Recent News at The Bachelder Firm

2010

June 28, 2010. Mr. Bachelder’s Executive Compensation column entitled “Restoring American Financial Stability Act and Executive Pay” appeared in the New York Law Journal.

June 22, 2010. Stanford, California: Mr. Bachelder spoke at Stanford Law School’s “Directors’ College’s” plenary session on executive compensation: “New Rules for Old Problems.”

March 22, 2010.  Mr. Bachelder’s Executive Compensation column, “Federal Intervention in Executive Pay,” appeared in the New York Law Journal.

“For approximately 75 years (at least), the federal government has intervened in executive pay—in both direct and indirect ways.  Two examples of direct intervention are Pay Controls (1971-74) and the current TARP program, introduced in 2008 in respect of financial institutions (and subsequently extended to two automotive companies) and still in effect as to many of these institutions…An example of indirect intervention is the SEC's requirement, commencing in the late 1930s, of disclosure regarding compensation of certain top executives in the annual proxy statements of publicly traded companies….”

Following the publication of the March 22 column, Mr. Bachelder was invited to speak on the impact of the Federal Reserve’s proposed guidance on sound incentive compensation practices at a meeting of the Committee on Banking Law at the New York City Bar Association on April 7.

2009

November 13, 2009.  Mr. Katzke was featured in The Deal Magazine.

“Michael Katzke is back in the compensation game, but this time on the side of individual executives rather than companies.”

November 2, 2009.  Mr. Bachelder made comments on Wall Street bonuses in The New York Times.

October 28, 2009. Mr. Bachelder’s Executive Compensation column, “Merrill Bonuses Raised Issues in Merger with Bank of America,” appeared in the New York Law Journal.

October 23, 2009.  An article on Mr. Katzke appeared in the New York Law Journal.  “[Mr. Katzke] is back practicing law, this time at the firm of one of the top executive compensation lawyers in the country.”

October 6-7, 2009Cambridge, Massachusetts:  Mr. Bachelder spoke at the Harvard Law School Proxy Access Roundtable.

“The object of good corporate governance is the profitable operation, short term and long term, of a business enterprise with appropriate attention to the obligations and responsibilities of the enterprise to its constituencies and to the communities of which it is part….To the extent proxy access would help that object of corporate governance, as I just stated, fine. But whether to elect to have it as part of a corporate governance program of an individual company should be voluntary as to that company, and its shareholders and not, as we see, in some cases, in response to difficulties that exist due to particular circumstances at the board level and the management level.”

September 17, 2009Washington, D.C.:  Mr. Bachelder discussed U.S. regulatory and legislative developments affecting executive compensation at the Transatlantic Corporate Governance Dialogue held at the SEC.  (Co-panelists included Harvard Law School Professor Lucian Bechuck and University of Chicago Booth School of Business Professor Steven Kaplan.)

September 14-15, 2009Cambridge, Massachusetts:  Mr. Bachelder spoke at the Harvard Business School Conference on Executive Compensation.

“[A] more systematic vocabulary should be developed in discussing executive pay…It would be wonderful if an institution like HBS, for example, developed systems for adjusting disparate reports on executive pay (even in well established surveys) and provided a common concept of what the total executive pay package really is. Reconciliation of real pay and hypothetical pay is just one illustration of what is needed for more meaningful understanding of competitive pay practices. Hopefully, this will lead to a better discussion of executive pay practices in public forums and in the Compensation Committee.”

August 26, 2009.  Mr. Bachelder’s Executive Compensation column, SEC Proposes Disclosure Rules; House Passes Reform Bill,” appeared in the New York Law Journal.

June 19, 2009.  Mr. Bachelder’s Executive Compensation column, TARP ‘Say on Pay’ and Other Legislative Developments,” appeared in the New York Law Journal.

“Executive compensation is ‘feeling the effects’ of the current serious economic downturn. Legislative and regulatory developments are putting executive pay under constraint and under scrutiny—principally at those companies in the financial services industry receiving TARP assistance. For public companies generally, it is likely that there will be expanded requirements as to disclosure of executive compensation, including underlying criteria, and widespread extension to shareholders of the right to vote on executive pay practices (at least on an advisory basis).”

April 14, 2009.  Mr. Bachelder’s Executive Compensation column, ARRA Amends EESA:  Includes New Pay Limits at Affected Institutions,” appeared in the New York Law Journal.

“[ARRA] expands the number of executives covered (with different numbers of executives covered under different provisions), imposes stricter limitations on compensation payments, prohibits severance payments to certain executives and adds new corporate governance standards and requirements relating to those standards.”

March 10, 2009Cambridge, Massachusetts:  Mr. Bachelder spoke on negotiating executive compensation at the Harvard Business School as part of a course entitled “Managing, Organizing & Negotiating for Value” taught by Professors Brian Hall and Andy Wasynczuk.

February 2, 2009.  Mr. Bachelder was featured in The American Lawyer.

“Bachelder…essentially invented the [executive compensation] practice area….”

2008

December 1, 2008Cambridge, Massachusetts:  Mr. Bachelder lectured at Harvard Law School on executive compensation issues at Professor Lucian Bebchuk’s seminar on corporate governance.

September 24, 2008New York City:  Mr. Bachelder spoke at Practising Law Institute’s conference on Hot Issues in Executive Compensation, discussing developments in executive employment agreements.

2008.  The following Executive Compensation columns by Mr. Bachelder appeared in the New York Law Journal during 2008:

EESA Limits on Executive Pay at Affected Institutions” (November 14),

New York Courts Dismiss ‘Grasso’ Compensation Case” (August 28),

Public Versus Private-Equity-Controlled Companies” (May 30) and

Severance Benefits May Risk 'Performance-Based' Status” (March 27).

May 2, 2008Cambridge, Massachusetts: Mr. Bachelder spoke at Harvard Law School as a panelist on “The Intersection of Law and Corporate Governance.”

April 29, 2008.  Philadelphia, Pennsylvania:  Mr. Bachelder spoke on executive compensation at private equity firms at Drexel University’s Inside the Boardroom conference.

April 4, 2008New York City:  Mr. Bachelder spoke at the Directors’ College, sponsored by the Weinberg Center of Corporate Governance at the University of Delaware and PricewaterhouseCoopers, discussing developments in executive compensation.

March 5, 2008New Haven, Connecticut:  Mr. Bachelder spoke to a class at Yale Law School on corporate governance issues involving executive compensation, at the invitation of Visiting Professor Lucian Bebchuk.

2007

October 1, 2007.  Mr. Bachelder was featured in an article in Directorship magazine.

“[L]awyers who specialize in executive compensation are playing a bigger role in the often emotionally charged discussions about salaries, benefits, and severance….Negotiating these contracts on behalf of CEOs are such super agents as…Joseph Bachelder….  Like high-profile sports agents, such as Drew Rosenhaus and Scott Boras, they represent the brightest stars with the largest paydays.”