Loved this, it’s an aspect of analysis not discussed enough and proxies are complicated to read through. I appreciate your thoughts on the structure and agree it’s not great.
Thank you for calling this out! It’s important for investors to be more aware of how leadership is compensated — and what that says about company aspirations
thanks for this writeup. My review of the Proxy was aligned with the same thoughts.
A couple of additional queries/thoughts:
-Based on what we have seen at investor day - what do you think would be reasonable 100% targets for FY2025. Is it 100% payout aligned with guidance and 200% double the growth guidance.
-I found it weird that the charts (eg. pg 76&78) they are showing was for NET income but the metric they are targeting is Operating Income
-It would be nice to see up front the targets they are shooting for in advance - ie. now see the targets they have for this FY.
Loved this, it’s an aspect of analysis not discussed enough and proxies are complicated to read through. I appreciate your thoughts on the structure and agree it’s not great.
Glad you enjoyed it Dave. It’s often overlooked, but you can sometimes find really important information in there.
Thank you for calling this out! It’s important for investors to be more aware of how leadership is compensated — and what that says about company aspirations
You are welcome sir. As Charlie Munger said, "Show me the incentive and I'll show you the outcome."
thanks for this writeup. My review of the Proxy was aligned with the same thoughts.
A couple of additional queries/thoughts:
-Based on what we have seen at investor day - what do you think would be reasonable 100% targets for FY2025. Is it 100% payout aligned with guidance and 200% double the growth guidance.
-I found it weird that the charts (eg. pg 76&78) they are showing was for NET income but the metric they are targeting is Operating Income
-It would be nice to see up front the targets they are shooting for in advance - ie. now see the targets they have for this FY.
Anyway - thanks so much for your insights.