Transocean Cites Safety in Bonuses

[Lunican]

Good news... Transocean execs will receive their safety bonus despite the Deepwater Horizon incident.

Transocean Cites Safety in Bonuses

Transocean Ltd. had its "best year in safety performance" despite the explosion of its Deepwater Horizon rig that left 11 dead and oil gushing into the Gulf of Mexico, the world's largest offshore-rig company said in a securities filing Friday.

Accordingly, Transocean's executives received two-thirds of their target safety bonus. Safety accounts for 25% of the equation that determines the yearly cash bonuses, along with financial factors including new rig contracts.

The payout contrasts with that for 2009, when the company withheld all executive bonuses after incurring four fatalities that year "to underscore the company's commitment to safety."

In a filing on executive pay, Transocean said, "Notwithstanding the tragic loss of life in the Gulf of Mexico, we achieved an exemplary statistical safety record." Based on the total rate of incidents and their severity, "we recorded the best year in safety performance in our company's history."

Full article:
http://online.wsj.com/article/SB10001424052748703806304576236661289767034.html

[FayeforCure]

Could we learn from this threat to tax bonusses of bailed-out companies at 100%?

That STOPS these bonusses instantly 

Netherlands Rejects Bonus Tax on Bailed-Out Banks, Insurers
By Maud van Gaal - Mar 29, 2011 11:25 AM ET
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Business ExchangeBuzz up!DiggPrint Email .The Netherlands rejected a proposed 100 percent tax on bonuses given to employees of ING Groep NV (INGA), Aegon NV (AGN) and other bailed-out banks and insurers.

The request is “disproportionate, legally flawed and undesirable,” State Secretary for Finance Frans Weekers said in an interview with Dutch broadcaster RTLZ today. “I do understand the reasoning behind it and together with Finance Minister Jan Kees de Jager we will see how we can act in accordance with its essence.”

Dutch lawmakers last week submitted a non-binding motion to apply a one-time tax on all bonuses paid since 2008 after ING proposed paying Chief Executive Officer Jan Hommen a 1.25 million-euro ($1.76 million) bonus.

ING, which received 10 billion euros of aid in 2008, scrapped proposed executive bonuses amid criticism from lawmakers and government officials.

The transfer of risk by Amsterdam-based ING on 21.6 billion euros of U.S. mortgage assets should also be taken into account when awarding bonuses, Weekers said.

The Netherlands bought the Dutch units of Fortis, including ASR Nederland NV and parts of ABN Amro Group NV, in 2008 after the company ran out of short-term funding, customers withdrew deposits and investors lost confidence. The government also provided aid to Aegon and SNS Reaal NV. (SR)

To contact the reporter on this story: Maud van Gaal in Amsterdam at mvangaal@bloomberg.net

To contact the editor responsible for this story: Frank Connelly at fconnelly@bloomberg.net
.

http://www.bloomberg.com/news/2011-03-29/netherlands-rejects-bonus-tax-on-bailed-out-banks-insurers-1-.html

[JeffreyS]

I saw this earlier today and was seeing red.