Investors Seek 'Restatement' of Bonuses
Sanjay Kumar, Computer Associates' (CA Quote) recently deposed CEO, soon may be out of more than just his title. Irked shareholders are demanding that the executive repay the $3.2 million bonus he received in 2001.
Kumar and Computer Associates Founder Charles Wang -- who received $4.78 million in bonus pay in 2001 -- are the targets of what is becoming the latest corporate governance mantra: that executives repay bonus compensation for results that have been restated or are coming under close scrutiny.
"If you didn't earn it, if the financial results were [incorrect], as far as I'm concerned, you owe me money," said Duncan Stewart, a portfolio manager at Toronto-based Tera Capital. "Money received for profits that were not made should be paid back." ...
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