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Iger, who is 66 and has extended his contract with Disney to 2021, received a base salary of $2.5 million, a performance-based bonus of $15.2 million and equity-based compensation (including stock options) valued at $17.3 million.
Mr. Bianco further reduced the estimated earnings of the company for equity-based compensation.
Some companies pay directors even more heavily in equity-based compensation.
Equity-based compensation became increasingly performance-based in the past decade.
Caterpillar, based in Peoria, Ill., said the cuts reflected planned reductions in its incentive program and equity-based compensation.
The distinction is important because managerial talent is largely rewarded through the expectations market, though equity-based compensation.
Similar(22)
The move ensures that Page and Brin will retain control of the company: "These non-voting shares will be available for corporate uses, like equity-based employee compensation, that might otherwise dilute our governance structure," they said.
In addition, at least four public companies that employed a dual-class capital structure for their IPOs over the past 15 years subsequently authorized a third class of non-voting stock for potential use for stock-based acquisitions and equity-based employee compensation without dilution of the founders' voting control.
However, day-to-day dilution from routine equity-based employee compensation and other possible dilution, such as stock-based acquisitions, will likely undermine this dual-class structure and our aspirations for Google over the very long term.
But "the day-to-day dilution from routine equity-based employee compensation and other possible dilution, such as stock-based acquisitions, will likely undermine [Google's current] dual-class structure and our aspirations for Google over the very long term.
These non-voting shares will be available for corporate uses, like equity-based employee compensation, that might otherwise dilute our governance structure.We recognize that some people, particularly those who opposed this structure at the start, won't support this change and we understand that other companies have been very successful with more traditional governance models.
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