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Us Stock Plans – Top Ten Impacting Events Of 2009
It is likely that everyone would agree that 2009 was a tumultuous year and that we will forever be changed because of it. While politically and economically it’s been a rollercoaster, lets take a quick look back at those events that had (and will have) a pronounced affect on employee incentive plans.
- Economic Downturn – With stock prices across the board plunging to new lows, a huge percentage of the workforce watched their stock options go underwater. This led to many corporations revamping their compensation policies and pay structures. The full impact of the economic downturn isn’t yet clear, or completely over.
- Shift to Restricted Stock and Performance-based compensation – Corporate responses to #1 above included the repricing of existing underwater awards and a deliberate shift towards RS/RSU and/or PS/PSU (performance) awards, from the more traditional Stock Option awards that were very common before.
- Risk analysis and Executive Compensation – The analysis of risky behavior and how that had a hand in the shift towards long-term incentives, restructuring of corporate compensation policies and new rules for proxy disclosures. The behind-closed-doors boardroom meetings of the past have been exchanged for ‘open boardroom doors’ and corporate discussions more transparent to corporate shareholders.
- Shareholder Say on Pay – Compensation and stock awards are no longer strictly an internal discussion. While not required by federal law (yet), at least 38 US companies have pledged to hold voluntary say on pay votes in the spring of 2010. Included is Goldman Sachs who, after the public outrage over the bonuses received last year, are revamping the compensation plans for their executives by giving options with a vigorous 5-year vest schedule and classifying them as “Shares at Risk”, meaning they can be forfeited if evidence of fraud or malfeasance is uncovered.
- Rise and fall of IFRS – While IFRS could have been the most talked about change in the equity and general financial reporting planning sessions during 2009, it took a backburner for most of the year due to many pressing other topics on the agenda. As we head into 2010 it’s likely to get back on the radar or be in the forefront of conversation circles again in the very near term. A solidified timetable should be released by the SEC early in 2010 with the final decision on whether or not the US will adopt it is scheduled for 2011.
- Madoff Scandal – While not directly affecting incentive stock plans, the SEC’s oversight of the Madoff Ponzi scheme will likely lead to heightened scrutiny on all levels. In response, the SEC passed a rule for surprise audits of some investment advisors on December 17th.
- Options back-dating scandals and trails – the media had many opportunities to report on many options back-dating allegations and the subsequent related trails of corporate executives from Broadcom, Comverse, Monster and several other large, publicly traded corporations.
- The end of FAS 123R – While not a change in policy, the re-organization of over 20 sources of GAAP literature into the single source of FASB Accounting Standards Codification™ marks a significant shift in the terminology we’ve been using for five years. ASC Topic 718 replaces FAS 123r.
- The Inauguration of Barack Obama – With a new president comes a new era, new leadership and new ideas. Even with his inauguration speech on Jan. 20th, Obama addressed the fact that 2009 needed to be a year of change “Starting today, we must pick ourselves up, dust ourselves off, and begin again the work of remaking America.” Part of that plan was the $787billion American Recovery and Reinvestment Act which has created a reported 640,000 jobs and the appointment of Mary L. Schapiro to chair of the SEC with a focus on protecting investors and vigorously enforce SEC’s rules.
- The explosion of Social Media – 2009 saw the global economy becoming even ‘smaller’ as corporations and private individuals started creating Facebook, Twitter, LinkedIn and similar pages/accounts in order to communicate with one another. Who would have thought – a couple of years ago anyway – that people would be adding e.g. NASDAQ as a ‘friend on Facebook’?
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