This excerpt taken from the PBI DEF 14A filed Apr 3, 2007.
Base Salary. We pay base salary to compensate executives for performing the daily duties of their defined jobs in amounts that are competitive in the markets in which we operate. In general, the company aligns base pay for executives with reference to the competitive market median data for base pay.
There is typically a range of pay approximately plus or minus 20% around the median data that is considered to be competitive, and actual salaries are generally within this range.
Among the factors considered in determining the actual base salary for executives are:
Salaries are reviewed annually on a common review date and managed to an overall merit budget. The size of merit increases is related to the individuals performance rating, the position relative to the market, general economic conditions and organizational issues.