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This excerpt taken from the PII DEF 14A filed Mar 10, 2009. Factors
Considered in Determining Compensation
The Compensation Committee annually reviews competitive
executive compensation levels based upon a report compiled by
its independent compensation consultant, Hewitt Associates, Inc,
(“Hewitt”) that includes comparative compensation data
from a survey of a group of companies that are primarily engaged
in the manufacturing industry
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and have annual sales ranging from $1.0 billion to
$5.0 billion. The criteria used to identify the survey
group of companies remain consistent from year-to-year, although
the actual companies within the survey group will vary depending
on changes in reported sales. The Company believes that these
criteria are effective in identifying a survey group of
companies comparable to Polaris, which is a manufacturing entity
that had annual sales of $1.9 billion and $1.8 billion
for the years ended December 31, 2008 and December 31,
2007, respectively. All of the companies surveyed to establish
the 2008 and 2009 compensation opportunities are listed below:
Utilizing the survey group information, the Compensation
Committee conducts its own review of the various components of
Polaris’ executive compensation program and, with the
assistance of the Chief Executive Officer, the President and
Chief Operating Officer and the Vice President — Human
Resources, determines the base salary and annual and long-term
incentive targets and opportunities of the Executive Officers as
a group and individually. In doing so, the Compensation
Committee conducts an evaluation of the compensation
opportunities and individual performance of each Executive
Officer. Each executive’s skills, experience, time in
position, achievements and level of contribution towards desired
business objectives is reviewed. The Compensation Committee uses
this
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information to determine the amount and mix of compensation
opportunities and the actual compensation for the Company’s
Executive Officers is based upon these assessments.
In connection with selecting Mr. Wine to be the
Company’s Chief Executive Officer in September 2008, market
data was assembled for the role and a total compensation package
was designed with combined effort of the Compensation Committee,
the Vice President — Human Resources, and Hewitt. This
design reflects Mr. Wine’s role, market practices, the
Company’s pay philosophy, and arrangements he would be
forfeiting at his previous employer.
This excerpt taken from the PII DEF 14A filed Mar 10, 2008. Factors
Considered in Determining Compensation
The Compensation Committee annually reviews competitive
executive compensation levels based upon a report compiled by
its independent compensation consultant, Hewitt Associates, Inc,
that includes comparative compensation data from a survey of a
group of companies that are primarily engaged in the
manufacturing industry and have annual sales ranging from
$1 billion to $4 billion. The criteria used to
identify the survey group of companies remain consistent from
year-to-year,
although the actual companies within the survey group will vary
depending on changes in reported sales. The Company believes
that these criteria are effective in yielding a survey group of
comparable companies because Polaris is a manufacturing entity
and had annual sales of $1.8 billion and $1.7 billion
for the years ended December 31, 2007 and December 31,
2006, respectively. All of the companies surveyed to establish
the 2007 compensation opportunities are listed below:
Utilizing the survey group information, the Compensation
Committee conducts its own review of the various components of
Polaris’ executive compensation program and, with the
assistance of the Chief Executive Officer, the President and
Chief Operating Officer and the Vice President — Human
Resources, determines the base salary and annual and long-term
incentive targets and opportunities of the Executive Officers as
a group and individually. In doing so, the Compensation
Committee conducts an evaluation of the compensation
opportunities and individual performance of each Executive
Officer. Each executive’s skills, experience, time in
position, achievements and level of contribution towards desired
business objectives is reviewed. The Compensation committee uses
this
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information to determine the amount and mix of compensation
opportunities and the actual compensation for the Company’s
Executive Officers is based upon these assessments.
In addition to the foregoing, a compensation tally sheet was
prepared for the Chief Executive Officer and reviewed by the
Compensation Committee in connection with the negotiation of
Mr. Tiller’s most recent employment agreement in 2007.
The tally sheet affixed dollar amounts to all components of the
Chief Executive Officer’s compensation opportunities,
including current pay (base salary and an annual incentive award
opportunity under the Senior Executive Plan), deferred
compensation, outstanding equity awards, benefits, perquisites,
and potential change in control and severance payments.
This excerpt taken from the PII DEF 14A filed Mar 1, 2007. Factors
Considered in Determining Compensation
The Compensation Committee annually reviews competitive
executive compensation levels based upon a report compiled by
its independent compensation consultant, Hewitt Associates, Inc,
that includes comparative compensation data from a survey of a
group of companies that are primarily engaged in the
manufacturing industry and have annual sales ranging from
$1 billion to $4 billion. The criteria used to
identify the survey group of companies remain consistent from
year-to-year,
although the actual companies within the survey group will vary
depending on changes in reported sales. The Company believes
that these criteria are effective in yielding a survey group of
comparable companies because Polaris is a manufacturing entity
and had annual sales of $1.7 billion and
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$1.9 billion for the years ended December 31, 2006 and
December 31, 2005, respectively. The survey group used to
establish 2006 compensation opportunities included the following
companies:
The survey group also included nine additional private companies
for which annual sales data is not publicly available but whose
compensation data was included in the underlying analyses to
determine the market value of compensation. These nine companies
met the peer group selection criteria and had annual sales
between $1 and $4 billion. Polaris ranked in the
32nd percentile
of the survey group based on net sales.
Utilizing the survey group information, the Compensation
Committee conducts its own review of the various components of
Polaris’ executive compensation program and, with the
assistance of the Chief Executive Officer, the President and
Chief Operating Officer and the Vice President — Human
Resources, makes an assessment of the skills, experience and
achievements to determine the base salary and annual and
long-term incentive targets and opportunities of the Executive
Officers as a group and individually. The amount of compensation
opportunities of the Company’s Executive Officers is based
upon these assessments.
In addition to the foregoing, as part of its annual practice, a
compensation tally sheet was prepared for the Chief Executive
Officer and reviewed by the Compensation Committee in January
2006. The tally sheet affixed dollar amounts to all components
of the Chief Executive Officer’s 2006 compensation
opportunities, including current pay (base salary and an annual
incentive award opportunity under the Senior Executive Plan),
deferred compensation, outstanding equity awards, benefits,
perquisites and potential change in control and severance
payments. The information set forth in the tally sheet reviewed
by the Compensation Committee is reflected in the compensation
tables and accompanying narrative sections beginning on page 38
of this Proxy Statement.
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