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Tuesday, January 6, 2009
BUSINESS TODAY
Business Today for December 30, 2008
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Shaw shareholder questions pay
For the second time in three years, The Shaw Group Inc. will face a shareholder challenge over executive compensation at its annual meeting, scheduled for Jan. 28. Citing payments to the estate of Richard Gill, Shaw’s former Power Group president who died March 20, a New York-based mutual fund proposes a shareholder vote before Shaw signs any future “golden coffin” agreements that pay special benefits upon the death of an executive. New York-based Amalgamated Bank, which owns 30,500 Shaw shares through its LongView MidCap 400 Index Fund, makes the proposal in a Shaw proxy statement for the annual meeting. The proposal to be voted on by Shaw shareholders calls for the company to obtain shareholder approval when the company agrees — upon an executive’s death — to pay unearned salary or bonuses, to accelerate vesting and payment of stock awards, or to pay unearned fringe benefits. Senior executives should have ample time to plan for retirement and obtain insurance, the bank said in its proposal, adding that “we see no reason to saddle shareholders with payments or awards when shareholders receive no services in return.” Gill had worked more than 11 years for Shaw, and his death benefits recognized long-term accomplishment and commitment to Shaw, the company said. Upon his death, Gill’s estate received $2.75 million, including a lump sum payment worth one year’s salary ($700,000), $750,000 in insurance benefits and $1.2 million in accelerated stock payments. In the case of Shaw Chairman Jim Bernhard’s compensation agreements, the New York bank noted that Shaw would be obligated to pay $38.2 million in salary and accelerated stock awards upon his death, plus more than $17 million in a parachute payment tied to a non-compete clause. Read more in Wednesday’s Advocate
La. second on industrial projects list
Louisiana ranked second in the nation behind Texas as locations where industrial firms in the Southwest are evaluating more than 1,000 projects with a total investment value of $58 billion in 2009, according to Industrial Info Resources, a Sugarland, Texas-based marketing information service. Louisiana firms are considering 273 projects with a cost of nearly $20 billion. Texas firms top the list with 579 projects with a total investment value of $34 billion. The projects involve everything from new plant construction to upgrades at existing plants. Both states are major petrochemical producers.
La. industry beats national injury rates
Louisiana industries beat the national rates of job-related injuries and illnesses in 2007, results of the most recent Survey of Occupational Injuries and Illnesses show. Louisiana’s private industry incidence rate was 2.9 per 100 full-time equivalent workers in 2007, down from the 2006 rate of 3.0 and a 2002 rate of 3.8. The national rate for 2007 was 4.2, down from 4.4 in 2006 and 5.3 in 2002. The rate of work-related injuries and illnesses in Louisiana is at an all-time low since the federal Occupational Safety and Health Administration revised its recordkeeping rules in 2002. Louisiana’s incidence rate in manufacturing fell to 3.8 in 2007 from 4.4 in 2003. The national rate in 2007 was 5.6, down from 6.8 in 2003. Private industry occupations in Louisiana with the most injuries and illnesses resulting in days away from work have been heavy and tractor-trailer truck drivers; nursing aides; orderlies; attendants and laborers; and freight, stock and material movers. Most injuries that required days away from work involved sprains and strains. Additional state and national data is available at the Bureau of Labor Statistics Web site in the Injuries, Illnesses and Fatalities section at www.bls.gov/iif.
Physician insurer approves dividend
Louisiana Medical Mutual Insurance Co., the physician-run medical malpractice insurance provider, has approved a $10.3 million dividend for its 6,000 policyholders. The company also said it will lower policyholder rates by an average 2.8 percent. Thomas H. Grimstad, LAMMICO president and chief executive officer, attributed the announcement to the company’s financial strength and its efforts in recent years in changing state laws regarding the way malpractice suits are filed. LAMMICO says the dividend amounts to 20 percent of policyholders’ written premium as of Nov. 21.
Group warns against fake bowl products
As the LSU Tigers prepare to meet Georgia Tech in the Chick-Fil-A Bowl in Atlanta on Wednesday, bowl officials joined the company in charge of LSU’s sports marketing in warning fans of knockoff merchandise. Collegiate Licensing Co., which represents Georgia Tech and the Chick-Fil-A as well, vowed to crack down on unlicensed and counterfeit merchandise. Officials said that licensed merchandise should: --Display the Officially Licensed Collegiate Products (OLCP) label on the product or hangtag. Torn or missing tags are evidence of a second-hand garment, one that would not meet the stringent quality standards in place by the bowl and universities. --Depict the Chick-fil-A Bowl, Georgia Tech and LSU logos and marks in a “tasteful manner,” since distasteful designs are not approved. --Bear the name of the manufacturer on a hangtag, a neck label printed directly on the product. --Have trademark symbols adjacent to names and designs.
NATIONAL/INTERNATIONAL NEWS
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