The company says the compensation reflects its focus on performance targets, including the stock price which was up 49.7% in 2012. As chairman and CEO, Glenn Britt’s package included $1.2M salary, $3.7M in stock awards, $5.2M in option awards, $6.6M in non equity compensation, $141,250 change in pension value, and $512,813 in other compensation. The “other” pay mostly was for Britt’s personal use of Time Warner Cable’s aircraft, according to the proxy filed at the SEC this afternoon. It also includes personal use of a company car “and specially trained driver provided for security reasons.” Britt’s compensation is about four times the median for the company’s four other top execs; corporate governance watchdogs fear that CEOs wield too much power when they make more than three times the median. This could become an issue at the company’s shareholder meeting, to be held May 16 in Saratoga Springs, NY. Investors will register their views about compensation in the federally mandated advisory say-on-pay resolution. In addition, shareholders have submitted a resolution requiring the company to disclose its lobbying activities. Time Warner Cable opposes the initiative saying it already provides “appropriate transparency in this area.”
By DAVID LIEBERMAN, Financial Editor | Thursday April 4, 2013 @ 5:45pm EDTTags: Glenn Britt, Time Warner Cable
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