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Mike's answer
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<blockquote data-quote="had_enough" data-source="post: 195833" data-attributes="member: 809"><p>The reason it is one answer is because Mike only allowed 1 question per stockholder which he did not state until the end when he was ignoring my raised hand and those from some of the unhappy UPS Store owners who had previously asked a question too. There was maybe a maximum of 50 shareholders at the meeting (maybe 10 asked a question) and the question and answer session lasted maybe 15 minutes. I don't see why he could not answer more shareholder questions.</p><p></p><p>Question:</p><p>Given the record profit and the 10.8% increase in profits (that # given in earlier part of mtg as an exceptional #) how do you justify to the front line management cutting the MIP by 1/3 while giving the grade 20+ large bonuses?</p><p></p><p>Answer:</p><p>The historical average for MIP is 1.6 and that is what the MIP was last year. It was 2.4 the year before but not all the goals were met so it was 1.6 which is the historical average and we are pleased about that. (exceptional profits but average bonus). As for the grade 20+, they took a look at the industry standards and they were below the average so they were given "modest" bonuses to bring them up to the standard. (did not mention that ft sups and managers are well below industry standards and that cutting the MIP by 1/3 just made them lower)</p><p></p><p>Mike's answer was very polished and I was actually impressed how well he spun this to make it sound good without hesitation. This is also not word for word because my shorthand could not keep up with his answer. </p><p></p><p>I'll check with the SEC about whether UPS can limit the number of questions. Hopefully next year get to some of the other questions like what is the plan to fix the horrible employee (hrly + mgmt) morale and some other questions I had prepared.</p></blockquote><p></p>
[QUOTE="had_enough, post: 195833, member: 809"] The reason it is one answer is because Mike only allowed 1 question per stockholder which he did not state until the end when he was ignoring my raised hand and those from some of the unhappy UPS Store owners who had previously asked a question too. There was maybe a maximum of 50 shareholders at the meeting (maybe 10 asked a question) and the question and answer session lasted maybe 15 minutes. I don't see why he could not answer more shareholder questions. Question: Given the record profit and the 10.8% increase in profits (that # given in earlier part of mtg as an exceptional #) how do you justify to the front line management cutting the MIP by 1/3 while giving the grade 20+ large bonuses? Answer: The historical average for MIP is 1.6 and that is what the MIP was last year. It was 2.4 the year before but not all the goals were met so it was 1.6 which is the historical average and we are pleased about that. (exceptional profits but average bonus). As for the grade 20+, they took a look at the industry standards and they were below the average so they were given "modest" bonuses to bring them up to the standard. (did not mention that ft sups and managers are well below industry standards and that cutting the MIP by 1/3 just made them lower) Mike's answer was very polished and I was actually impressed how well he spun this to make it sound good without hesitation. This is also not word for word because my shorthand could not keep up with his answer. I'll check with the SEC about whether UPS can limit the number of questions. Hopefully next year get to some of the other questions like what is the plan to fix the horrible employee (hrly + mgmt) morale and some other questions I had prepared. [/QUOTE]
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