March 23, 2006 (PLANSPONSOR.com) - The recent move
by the US Securities and Exchange Commission (SEC) to require
broad-brush executive compensation disclosures has drawn wide
support in a recent chief financial officer survey.
A news release said that the quarterly CFO Outlook
Survey
conducted by Financial Executives International (FEI)
and Baruch College’s Zicklin School of Business found that
71% were generally behind the disclosures. While 4% thought
the disclosures (See
SEC Unveils Proposed Exec. Comp. Disclosures Mandate
) will actually drive pay up, about one-third said the
information release will make companies more careful not to
award excessive pay.
According to the announcement, 64% said they
opposed US House Bill (HR 4291) that would require
shareholder approval of executive pay packages, one in
three said they backed the bill outright or with
conditions. Approval for this proposal was higher among
private companies than public companies.
Colleen Cunningham, president and CEO of FEI, noted
the questions on executive pay drew some of the strongest
comments in recent survey history. “In general
respondents acknowledged the problem of excessive
compensation but felt responsibility for its control lay
with the Board and its compensation committee rather than
via additional regulation,” Cunningham said in the news
release.
CFOs’ answers to questions on employee benefits
reflected an acknowledgement of relentless cost pressure
in this area. Of the companies currently offering a
defined benefit pension plan, 37% said they were thinking
about freezing it or converting it to a defined
contribution or cash balance plan. More than half
expressed serious concern about the increasing amount
they will have to pay in pension insurance premiums to
the Pension Benefit Guaranty Corporation as part of the
ongoing pension reform changes.
Not only that, but 95% of companies expect their
health care spending to increase, with the average
increase forecast at 8%. Companies in the survey
group are currently covering just over 70% of employee
health care premiums, on average, with one-third having
trimmed their subsidy during the past three years.
Finally, more than three-quarters (77%) of the 200
CFOs surveyed expect their companies to hire more people
over the next twelve months, at an average increase of
4%.
But for the Energy Policy Act of 2005 (which extended
Daylight Saving Time in the U.S. beginning in 2007 – see
Time for a Change?
), most U.S. clocks would have been changed (not all areas
of the U.S. observe DST).
In fact, I’ve been fighting my blackberry for the
correct time for a week, and my DVD apparently hasn’t
gotten the message, either.
As it is, those of us who DO will switch our clocks back
this weekend.
This week, I asked readers when they would set their clocks
back.
Apparently most of us (
57.5%
) will make the change on Saturday night before turning in
(one reader noted,
“…are you kidding with the Sunday at 2:00a.m., I
haven’t seen that since I was single and without kids.
I’m lucky if I make the 10:00 p.m. news
“), and
13.5%
will do so on Sunday morning.
Another 5% will be attending to things “sometime
Sunday”, and half that number will be doing so on
Sunday morning – but before going to bed.
“Other” was a more popular than usual category this week
– garnering a full one-in-five responses – and the source
of this week’s special verbatims:
Some people have a special “system”:
“Saturday morning so I have
an extra day to get on the right schedule instead of paying
the price Monday morning.”
“Saturday early afternoon as
I like to go to bed and get up with the actual time.”
Several were “combating” technology:
“All of the alarm clocks in
the house are designed to switch automatically via
satellite. I thought this would be a good idea because I
would never need to change the time again. Unfortunately,
nobody told the satellite DST was extended, and they all
changed last weekend. They have been wrong all week.”
“Saturday morning — I’m
going out of town for a trip and will be in a hotel at 2:00
a.m. on Sunday morning. As an aside, my three [pre-2007]
automatic-time-adjustment clocks were all wrong, and
“fell back” a week early. Apparently they
didn’t get a copy of the legislation.”
“Well, we have a couple of
clocks that purport to set themselves. Unfortunately, they
were programmed BEFORE DST changed. So the clock by my side
of the bed “fell back” last weekend and had to be
reset. Plus, I now have to make sure all of my global calls
are set to the right time because my team in India
isn’t on any sort of DST, and back in the spring, we
were off by one hour for several weeks. It’s not nice
for those folks who already stay late (their time) to have
a call with us on our morning. Outside of those clocks that
set “automatically” (and then have to be reset),
we’ll do the clocks Sunday sometime. Note that there is
one clock that we never got around to changing in the
spring, so it will be just dandy on Sunday morning.”
“Some of the above. Part of
our house is already observing Standard Time, other parts
will be when we wake up Sunday morning and others are
holding out a little longer, possibly until Monday. Our
antique (that means old, not valuable) mantel clock will be
on the same time I am, whatever that happens to be, since I
am allowed to control that one manually.”
“I will set clocks back on
Saturday night, except for the cable box which changed on
its own last weekend, so my den is on Central time this
week.”
For some, the “other” answer was
“never”:
“Never. I stopped resetting my clock forward and
back few years ago. I simply leave all the clocks on DST.
I just got used to it and I know to properly deduct one
hour.”
For others the “other” answer was
“ongoing”:
“I’ll set my wristwatch
and my bedside alarm clock when I go to bed Saturday night
and all other clocks, timers, etc. on Sunday….all
day.”
Family was a “factor”:
“My husband changes “his” clocks (2)
Saturday evening. I change the rest of the clocks (7) on
Sunday morning.”
“I will set the clocks back Saturday night before I
go to sleep. BC (before children), I would celebrate DST
with an extra hour of parting and/or sleep. However,
since my three kids internal clocks have no concept of
DST, or my desire to squeeze an extra hour of sleep into
an already sleep deprived week, I will go to bed knowing
full well, that those little minions WILL still be waking
me up at the crack of dawn, regardless of what the clock
reads!”
But this week’s
Editor’s Choice
comes all the way from Hawaii ”
Aloha Nevin, I realize this is too late for your survey
today regarding when everyone will change their clocks, but
I did have to add my 20 cents.
While we don’t recognize daylight savings time, our
challenge is trying to remember what time it is in the rest
of the world because yes, we do live on an island.”
Thanks to
everyone who participated in our survey!
the bedroom clock
will get set back before I go to bed Saturday
night. All the other clocks in the house will be
changed when I get up on Sunday or at least at some
point on Sunday!
I'll reset my
bedroom clock on Saturday night, the DVR resets
itself, the microwave and stove clocks...maybe
Sunday, and all others after I realize (because
I'm an hour late for something) that I forgot
to reset them.
The clocks are set
back Sunday morning and my modest collection of
wristwatches gets set back as I wear one. Too many
to do them all at once.
Never. I stopped
resetting my clock forward and back few years ago.
I simply leave all the clocks on DST. I just got
used to it and I know to properly deduct one
hour
Since I sleep in on
Sunday anyway, I like to think I'm getting an
extra hour of awake time during the day on
Sunday.
normally it would be
Saturday before going to bed, but I'll be out
of town so it will have to be Sunday
afternoon...personally, it drives me crazy that the
U.S. does this at all. Given the typical 10-12 hour
work days - what energy are we saving?!
Saturday night
before I go to bed, are you kidding with the Sunday
at 2:00a.m., I haven't seen that since I was
single and without kids. I'm lucky if I make
the 10:00p.m. news.
As I happen upon
Them - Sunday, since the Cable TV Box always
updates the DST automatically I always go back to
"the box" as reference.
I will set the
clocks back Saturday night before I go to sleep. BC
(before children), I would celebrate DST with an
extra hour of parting and/or sleep. However, since
my three kids internal clocks have no concept of
DST, or my desire to squeeze an extra hour of sleep
into an already sleep deprived week, I will go to
bed knowing full well, that those little minions
WILL still be waking me up at the crack of dawn,
regardless of what the clock reads!
I wait for the cable
box to tell me the time on Sunday and then I change
the rest of the clocks.
I'll set my
wristwatch and my bedside alarm clock when I go to
bed Saturday night and all other clocks, timers,
etc. on Sunday....all day.
whenever we get
around to it - we will reset the important one
Sunday sometime - the alarm clock and the rest
whenever. The car ones that don't reset
automatically we may never reset - we have to find
the instruction manual and then figure out how to
do it. And some of our watches we have to figure
out how first so it maybe we will just pretend we
are traveling in another time zone and not worry
about it.
Probably Saturday
morning so I can spend the day playing "what
is the REAL time?" and I bask in
Einstein's realitivity.
My clocks were set
automatically last weekend and I never changed them
back. Now, I just need the TV shows to catch up.
ha!!
All of the alarm
clocks in the house are designed to switched
automatically via satellite. I thought this would
be a good idea because I would never need to chang
ethe time again. Unformtunately, nobody told the
satellite DST was extended, and they all changed
last weekend. They have been wrong all week.
Saturday night
before I go to bed for most of them, although I
will struggle (and briefly panic) with resetting
the one in the car on my way to church on
Sunday.
My watch (aka
cellphone) should set itself. All non-computerized
chronographs at home will be reset by spouse -
I'll be at the SPARK conference and not too
worrried about being late for golf on
Sunday.
I usually set at
least one clock before I go to bed and then set the
rest of them sometime on Sunday. There's always
that one clock that's forgotten and doesn't
get switched for a week or two.
None of the above.
Atomic clocks will do the work for me.
Sunday morning after
I get up I'll reset my home clocks except for
the clock I set back last night after I replaced
its battery. Didn't want to open it up to reset
it again Sunday. Now the car on the other hand
waits until I am not running late to wherever I
need to go.............
Saturday morning or
afternoon.
A few of my clocks
are programmed to switch automatically, and since
I've had them for more than a couple of years,
they actually switched last weekend and I've
had to mentally adjust this week. Otherwise,
I'll change the rest Sunday morning when I get
up.
My husband changes
"his" clocks (2) Saturday evening. I
change the rest of the clocks (7) on Sunday
morning.
I'll set my
clocks back on Saturday night before I go to bed -
however, I wish that we were all like Arizona and
have ONE time schedule year-round - they don't
have daylight savings time.
While travelling
this Monday, I saw a number of clocks set back
early. I always rely on my cell phone to give me
the "real" time.
I try to set them
before bedtime. However, usually miss some and will
do them after I wake up. My watch is automatic as
it sync's with the atomic clock somewhere to
keep time. I leave it alone.
Saturday morning --
I'm going out of town for a trip and will be in
a hotel at 2:00 a.m. on Sunday morning. As an
aside, my three [pre-2007]
automatic-time-adjustment clocks were all wrong,
and "fell back" a week early. Apparently
they didn't get a copy of the legislation.
--Karl S.
After I've shown
up for work early a couple of times.
Since I will be out
of town this weekend, I'll have to do it
Sometime on Sunday when I return home. Normally, I
would sent them on Saturday night before I go to
bed.
Normally, saturday
night before I go to bed. However, my VCR is not
observing the Energy Policy Act of 2005 and changed
last weekend (I haven't bothered to fix
it)....
Saturday early
afternoon as I like to go to bed and get up with
the actual time
When I start
arriving an hour early or late to the kids sporting
events.
Some of the above.
Part of our house is already observing Standard
Time, other parts will be when we wake up Sunday
morning and others are holding out a little longer,
possibly until Monday. Our antique (that means old,
not valuable) mantel clock will be on the same time
I am, whatever that happens to be, since I am
allowed to control that one manually.
The cable box
changed by itself last Sunday, so my den has been
on Central time this week. Did I register for the
DB conference?
Well, we have a
couple of clocks that purport to set themselves.
Unfortunately, they were programmed BEFORE DST
changed. So the clock by my side of the bed
"fell back" last weekend and had to be
reset. Plus, I now have to make sure all of my
global calls are set to the right time because my
team in India isn't on any sort of DST, and
back in the spring, we were off by one hour for
several weeks. It's not nice for those folks
who already stay late (their time) to have a call
with us on our morning. Outside of those clocks
that set "automatically" (and then have
to be reset), we'll do the clocks Sunday
sometime. Note that there is one clock that we
never got around to changing in the spring, so it
will be just dandy on Sunday morning. Thanks,
Nevin. And thanks too for the InTouch. It's
nice to have that back, and I appreciate the effort
you put into it. Bronson
It takes me all week
to figure out how to change the clock in the car, I
can never remember how I did it before. Read the
owner's manual...What's an owner's
manual?
WHY BOTHER? THEN I
CAN BE EARLY TO WORK EVERY DAY.
Saturday morning so
I have an extra day to get on the right schedule
instead of paying the price Monday morning.
Mine is already
done. I have one of those clocks that sets itself
but thanks to the change it was a week ahead of
itself. I left it alone and have been in early to
work all week.
I'll set the one
in the bedroom before I go to bed so I can relish
the extra hour's sleep! All of the other
aggravating digital monsters can wait...maybe my
husband will do it.
Will not change the
clocks until Tuesday when we return from the SPARK
conference in Florida. We're tacking on an
extra day and flying out Saturday morning
verrrrrrrrry early. Clocks will have to wait until
we come back Tuesday night.