SAIC CITYTIME Gets A Vote!
SAIC asks it shareholders to vote on executive compensation via a Proxy Statement. Seems like there at least a few CITYTIME influenced changes. As highlighted in there SEC filing a few line items catch the streets Monday morning eye.
"Compensation Highlights"
"enable us to recover, or “clawback,” incentive compensation if
there is any material restatement of our financial results or if an executive is involved in misconduct;"
"avoid incentives that encourage unnecessary or excessive risktaking;"
"a “double-trigger” for change in control benefits, meaning that no benefits are paid solely due to a change in control (an executive’s employment must be terminated following a change in control to receive benefits).
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Not sure what "double trigger" means but it sounds like firing those CITYTIME supervising execs could have cost SAIC money.
"Ethics and Corporate Responsibility Highlights"
So 25 years ago...entirely during the period of CITYTIME
"The SAIC Board of Directors has long recognized the importance of
creating and maintaining a strong ethical culture and being a good
citizen in our communities. About 25 years ago, the Board
established an Ethics and Corporate Responsibility Committee,
which evidences our unwavering commitment to high ethical
standards."
Last but not least Deloitte is up for re-election. Those are the auditors you'd think would have caught CITYTIME with some 101 accounting on contracts.
http://mayorbloombergkingofnewyork.blogspot.com/2013/04/citytimesaic-real-cost-and-counting.html
http://mayorbloombergkingofnewyork.blogspot.com/2013/04/citytimesaic-real-cost-and-counting.html
