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Thursday, February 17, 2005 11:48:31 AM
By Heather Tomlinson
London
February 18, 2005
An executive pay scheme that would make the fattest of fat cats blush is to be voted on by shareholders of US technology company Qualcomm next month.
Under the plan, the chief executive would receive $US360 million ($A459 million) if the business was taken over.
Irwin Jacobs is sitting on share options worth $US360 million, and he would get all that in the event of a takeover, according to pay consultants PIRC, which described the remuneration as "a licence to print money".
Qualcomm, involved in wireless 3G technology, had revenue of $US4.9 billion last year.
In Britain, shareholders would oppose such exorbitant payouts, but investor activism in the US appears in its infancy. New York Stock Exchange chief executive Richard Grasso got $US140 million on leaving. Disney's Michael Ovitz pocketed $US140 million.
PIRC's research, released on Wednesday, highlights the unknown performance targets at Qualcomm, the substantial salaries and the vesting of options a year after they were granted.
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Advertisement"The company's pay structure must be considered a licence to print money," said the shareholder advisory group. "PIRC considers that such a liability adds substantially to the cost of bidding for the company and further entrenches the board."
Dr Jacobs, a former engineering professor, started Qualcomm in the late '80s and holds many patents on wireless technology. He took home a $US1 million salary and a $US1.7 million cash bonus last year and was awarded an extra 500,000 options, according to company filings in the US.
"The (compensation) committee believes Dr Jacobs' compensation is appropriate, given the positive company performance," Qualcomm said. Profit nearly doubled to $US1.7 billion. The committee said the profitable growth and factors such as "leadership, ethics and corporate governance" had influenced their decision.
- Guardian
http://www.theage.com.au/news/Business/CEO-in-line-for-460m-if-he-sells-the-company/2005/02/17/11086....
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