This excerpt taken from the HAFC DEF 14A filed Apr 29, 2008.
This Compensation Discussion and Analysis (CD&A) describes the compensation earned by our former Chief Executive Officer (CEO), current and former Chief Financial Officer (CFO) and other executive officers named in the Summary Compensation Table. We refer to all of these officers as Named Executive Officers. Although the compensation programs discussed below are applicable to our Named Executive Officers and other executives, this CD&A focuses exclusively on the Named Executive Officers. With respect to the 2007 fiscal year, the following CD&A identifies our current compensation philosophy and objectives and describes the various methodologies, policies and practices for establishing and administering the compensation programs of the Named Executive Officers.
This excerpt taken from the HAFC DEF 14A filed Apr 20, 2007.
The Compensation Committee of Hanmi Financial is composed solely of independent directors as determined in accordance with various Nasdaq, SEC and Internal Revenue Code rules. The Compensation Committees Chairman regularly reports to the Board of Directors on Compensation Committee actions and recommendations. The Compensation Committee has authority to retain outside counsel, compensation consultants and other advisors to assist as needed. The Compensation Committee operates under a written charter adopted by our Board of Directors. A copy of our charter is available on our website at http://www.hanmi.com.
The Compensation Committee is authorized to review and approve the annual compensation and compensation procedures for the CEO. The Compensation Committee is also responsible for oversight of the annual compensation and compensation procedures for the Chief Financial Officer (CFO), the Chief Credit Officer (CCO), and certain members of senior management. The Compensation Committee solicits recommendations from the CEO and other members of senior management for the compensation programs for the CFO and CCO. However, implementation of any recommendations made by the CEO or other members of senior management is at the sole discretion of the Compensation Committee and the Board of Directors.
The Compensation Committee is responsible for determining whether the compensation paid to the CEO, CFO and CCO is fair, reasonable and competitive, and whether it serves the interest of Hanmi Financials shareholders and strategic direction. For purposes of the Compensation Discussion and Analysis, the CEO, CFO and CCO are the Named Executive Officers.