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This excerpt taken from the LPL 20-F filed Apr 11, 2007. The aggregate remuneration and benefits-in-kind we paid in 2006 to our executive officers and our directors was (Won)5 billion. In addition, as of December 31, 2006, our accrued severance and retirement benefits to those directors and officers amounted to (Won)7.0 billion (US$7.5 million). In March 2005, our articles of incorporation were amended to provide for a long-term incentive plan to aid retention of executives and key staff and to provide an incentive to meet strategic objectives. We carry liability insurance for the benefit of our directors and officers against certain liabilities incurred by them in their official capacities. This insurance covers our directors and officers, as well as those of our subsidiaries, against certain claims, damages, judgments and settlements, including related legal costs, arising from a covered individuals actual or alleged breaches of duty, neglect or other errors, arising in connection with such individuals performance of his or her official duties. The insurance protection also extends to claims, damages, judgments and settlements, including related legal costs, arising out of shareholders derivative actions or otherwise relating to our securities. Policy exclusions include, but are not limited to, claims relating to fraud, willful misconduct or criminal acts, as well as the payment of punitive damages. In 2006, we paid a premium of approximately US$1.5 million in respect of this insurance policy. This excerpt taken from the LPL 20-F filed Jun 21, 2006. The aggregate remuneration and benefits-in-kind we paid in 2005 to our executive officers and our directors was (Won)15 billion. In addition, we set aside approximately (Won)6.4 billion in 2005 to provide severance and retirement benefits to those directors and officers. In March 2005, our articles of incorporation were amended to provide for a long-term incentive plan to aid retention of executives and key staff and to provide an incentive to meet strategic objectives. We carry liability insurance for the benefit of our directors and officers against certain liabilities incurred by them in their official capacities. This insurance covers our directors and officers, as well as those of our subsidiaries, against certain claims, damages, judgments and settlements, including related legal costs, arising
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Table of Contentsfrom a covered individuals actual or alleged breaches of duty, neglect or other errors, arising in connection with such individuals performance of his or her official duties. The insurance protection also extends to claims, damages, judgments and settlements, including related legal costs, arising out of shareholders derivative actions or otherwise relating to our securities. Policy exclusions include, but are not limited to, claims relating to fraud, willful misconduct or criminal acts, as well as the payment of punitive damages. In 2005, we paid a premium of approximately US$2.6 million in respect of this insurance policy. This excerpt taken from the LPL 20-F filed Apr 11, 2005.
The aggregate remuneration and benefits-in-kind we paid in 2004 to our executive officers and our directors was (Won)9.5 billion. In addition, we set aside approximately (Won)6.0 billion in 2004 to provide severance and retirement benefits to those directors and officers.
In March 2005, our articles of incorporation were amended to provide for a long-term incentive plan to aid retention of executives and key staff and to provide an incentive to meet strategic objectives. We are now reviewing appropriate long-term incentive plan designs and details of the plan are yet to be finalized. It is likely that the plan will incorporate awards in the form of stock options, restricted stock or cash, or some combination of such forms. Awards will be linked to each persons contribution to our performance and the value of the awards eventually received will be based on our performance over the period following their grant. Actual award sizes have yet to be determined.
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