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PBG » Topics » Objectives of Our Executive Compensation Program

This excerpt taken from the PBG DEF 14A filed Apr 4, 2007.
Objectives of Our Executive Compensation Program
 
The approach to our executive compensation program has been consistent over our Company’s history — the Committee, with the input of management, establishes the core objectives of our executive compensation program and the Committee is provided the tools, information and flexibility to satisfy those objectives in light of prevailing market trends, competitive pressures, regulatory changes, and Company and individual considerations.
 
The core objectives of our executive compensation program are to:
 
  •  Attract, retain and motivate key executives whose performance is critical to the Company’s success by providing a total compensation program that is appropriately competitive within our industry and reinforces our short-term and long-term business objectives by;
 
  •  motivating and rewarding executives for achieving and exceeding our business objectives;
 
  •  providing financial consequences to executives for failing to achieve our business objectives; and
 
  •  retaining key performers through meaningful wealth-creation opportunities.
 
  •  Provide a program that is simple and straightforward so that our executives have a clear understanding of our business objectives and the results required to earn variable pay;
 
  •  Align the interests of shareholders, the Company, and executives by placing particular emphasis on performance-based and equity-based compensation;


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  •  Maintain a financially responsible program that is appropriate within our financial structure and sensitive to the dilutive impact on shareholders;
 
  •  Establish and maintain our program in accordance with all applicable laws and regulations, as well as with corporate governance best practices.
 
We achieve the above objectives through the use of various executive compensation elements that drive both short-term and long-term Company performance, deliver to our executives fixed pay as well as variable, performance-based pay, and provide significant personal exposure to PBG common stock. In 2006, these elements included base salary, an annual performance-based cash incentive (variable, short-term pay), long-term incentive awards in the form of stock options and RSUs (variable, long-term pay), limited perquisites, and pension benefits.
 
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