{"id":226045,"date":"2010-01-25T11:03:21","date_gmt":"2010-01-25T16:03:21","guid":{"rendered":"http:\/\/www.footnoted.org\/?p=4489"},"modified":"2010-01-25T11:03:21","modified_gmt":"2010-01-25T16:03:21","slug":"a-new-milestone-the-1-5-million-director","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/226045","title":{"rendered":"A new milestone: the $1.5 million director!"},"content":{"rendered":"

\"\"<\/a>Last week, we wrote about the new book, Money for Nothing<\/a> which takes a hard look at directors of publicly traded companies. On Friday, we came across Exhibit A for the authors when we caught this proxy<\/a> filed by Bway Holding (BWY), an Atlanta-based company we’re guessing most people aren’t too familiar with, given its relatively small market cap.<\/p>\n

There in the chart that details compensation for directors was this little pearl: former Chairman and CEO Jean-Pierre Ergas, who currently serves as non-executive Chairman, raked in nearly $1.5 million last year as a director, which we’re pretty sure is the highest director cash compensation we’ve seen in six-plus years of mining SEC filings. Part of the reason Ergas’ compensation is so high is that he received a $520K bonus last year, which the company provides few details on in the filing. That’s in addition to his $140K fee, another $483K in supplemental retirement and a $260K consulting fee, which also has very few details about exactly what services are being provided.<\/p>\n

At least the proxy notes that Ergas doesn’t qualify as an independent director. Indeed, he’s one of four directors — or half of the board — who are not considered independent. Still, you have to wonder what it’s like at those board meetings — the company’s comp committee met five times last year and its Chairman is the former CEO of Bway, who just like Ergas was the former CEO of the company.<\/p>\n

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Last week, we wrote about the new book, Money for Nothing which takes a hard look at directors of publicly traded companies. On Friday, we came across Exhibit A for the authors when we caught this proxy filed by Bway Holding (BWY), an Atlanta-based company we’re guessing most people aren’t too familiar with, given its […]<\/p>\n","protected":false},"author":4073,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-226045","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/226045","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/4073"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=226045"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/226045\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=226045"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=226045"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=226045"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}