|How is the overall level of pay appropriate for the officer given basic criteria (i.e., relevant skills and experience)?|
|Not disclosed - Construction company that provides diversified general contracting, construction management and design-build services to private customers and public agencies worldwide and has a market cap of over U.S. $850m||US||Northern Trust Asset Management Stewardship Process||https://cdn.northerntrust.com/pws/nt/documents/legal/stewardship-process.pdf|
Since 2017, we have annually engaged with a U.S. construction company over a range of compensation concerns. The company provides diversified general contracting, construction management and design-build services to private customers and public agencies worldwide and has a market cap of over U.S. $850m. In these discussions, we expressed concerns around the magnitude of pay, disclosures, the compensation committee composition, and other matters.
- Management Proposal
- Management Say on Pay
- Unresponsiveness to concerns around magnitude of pay, disclosures, compensation committee composition, and other matters
The company was receptive to our advice, but not responsive to it (i.e., made no commitment to change), leading to us voting against the management say-on-pay resolution in 2019. We will continue to pursue a dialogue with the company until we are satisfied with the structure of its pay program.