UPS Shareowners Elect Board, Approve Incentive Compensation Plan

Discussion in 'UPS Pressroom News' started by ROBO MOD, May 7, 2015.

  1. ROBO MOD

    ROBO MOD I'm a Robot Staff Member

    Shareowners of UPS (NYSE: UPS) today elected a Board of Directors for a one-year term. Twelve directors stood for election to the Board and all were elected by substantial margins. The twelve include: Chairman Scott Davis, David Abney, Rodney Adkins, Michael Burns, Bill Johnson, Candace Kendle, Ann Livermore, Rudy Markham, Sandy Randt, John Stankey, Carol Tomé, and Kevin Warsh.

    The shareowners also approved the proposal for the 2015 Omnibus Incentive Compensation Plan (ICP). The proposal is generally put forth every three years to obtain shareholder authorization for the equity awards grants under the ICP. The appointment of Deloitte & Touche to serve as the Company's independent auditors for 2015 was ratified by a wide margin.

    UPS shareowners rejected a shareholder proposal that would have required additional disclosure concerning the company's government affairs and lobbying activities in excess of current requirements. The Board, which exercises independent oversight of all UPS lobbying and political contributions and expenditures, had recommended that shareholders vote against this proposal on the grounds that UPS already has effective policies for the appropriate disclosure and oversight of the company's lobbying and political activities.

    Also rejected was the shareholder proposal that sought to require the board to reduce the voting power of Class A stock from 10 votes per share to one vote per share.

    The shareholder proposal regarding tax gross-ups to senior executives was withdrawn by the proponents before the shareholder meeting.

    UPS routinely posts investor announcements on its web site - www.investors.ups.com - and encourages those interested in the company to check there frequently.
     
  2. upschuck

    upschuck Avatar bet gone wrong

    Imagine that.
    Imagine that.
    What is a tax gross-up?
     
  3. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    Something you and I and the other 99%ers will never have to worry about.
     
  4. upschuck

    upschuck Avatar bet gone wrong

    Thank goodness. :)
     
  5. Monkey Butt

    Monkey Butt You can call me Chappy Staff Member

    To increase compensation to offset the effects of governments taxes.

    i.e. with total 56% tax rate
    No tax gross-up
    Awarded $1,000,000 which after taxes equals $440,000 take home.

    Tax gross up
    Awarded $1,000,000 which after tax gross-up equals $2,272,727 which after taxes = $1,000,000.
     
  6. upschuck

    upschuck Avatar bet gone wrong

    I've been tax grossed-up this year. I got about a dollar+ for a sales lead tax added to my taxes.
     
  7. Monkey Butt

    Monkey Butt You can call me Chappy Staff Member

    Yep.
    Not that unusual.
    Relocation costs compensation are grossed-up.
     
  8. upschuck

    upschuck Avatar bet gone wrong

    I would think those could just be expensed out.
     
  9. Monkey Butt

    Monkey Butt You can call me Chappy Staff Member

    IRS will not allow a company to do that.
     
  10. upschuck

    upschuck Avatar bet gone wrong

    Couldn't the bill paid by UPS. The other way could put them in a higher tax bracket, causing a decrease in pay.
     
  11. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    The do the same when they pay us for sales leads.
     
  12. upschuck

    upschuck Avatar bet gone wrong

    That sounds familiar. :)