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“There is a growing interest in linking pay to diversity goals; whether this will have a material impact on how much compensation they’re making is hard to tell,” said Deb Lifshey, managing director, Pearl Meyer.
“Board members want the people who know the business, know the assets of the company, know the nuances and facets of the business, and can leverage that understanding and knowledge to extract value going forward in a bankruptcy,” said Ian Keas, a principal at Pearl Meyer.
“I’m not sure there’s a formula [for cutting executive pay] that says, ‘If we do this, then we can keep X employees, but I think it is more of an internal solidarity and fairness issue about how you’re treating all levels of the organization,” said Beth Florin, a managing director at Pearl Meyer.
“In an open market, you get what you pay for. If a board is serious about affordability and transparency, it will pay whatever they have to pay to get that individual.”
“Compensation committees are taking a holistic view of the downturn and having healthy conversations about the impact paying executives for relative performance will have on shareholders, employees, reputation, and culture,” said Peter Lupo, managing director, Pearl Meyer.