Golfer, the BOD has acted to reward the management and most likely themselves, on so unknown goals, based on set actionable date. Is this dilutive? Possibly.
While I have always mostly been supportive of the BOD and IDCC management since the days of International Mobile Machine (IMM), I am now concerned that they like all corporate overseers are enriching themselves without regard to the share holders.
I am firmly of the opinion that changes to options and RSU awards based on future performance should be left to the discretion of the company owners. They being the share holders. Particularly when those performance measures are not made public so that we the owners can readily determine whether or not the awards are merited when compared to the overall performance levels established and obtained.
While I recognize individual greed of the corporate individual as a mechanism to enable my personal enrichment, I can not sit idly by an act as if I am wearing blinders. I think the BOD exceeded their authority on this option grant apportionment based on some unknown future mangerial performance measures (goals). Lacking the specifics as to what those measures (goals) are we as stock holders (owners) can not ascertain if this is in fact a credible action on the part of the BOD and management. I WOULD MUCH RATHER HAVE SEEN THEM RECEIVE A CASH BONUS. I say that to say that BOD's and management are seemingly out of control in corporate america and their greed shall bring them all done.
But in the interim I am invested in this company and will stick with my investment belief while I am dismayed with the actions of the BOD regarding the RSU's. May CNBC write me to invite me on their show as a loyal stock investor and I would willingly tell them what I think of BOD's and management running our american companies with their needs being primary to those of the share holders.
Current examples would be the managements of the airlines, automobile companies, and some others that have run in to financial hard times. But failed to act before they were in dire straits. And yet these same BOD's and managements continue to enrich themselves when they should in fact be the one's let go and not the low level employees. Is one 50 million dollar a year salaried and option compensated CEO worth the position of what equates to a 1,000 loyal hard working employees. After all it was the BOD, CEO and management team that did not turn the ship before it ran into a financial brick wall.
Yet, some BOD's, CEO and managements can see the need to set some future awards based on unknown measures, but they can't see the road to dispair which they are speeding on.
May IDCC management greatly deserve their 2008 RSU's based on their established performance measures. But they damn well better include some "major" share holder value before then.
Signed: I am.
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