In what could be an embarrassing blow to Xstrata's board, however, investors could reject a separate 140 mln pound ($223 mln) "golden handcuffs
" retention plan for Xstrata managers.
(1) Golden handcuffs
. When an employer pays a cash bonus, there is no guarantee the executive will remain with the company.
Aggregate chief executive Peter Tom together with Bill Bolsover, John Bowater and James Retallack, stand to share bonuses totalling pounds 3.55 million in a 'golden handcuffs
' deal to keep them in post for at least two years after the merger.
Mr Skellett patiently explained that the money was part of a 'golden handcuffs
' deal to keep him in his post so that he could oversee the new owners' business plans.
Patton referred to this phenomenon as "golden handcuffs
," whereby a broker working on, for example, an 800,000-SF lease isn't likely to break from his firm until the lease is signed (and his commission is paid out.)
I would like to correct some of the misleading statements in the article, "Loosening the Golden Handcuffs
," which appeared in the July/August edition of The Washington Monthly.
Ordinarily used in addition to such plans, a golden handcuffs
agreement offers post-employment bonus payments to the association executive as an inducement to remain employed by the association for an extended period of time, hence handcuffing him or her to the position until a designated time.
During a corporate slump, repricing options can be an effective and inexpensive means of providing employees with incentives and keeping their golden handcuffs
* Create "golden handcuffs
" by proportionately increasing benefits for additional years of service, thus providing a financial incentive for valued executives to remain with the company.
KATIE Piper could take over as the host of The Great British Bake Off after she revealed that she has a two-year golden handcuffs
deal with Channel 4.
Campaign director for the Taxpayers' Alliance Robert Oxley supports the moves to get back the cash, saying Mr Prince taking on the role for nearly PS26,000 less shows the "golden handcuffs
" were unnecessary.
He said it was a "golden carrot" rather than a "golden handcuffs
" arrangement, because the directors were still free to leave.
SO-CALLED "golden handcuffs
" payments topping pounds 720,000 were paid to staff at the region's now closed regional development agency.
CORONATION Street favourite Antony Cotton has signed a six-figure golden handcuffs
deal to keep him on the cobbles until 2013.
CORRIE babe Michelle Keegan is celebrating "the best year of my life" after agreeing a lucrative golden handcuffs
contract with ITV to stay on the cobbles for at least another year.