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ISS raised issues about the disclosure of operational targets that top executives have to hit in order to achieve bonuses and the award of shares under Sky's long term incentive plan.
"We've learned no facts to support the allegation in the report that the accounting was undertaken to achieve bonuses," Mr. Raines said, challenging the most important accusation made by the company's chief regulator, the Office of Federal Housing Enterprise Oversight, known as Ofheo.
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Independent investors used Friday's AGM vote to show their concern about the secrecy of performance targets that top executives have to hit in order to achieve bonus payouts and share awards.
In 2006, the firm paid $400 million in fines one of the largest accounting-related settlements on record to settle accusations it misstated earnings by $10.6 billion from 1998 to 2004, all to help top executives achieve bonus and other compensation targets.
As one factory operator said: "We have a production bonus system in the line and we achieve this bonus because we learn how to do good quality work in an efficient way.
But potential bonuses may become incorporated in funding expectations and, even though officially phrased positively, failure to achieve the bonus may still be perceived as a penalty.
In excess of 40% of each year group of students was able to achieve the bonus (Table 2), which would suggest that these students had adopted a deep learning approach.
They were below their best but achieved a bonus-point victory while Wasps again left a double-header wondering about what should have been.
"And two, it's important that, with a massive game coming up and having achieved the bonus point, that we take our players off".
Typically, managers were loath to see their employees' wages fall too low, so they frequently kept quotas deliberately low, or offered ways for workers to manipulate their work outputs to achieve a higher bonus.
It plans to increase that to 42 per month, and perhaps more if it can achieve productivity improvements through incentive bonuses that are laid out in the new contract.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com