IR therefore I AM

The issue of executive compensation came to mind during the recent World Series. With my beloved Yankees in the Series, I thought back to another time when things weren’t so good for the team. After a decade of mediocrity, the team was infused with new leadership and cash from George Steinbrenner, who bought the Yankees in 1973.

One of the cornerstones of the Yankees’ revival was the acquisition of pitching great Jim “Catfish” Hunter.  After a contractual disagreement with the Oakland Athletics in 1974, Hunter became the first free agent of the modern era and signed with the New York Yankees for the then-unprecedented sum of $3.75 million over five years.  Yankees fans were ecstatic (one fellow I knew at the time even lobbied his then-pregnant wife to name their son Catfish).  However, the contract Mr. Hunter signed did draw criticism as execessive, a complaint that continues to this day given the salaries of today’s ballplayers.

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Much of what IROs and their outside advisors do takes place in the trenches
in the battle for investor attention. In addition to verbal jousting with inquisitive
analysts, we see investor issues firsthand and often serve as the first line
of defense for most companies.  We believe that it is a good practice
to keep the company’s board of directors in the loop on the progress of the
investor relations program as well as draw their attention to critical issues
that may emerge.  After all, they represent the public and should be good
stewards of the company’s resources and its corporate reputation.
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The 2010 proxy season presents some challenges for the IRO, particularly in light of the end of broker discretionary voting for uncontested director elections, the amendment to Rule 452 which passed in July.  While much has been written on the subject, we’ll provide a little background as well as some strategies to survive the upcoming proxy year… Read more…