annual retainers (as chairman and member) and equity compensation of the various committee members, as well as the separate annual retainer for each independent director and the lead independent director. <br />
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...In 2011, we reviewed additional compensation data provided by Longnecker for individuals holding positions similar to our executive officers obtained from compensation survey sources and proxy statements. Survey data presented were collected from a combination of industry-specific and general industry sources, including: 2011 Economic Research Institute Executive Compensation Assessor</span>, 2011 US Mercer MTCS for the Energy Sector, World at Works 2010/2011 Total Salary Increase Budget Survey, 2010 ECI Oil & Gas E&P
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