|
|
 | | | |
- close
- close
- close
- close
This excerpt taken from the GIS DEF 14A filed Aug 10, 2009. Stock Ownership
Guidelines
Since 1991 the company has established stock ownership
guidelines for senior executives. Currently these targets are
ten-times salary for the Chief Executive Officer, five-times
salary for senior vice presidents and above, including the named
executive officers other than the Chief Executive Officer, and
three-times salary for all other corporate officers. Newly-hired
or promoted executives are given five years to attain the
ownership target.
General Mills executives who have been in their role for
multiple years generally exceed the stock ownership guidelines
by significant amounts, as illustrated by three of the five
active named executive officers shown in the table below. Our
high level of executive stock ownership is a result of strong
retention of executive talent (unwanted turnover of the top 500
managers is typically less than 1% annually) and the terms of
General Mills’ stock compensation program, which has longer
vesting requirements than any company in our compensation peer
group (awards vest 100% four years from the grant date). In
addition, most executives
Table of Contents
at General Mills hold their stock options for eight years or
longer. Mr. Powell and Mr. Mulligan have not yet
fulfilled the guidelines due to their respective promotions in
fiscal 2008, which significantly increased their stock ownership
requirements from those established for their previous roles.
Both executives have five years from their promotion date to
attain their stock ownership guidelines.
This excerpt taken from the GIS DEF 14A filed Aug 12, 2008. Stock Ownership
Guidelines
Since 1991 the company has established stock ownership
guidelines for senior executives. Currently these targets are
ten-times salary for the Chief Executive Officer, five-times
salary for senior executives, including the
Table of Contents
named executive officers other than the Chief Executive Officer,
and three-times salary for all other corporate officers.
Newly-hired or promoted executives are given five years to
attain the ownership target.
General Mills executives who have been in their role for
multiple years generally exceed the stock ownership guidelines
by significant amounts, as illustrated by three of the five
active named executive officers shown in the table below. Our
high level of executive stock ownership is a result of strong
retention of executive talent (unwanted turnover of the top 500
managers is typically less than 1 percent annually) and the
terms of General Mills’ stock compensation program, which
has longer vesting requirements than any company in our
compensation peer group (awards vest 100 percent four years
from the grant date). In addition, most executives at General
Mills hold their stock options for eight years or longer.
Mr. Powell and Mr. Mulligan have not yet fulfilled the
guidelines due to their respective promotions this year, which
significantly increased their stock ownership requirements from
those established for their previous roles. Both executives have
five years to attain their stock ownership guidelines.
| EXCERPTS ON THIS PAGE:
|
| |||||||
