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This excerpt taken from the WCC DEF 14A filed Apr 17, 2009. Base
Salaries
Base salaries are intended to provide our NEOs with a level of
competitive cash compensation that is critical for retention and
appropriate given their accomplishments and position and
responsibilities with the Company. Salaries for executives are
reviewed annually. The Committee reviews detailed individual
salary history for approximately the 25 highest paid executive
officers and compares their base salaries to salaries for
comparable positions at companies within our peer group. Hewitt
provides market data as a means to assess external compensation
practices and trends for companies in our peer group. From time
to time (and not necessarily on an annual basis), the Committee
adjusts base salaries for executive officers to reflect
performance, changes in job scope, and competitive pay practices
of companies in our peer group based on the 50th percentile
of base salaries for comparable positions in Hewitt’s peer
group analyses.
Mr. Haley, the Chief Executive Officer, makes base salary
recommendations to the Committee for all of the NEOs, excluding
himself. In determining adjustments to base salaries, the
Committee considers Company performance, prevailing economic
conditions, base salaries of recent additions to management,
performance assessments, changes in duties and responsibilities,
comparable salary practices of companies within our peer group,
the recommendation of Mr. Haley (in the case of the other
NEOs) and any other factors the Committee deems relevant.
As reported in our 2008 Proxy Statement, the Committee
recommended, and the Board approved, an increase in base
salaries (effective February 1, 2008) for
Messrs. Haley, Engel and Van Oss to an annualized rate of
$865,000, $535,000, and $535,000. No additional changes have
been made to their base salaries to date. During 2008, no
changes were made to the base salaries for Messrs. Van and
Bergdoll, who were paid at an annual rate of $237,500 and
$250,000, respectively. The Committee and Board believe these
levels appropriately recognize the responsibilities and
performance of our NEOs.
This excerpt taken from the WCC DEF 14A filed Apr 24, 2008. Base
Salaries
Salaries for executives are reviewed annually, taking into
account factors such as overall Company performance in relation
to competition and industry circumstances, changes in duties and
responsibilities, and strategic and operational accomplishments.
Mr. Haley, the Chief Executive Officer, makes base salary
recommendations to the Compensation Committee for all of the
named executive officers, excluding himself.
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The Compensation Committee reviews individual salary history for
approximately the 25 highest paid executive officers and
compares their base salaries to salaries for comparable
positions at companies within our peer group. The Compensation
Committee’s consultant, Hewitt Associates, provides market
data as a means to assess external compensation practices.
Compensation trends for companies in our peer group are
considered in the determination of overall compensation for our
executives. From time to time (and not necessarily on an annual
basis), the Committee adjusts base salaries for executive
officers and to reflect competitive pay practices of companies
in our peer group based on studies by Hewitt.
In determining increases to base salaries, the Compensation
Committee considers the recommendation of Mr. Haley,
Company performance, prevailing economic conditions,
requirements for hiring recent additions to management and
comparable salary practices of companies within our peer group.
During 2007, the Compensation Committee recommended and the
Board approved a 5.5% increase for Mr. Goodwin as a market
adjustment, to recognize his 2006 performance and to maintain
internal equity with other Company executives having comparable
responsibilities. No base salary increases were recommended for
Messrs. Haley, Engel, Van Oss or Riordan in 2007. In 2008,
the Compensation Committee recommended, and the Board approved,
an 8% increase for Messrs. Haley, Engel and Van Oss to an
annualized rate of $865,000, $535,000 and $535,000,
respectively. The last increases for Messrs. Haley, Engel
and Van Oss were made in 2006. The annual rate of increase over
the past two years is approximately 5%. The Committee and Board
believe this level of increase is appropriate to recognize the
sustained record-setting performance that has been achieved.
Additionally, each of Messrs. Haley, Engel and Van Oss have
new salary levels that are below median level for comparable
executives in Hewitt’s peer company analysis. The Committee
also recommended, and the Board approved, a 5.7% increase for
Mr. Riordan. Mr. Goodwin plans to retire in 2008,
therefore, no increase was provided.
This excerpt taken from the WCC DEF 14A filed Apr 18, 2007. Base
Salaries
Salaries for executives are reviewed annually, taking into
account factors such as overall Company performance in relation
to competition and industry circumstances, changes in duties and
responsibilities, strategic and operational accomplishments, and
individual performance. Mr. Haley, the Chief Executive
Officer, makes base salary recommendations to the Compensation
Committee for all of the named executive officers, excluding
himself.
The Compensation Committee reviews individual salary history for
approximately the 25 highest paid executive officers and
compares their base salaries to survey data from one or more
current consultant studies. Compensation consultant studies
provide market data which is evaluated as a means to understand
external compensation practices. Compensation trends for
companies in the consultant’s peer company comparisons and
other companies with attributes similar to our Company are
considered in the determination of overall compensation for our
executives. From time to time (and not necessarily on an annual
basis), the Committee adjusts base salaries for executive
officers based on performance, and if appropriate, to reflect
competitive pay practices of companies in our peer group based
on studies by Hewitt Associates, LLC (referred to as Hewitt), a
national executive compensation consulting firm retained by the
Compensation Committee for input on executive compensation
matters.
In determining increases to base salaries, the Compensation
Committee considers the recommendation of Mr. Haley,
Company performance, prevailing economic conditions, surveys of
competitive companies, requirements for hiring recent additions
to management, comparable salary practices of companies within
our peer group, and information provided by Hewitt. The
Compensation Committee has retained Hewitt in the past as a
means for gathering market data, preparing compensation plan
reviews, as well as, identifying general trends and practices in
executive compensation programs. The Compensation Committee
requests that Hewitt gather pertinent compensation data from
public, private and foreign-owned peer companies. Hewitt has
also made recommendations with respect to Director compensation
matters.
During 2006, the Compensation Committee recommended and the
Board approved an increase in Mr. Haley’s base salary
of $100,000, or 14.3%, to an annualized rate of $800,000 to
recognize the superior performance of the Company in 2005 and
2006. Messrs. Engel and Van Oss each received a 10%
increase, and Mr. Thimjon a 6% increase, each in accordance
with their salary histories, individual performances and
competitive position of their respective salaries.
Mr. Goodwin received a 5.5% increase in early 2007, but no
increase in base salary during 2006.
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