The latest press release from BP doesn’t come clean with the truth. But they’re just covering up. We know better. And cartoonist extraordinaire Mark Magee has the photographic evidence.
Dovid Muyderman, Events Analyst, found this interesting approach to determining performance in a June 8th 8-K from Petroquest, obviously a quest for oil, not a quest for truth.
On June 7, 2010, the Board of Directors (the “Board”) of PetroQuest Energy, Inc. (the “Company”), based upon the recommendation of the Compensation Committee of the Board (the “Committee”), approved amendments to the Annual Incentive Plan (the “Plan”), which is administered by the Committee. The amendments provide that the Committee may determine, in its sole discretion, that Company financial and strategic performance criteria have been achieved during any Plan year, and pay the bonus during the Plan year to any employee, a group of employees or all employees participating in the Plan (including paying all or a portion of the bonus during the Plan year or after the end of the Plan year).
So, it’s all up to them. What do they do at the end of the year? Just sit around and say: “Yeah, I think they did it.” “Yeah, so do I.” “Yeah, like, probably.” “So, shall we give it to them?” “May as well.” Nothing like: “So, did they hit that ROE target of 24.6%?” “No.” “Right, no bonus then.”
How the other half heals
Events Analyst Marge Schwietering found this little gem in another June 8th 8-K, this time from AAR Corp.
Regardless of whether a Change in Control is involved:
(i) If Mr. Storch’s termination is due to Retirement, he and his spouse are entitled to continued coverage under the Company’s medical, dental, welfare and executive health programs for his (and his spouse’s) lifetime (or until he obtains health coverage from a new employer).
So, this whole health care debate thing would seem to be completely irrelevant for Mr. Storch, then.
For God's sake, don't sue us here, something might happen
And Dovid also found this in an April 29 website press release for Synutra International.
Synutra International, Inc. (NASDAQ: SYUT), a leading infant formula company in China and a producer, marketer and seller of nutritional products for infants, children and adults, today announced that the U.S. District Court for the District of Maryland granted Synutra’s motion to dismiss a civil action complaint filed against the Company. The lawsuit was a product liability action related to the melamine crisis in China. The Court granted the Company’s motion to dismiss in an Order dated March 29, 2010, finding that the Chinese judicial system was the more appropriate forum for addressing these actions.
Liang Zhang, Chairman and CEO of Synutra, stated, “We are gratified with the court’s decision to dismiss this case. We have already addressed significant legal actions in China, and this dismissal is much more efficient for our Company and for our shareholders.”
On April 27, 2010, the plaintiffs filed a notice of appeal of the dismissal order.
No disclosure as to whether the company was successfully prosecuted in China, just that it has “addressed significant legal actions”. I bet it is more efficient not having to deal with U.S. lawyers, much better for the company and the shareholders all round.
Website Quotation of the Week
Events Team Leader Mark Magee found this on McDonald’s website.
Kids sometimes need a little nudge when it comes to nutrition, and most parents welcome any help they can get. If that help happens to be from a wildly popular green ogre and his friends, all the better.
This was on the ‘Talking with Kids About Food Choices’ section describing the new Shrek Forever After™ Happy Meals.
Now, apart from anything else – and I’m not going to state the obvious here because we’ll get sued – if I was reduced to visiting the McDonald’s website to get help in communicating with my children about healthy eating options…. You know, I’m not even going to say that. Just use your imagination.
Paul Hodgson – Senior Research Associate