Does anyone know if there is a LTIP factor? And if so what is it?
18 replies (most recent on top)
I would prefer management holds themselves to the same standards as the rank and file: Talk is cheap, it is choices and actions that matter.
You would prefer management talk more about safety to the workforce?
"Management gets a larger percentage of their salary... as CIP compared to the worker bees": True, but from 28 and above LTIP provides more of their total compensation than salary and CIP combined....hence the annoyance of many of the posters on this thread!
@2hda,
Spin spin spin. The managers who hired the incompetent contractors at FGP are rewarded for high oil prices while the average rank and file employee is punished for mgmts bad hiring decisions.
Because LTIP is tied to stock price with the intention that managers make decisions that juice the stock price, short term and long term, and benefit shareholders. It's just a different tool. Management gets a larger percentage of their salary (and pension benefit) as CIP compared to the worker bees, so they have a greater incentive to operate safely. You may have heard managers mentioning the importance of safety?
@2ryc,
You miss the point. The complaint is that employees are punished for the poor safety record while the high level management team is not. Why is there a direct OE component of the CIP but not the LTIP? High level managers have more influence over fatality prevention than rank and file employees.
It’s quite humorous that many believe they shouldn’t be responsible for the safety performance but want to take credit for the great financial returns when most were due to commodity prices. What exactly did you do to contribute? Probably the same slackers that do the bare minimum not to get fired.
These are the same individuals that weren’t complaining getting bonuses after 2020 when the company was bleeding money. They were saying, “we should give our bonuses back”….. so funny ! 😂
“ LTIP is the bulk of the compensation paid to high level management”… exactly, and Sr. Management does bear some direct responsibility for the actions of those below, unlike the broader rank and file in unrelated departments.
I agree with @2fpq. We should seek out only the 0.01% of the responsible employees who actually hired and authorized to the job site those who got themselves ki-led. Everyone else shouldn’t have to share the hit on the CIP.
The PSU factor is only based on TSR (stock performance / dividend payout). No direct safety dependence.
Ironically the LTIP is the bulk of the compensation paid to high level management who are punishing the rest of the workforce for fatalities that 99.9% of employees had no influence over.
How is the PSU factor higher than the CIP factor if it all based on company performance? Or are the PSUs strictly on financials?
I suppose you are referring to the PSUs? If so, the factor was 1.6
Yes, the LTIP factor this year is “More Than Yours”. Always has been this way and this year is no different.
I heard the same thing: All the executives are giving up their bonuses to build a widow fund for the contractors that died and help fund the stock buyback program. Good to hear they are all putting the company first.
Unfortunately, I just heard they canceled LTIP payments this year due to all the fatalities. Besides that, Mikey wanted to use that money for more stock buybacks to juice the value of his options that vest the day he retires.
- 25 this year
For laid off people? Wrong site?
Personal factor LTIP = Laughed Till I Puked.