Tuesday, March 20, 2007

Bald Statements

As noted here and here, it's annoying when a company ups an executive's compensation/retirement package year after year while studiously ignoring how rich they’ve already made him thanks to a certain generosity with stock options.

Enterprise Financial Services Corp. (EFSC) isn't the kind of company we normally pick on. Its President and CEO, Kevin C. Eichner, made a mere $1.3 million in total compensation last year. Unfortunately Enterprise attracted our notice with this comment in the Compensation Discussion & Analysis section of its recent proxy:

We are aware of the considerations surrounding executive wealth accumulation as it relates to executive compensation, and equity-based compensation in particular. However, to date we have not considered that in determining executive compensation.”

Here’s what Enterprise is saying: “Yeah, We Know, But We Don’t Care.” Why bother disclosing this? Are they just trying to make us mad?

Coincidentally, “yeah, we know, but we don’t care” happens to be exactly the way we feel about the latest developments in the life of Britney Spears, poor dear.