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This excerpt taken from the DVN DEF 14A filed Apr 27, 2007. Pay
for Performance
We believe that an executive officer’s compensation should
be tied to a combination of our overall performance, performance
of his or her business function or area and individual
performance, with the primary driver of value being our
financial success and long-term value creation for stockholders.
Generally, we try to reward executives with incentive pay when
we are successful and stockholder value is created.
With respect to individual performance, our operating strategy
requires a goal-setting and performance management process that
promotes and rewards executive behaviors and decision-making
methods that help the organization achieve its near-term and
longer-term objectives. The goal-setting and performance
management process consists of setting:
This approach to compensation not only motivates executives to
deliver near-term financial and operating results, but also
provides incentives for them to develop internal talent,
cultivate key relationships with managers, ensure positive
relationships with regulators, landowners and other
stakeholders, refine business processes and build a culture of
mutual respect and teamwork focused on creating long-term
stockholder value.
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