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Please know our dedicated client teams are working incredibly hard to be available to you, as quickly as possible. We appreciate your patience if you do experience longer-than-usual wait times," it states. She said, right now centers are opened with enhanced cleaning routines, but urged investors to consider phone appointments and cautioned that offices may need to close.
Schwab and TD have the added burden of their merger, including convincing the Department of Justice DoJ the new company won't be anti-competitive. Fidelity, which is privately owned, has also escaped the punishing stock market. But Schwab and TD haven't been so lucky. TD Ameritrade will cut back on customer contacts as of March 19, it reported on Monday afternoon. Included in the wholesale reduction of the Omaha, Neb. By launching Fidelity Digital Funds under an year seasoned exec, the Boston giant is signalling no let-up by putting something scarcer than capital into the crypto-pot -- its seasoned talent.
The Jersey City, N. Toggle navigation. Abby Johnson is telling most employees to work from home. Schwab hates people working from home. Always has. Related Moves. Fidelity Investments applies its proven Peter Jubber to its unproven bitcoin unit and its launch of Fidelity Digital Funds signals it's all in on blockchain currency By launching Fidelity Digital Funds under an year seasoned exec, the Boston giant is signalling no let-up by putting something scarcer than capital into the crypto-pot -- its seasoned talent.
Pershing poaches a chief operating officer from Goldman Sachs, citing her experience doing client-onboarding revamps as a key The Jersey City, N. Share your thoughts and opinions with the author or other readers. Having lived thru the Spanish Influenza of when there were no options other than to be "at work" I consider myself lucky. Given the technology available today to enable an effective mobile workforce I can only describe Schwab's call as grossly irresponsible and shows either a lack of trust and care for its employees OR colossally misguided in thinking that keeping a workplace norm is somehow going to make things better.
We're supposed to be practicing social distancing. Instead CS is clustering people in a closed environment surely to recycle diseased air no matter how clean the facility is. Although, all companies are in a difficult spot right now, Schwab is suffering more due to a culture of cost cutting that has been championed by Mr.
You can only cut so much and the business begins to suffer. The events that we are in the midst of right now are making that very clear. They got away with this in a long market up trend He should s!!! Worked at Schwab for years and the execs shunning remote work - even for the staff that is non client facing is the stuff of legend.
The company is run by dinosaurs resistant to change. Seeing other companies step up the way they have takes seat so much of the pride and respect I had for this organization. Once again, this post is full of inaccuracies. As effectively every other financial services company is doing, Schwab is balancing having some employees work from home and others come into the office.
But rather than spending time debating our approach in a blog, we are focused on serving our clients and employees during these unprecedented times. Glen Mathison Charles Schwab Corp. We have had coworkers recently travel to Italy, Seattle, cruises, and other locations. Some employees are able to work from home, driving resentment from others. The office has become an uncomfortable place to be during this crisis with little being communicated.
Glen Mathison is talking through his backside. He claims the post is full of inaccuracies but never points out a single piece of information that is incorrect. Most of the post is facts and quotes that are easily verifiable. If you want to talk about inaccuracies consider Glen's claim that Schwab is focused on serving it's employees.
If that were true then why is it that the Schwab internal network can only handle a fraction of the total workforce being remote while other firms have no such issues? Why is it that Schwab locations with known outbreaks are expecting employees in non client facing roles to come in with little protection beyond an enhanced cleaning whatever that means? Why is it that the CEO tries to deflect responsibility by saying their hands are tied when as the head of the company they're the one with the rope?
Does that sound like a company that is focused on serving it's employees? Concerned Schwab employee said it best. Bettinger and his cronies have been understaffing and underfunding their technology side for years and now it's coming back to bite them. Shame on Bettinger! Many departments can be remote so do so before you face a law suit!
Morale is dropping here with the lack of action and inconsistency at Schwab. Many back office folks like myself who have laptops, remote access and no interaction with clients are being forced to risk our lives to come into the office while folks in adjacent departments on our floor are being allowed to work remotely.
This is crazy and breeding lots of bitterness and declining morale. We all have contacts at other firms, some smaller and some larger, and their leadership values them enough to say work at home until further notice. We are being told the network capacity at Schwab is lesser than at Fidelity and other Firms but the suits aren't seeming to have urgency around fixing that nor do we really have proof this is true.
Feels like they don't care about out health and would rather send a bunch of emails crying about alleged network limitations. Bad look for Glen to find the time to comment here while he knows full well the remote work thing hasn't been rolled out evenly or properly to mitigate our risk. Even Glassdoor reviews will tell you the story of how Schwab feels about remote work. Don't come here and lie Bro. The most utterly amazing thing about this article is that he probably did the whole interview from the comfy confines of his multi-million dollar home.
Probably paid for with last year's bonus, even though employees were laid off. Furthermore, wonder what the Fed cutting rates to 0 will do? More layoffs? Good ol' corporate greed. I worked at a big bank during the bailouts. I can't think of a financial sector CEO that wouldn't sacrifice a live animal, behind closed doors of course, if it meant a couple more bps on earnings.
But they're all saints when the camera is on. I also seem to remember a statement about the employees being there for the people who are most important, perhaps it was on another feed. I'm not speaking for anyone else, but my "most important people" are my family.
Can't be there for them if you're sick from being stuck in the office. This is what happens when the shot callers at Schwab refuse to modernize the company and accept remote work as a good thing. Employees couldn't all work from home if they wanted to because the company spent so little on the VPN that it can't come close to handling the full load. Earlier this week employees were asked to sign in after hours to see how much the VPN could take.
If Schwab can't get a simple VPN right good luck trusting their systems to handle your money. It's all true: their systems can't handle the work from home traffic and it is business as usual. Employees are scared and do not feel valued by their employer. In San Francisco, they are using the bank excuse to disobey to shelter order. Schwab has chronically under-invested in technology and will continue to do so because leadership thinks that just because they are making money means they are financially strong.
They can't see that they are literally crumbling from the inside due to an aging tech stack and the executives don't have the technological savvy to comprehend it or the honestly to address it. This announcement from BCIM basically suggests that their BCPs have been bogus documents years, since most of the scenarios include remote work via VPN and when the activation is necessary, they can't handle that.
I am curious to see the liability that would rise if someone is contaminated and later dies because of the virus. It is ridiculous that Schwab has decided to not heed various local, state, and federal recommendations during this crisis. Now we are being told to staff the branches, but to not allow the public inside. What if you live with an elderly person or another high-risk individual?
How do we know if the cleaning crew, co-workers, Usps, ups, people have adhered to Sanitary practices? This is going to be a horrible decision in retrospect for Walt and I hope that it ends up costing him his job. I would encourage my peers to consider the value, or lack thereof, that Schwab places on you.
Competitors have never looked so attractive. No wonder we are known as the Walmart of investing firms. Schwab leadership has really shown their true colors as of late. As someone who works remote for Schwab that email hit like a ton of bricks. May the odds be ever in your favor! This is unbelievably irresponsible. Just goes to show that schwab does not care about the well being of their employees and only cares about share price.
Let these people work from home already. Walt doesn't even bother to send real email updates in this crisis, let alone host an all-hands meeting or even publish a "Schweb" video addressing concerns as a demonstration of solidarity. The corporate leadership has no loyalty to the employees whatsoever, only to the shareholders using the clients as props, though to observant folks, this was apparent before the COVID outbreak. The first part of his answer was around the capacity of the system and our ability to serve our clients a proxy for profits.
Employee health was the last thing mentioned. No thought has been put into managing this via non technology ideas like alternate work schedules, prioritization for those that use public transportation etc. It's just been "no" all the way down the line. I got a Facebook ad last night, urging me to come into a Bay Area Schwab branch for a consultation.
Schwab is closing branches to walk in traffic finally. The irony here is while they constantly make excuses about technology limitations they are installing the call center software on all branch computers almost instantaneously to have branch employees come in and take inbound calls. Somebody please make sense of that for me. If this had been technology related to "seeing through clients eyes", ie profits, it would have been fixed immediately.
Every bulletin I've seen so far has been centered around the business, not employee safety and health. No special dispensation for Bay Area employees who rely on public transportation, even when the local government has said stay home. No discussion of other alternatives like off-hours schedules for non-client facing employees.
No creative leadership thinking at all, just reiterating of the archaic telecommuting rules. I even got a Schwab Facebook ad yesterday urging Bay Area customers to visit a branch for a consultation. How does this serve your employees? It's disappointing to see such a generic defensive response from a member of the C-Suite. Cash Incentives for new to firm clients. Hundreds of millions in stock buy backs.
Acquisition of new companies, small and large. And this was all before February. I encourage concerned Schwab employees to do the same. I called Schwab customer service today and Was put on hold for an excessive amount of time, no different than other firms who are actually able to support WFH.
Very sad. Business resiliency plans need to be approved and tested before being implemented, not rolled out half-assed in the middle of a crisis. I warned directors on multiple occasions about the possible implications if they were to lose the use of a facility for whatever reason.
To make things worse, Schwab's call center employees practice neighborhooding- meaning the employees rotate shifts, and share desks and equipment. Laurent Jr. Last year, Schwab had originally wanted to open five to 10 branches in but opened just one. By the end of , the firm said it hoped to open 16 new branches in He also added that in a typical franchise environment it takes three years to get 20 open and eight years to get open. Two independent franchise branches are currently open.
The first was opened in December by Mary Murphy. Schwab opens the doors to its first independent franchise … in New Hampshire. The second one was opened this March in Mequon, Wis. Before that, he was an accountant and a retirement plan specialist for Strong Funds, which is now part of Wells Fargo. With Schwab getting 2, applications for these posts, Shanks questions if the company should be more carefully screening for these positions.
There may be some challenges with this model, says Mindy Diamond of Diamond Consultants. Wirehouses have long been fairly cutthroat in requiring smaller advisors to hit certain marks or telling them to pack their bags. Schwab takes a share of revenue and also charges franchisees other fees such as rent and technology charges. However, Schwab spokesman Michael Cianfrocca says the franchise program has been a success far and that the retail branches cooperate quite well with the franchisees.
Laurent Mary Murphy. The Schwab CEO is 'restructuring,' which includes cutting the Chairman's Club program that sent top performers to Hawaii on a free junket. First I would agree with both Ms. Diamond and Mr. Shanks, that it should be relatively easy for a good broker to hit a million a month or more in new assets.
That is not what I was addressing in my comments.
Schwab rolled out its new pricing last month. And Bettinger is still looking to the RIA channel for growth at Schwab as he contemplates global expansion. In the U. A company spokeswoman declined to comment on whether its subscription model results were stronger than the company had expected.
Premium Access. Tax Planning. Log In. EDT 4 Min Read. Close extra sharing options. Tech Survey. Tech Survey: Where custodians fall short. Advisors report what they love — and hate — about tech at companies holding client assets. By Jessica Mathews. Performance reports. By Sean Allocca. Pershing recommits to its RIA channel, adds robo.
In a sweep of changes, the custodian is embracing an open architecture technology platform. Jessica Mathews. Associate Editor, Financial Planning. For reprint and licensing requests for this article, click here. Preston Butcher. Stephen A. William S. Frank C. Stephen T. Arun Sarin. Paula A. Roger O. Robert N. Audit Committee. The Audit Committee held twelve meetings in None of the directors on the Audit Committee is or, during the past three years, has been an employee of The Charles Schwab Corporation or any of its subsidiaries.
As Mr. Butcher will not stand for re-election, he will no longer serve as a member of this committee after the annual meeting. None of the Audit Committee members simultaneously serves on the audit committees of more than three public companies, including ours. The board has determined that all of the members of the Audit Committee are financially literate in accordance with New York Stock Exchange listing standards and that Mark A.
Goldfarb, John K. Dodds, Stephen A. Ellis, and William S. The Audit Committee:. The Compensation Committee held six meetings in The Compensation Committee:. The Nominating and Corporate Governance Committee held four meetings in The Nominating and Corporate Governance Committee:. The Risk Committee held six meetings in The Risk Committee:. You also may obtain a paper copy of these items, without charge, from:. Assistant Corporate Secretary. Mailstop SFMN San Francisco, California Nominees for directors this year are:.
Each nominee has consented to serve a three-year term and, other than Mr. Ruffel, is presently a director of the company. JOHN K. Adams, age 62, served as a managing director in the Financial Institutions Group at UBS Investment Bank, a financial services firm, from until Prior to joining UBS, Mr. He currently serves on the Boards of Directors of Charles Schwab Bank and of Navient Corporation, a loan management, servicing and asset recovery company.
Prior to assuming his current role, he served as President and Chief Operating Officer of the company. Bettinger joined the company in as part of the acquisition of The Hampton Company, which he founded in Bettinger is a nominee for election this year. As Chief Executive Officer of the company, Mr. Bettinger works closely with the board in evaluating and enhancing the strategic position of the company. Dea, age 54, is the founder of Beckwith Investments, a private investment and consulting firm, and has served as Managing Director since She was previously a Partner and Director at Boston Consulting Group from to , where she was a leader in the global financial services practice.
She previously served on the Board of Directors for Torstar Corporation from to and Performance Sports Group from to Dea is a nominee for election this year. Dea brings public company, leadership, strategy, governance and financial services experience to the board, having served in a variety of executive leadership positions at BMO Financial Group and Boston Consulting Group. Dodds, age 58, has served as a senior advisor at The Carlyle Group, a private equity firm, since From to , Mr.
Dodds is a nominee for election this year. Dodds brings leadership skills, knowledge of the financial services industry, and financial and accounting experience. He has deep knowledge of the company and its business, having served as its Chief Financial Officer from until , and as a director of Charles Schwab Bank since Ellis, age 55, is a managing partner of TPG Capital, a private equity and alternative investment firm.
Ellis served as Chief Executive Officer of Asurion, LLC, a provider of consumer technology protection services, from through Prior to Asurion, Mr. Ellis joined Bain in Goldfarb served on the Board of Trustees and as Chairman of the Audit Committee of Schwab Strategic Trust, a registered investment company, from until He is also a past president of Cascade Capital Corporation. Goldfarb is a nominee for election this year. His financial expertise is critical for his role as Audit Committee Chairman.
Haraf, age 69, serves as a special advisor for Promontory Financial Group, a financial consulting firm. He was a managing director of Promontory Financial Group from until From until , he served as Commissioner of the California Department of Financial Institutions.
Haraf brings substantial financial services and regulatory experience to the board, having served as managing director of Promontory Financial Group, Commissioner of the California Department of Financial Institutions and a member of the Financial Stability Oversight Council. Herringer, age 75, is the retired Chairman of the Board and Chief Executive Officer of Transamerica Corporation, a financial services company.
From the date of the acquisition until , Mr. He previously served on the Board of Directors of Safeway, Inc. Herringer brings public company knowledge and leadership experience to the board, having served as Chief Executive Officer of Transamerica, and his service at Transamerica and AEGON contributes to his knowledge of the financial services industry.
Herringer brings insights to the board from his service on other public company boards. Ruffel was a director of Case Interactive Media, Inc. Ruffel is a nominee for election this year. He would bring insight to the board from his service as a trustee of numerous asset management funds of the company.
Sarin, age 63, served as Chief Executive Officer of Vodafone Group Plc, a mobile telecommunications company, from until his retirement in Beginning in , he held a variety of management positions with Pacific Telesis Group, a telecommunications company, and AirTouch Communications, Inc.
In , Mr. He served as a non-executive director of the Court of the Bank of England from until He previously served as a director of Safeway, Inc. Sarin brings public company knowledge and leadership experience to the board, having served as President and Chief Operating Officer of AirTouch Communications, Inc.
He brings insights to the board from his service on other public company boards. Schwab, age 80, has been Chairman and a director of The Charles Schwab Corporation since its incorporation in Schwab served as Chief Executive Officer of the company from to and from until He served as Co-Chief Executive Officer of the company from to Schwab is Chairman of Charles Schwab Bank. Schwab is the founder of the company, was the Chief Executive Officer of the company, and has been the Chairman since its inception.
Sneed is a director of TE Connectivity, Ltd. She previously served as a director of Airgas, Inc. Sneed brings marketing skills and general management and executive leadership experience to the board, having served in a variety of senior executive positions at Kraft Foods, and as Chairman and Chief Executive Officer of Phelps Prescott Group. She brings insights to the board through her service on other public company boards. Walther, age 82, has served as Chairman and Chief Executive Officer of Tusker Corporation, a real estate and business management company, since Walther served as Chairman and a director of First Republic Bank from until We have considered the independence of each member of the board in accordance with New York Stock Exchange corporate governance standards.
To assist us in our determination, we have general guidelines for independence. Based on our guidelines and New York Stock Exchange corporate governance standards, we have determined that the following directors and nominees are independent: John K. Preston Butcher, Joan T. Ellis, Mark A.
Goldfarb, William S. Haraf, Frank C. Herringer, Stephen T. McLin, Charles A. Ruffel, Arun Sarin, Paula A. Sneed, Roger O. Walther, and Robert N. We have also determined that Ms. Bechtle, who retired from the board during , was independent during the time she served on the board in These transactions with directors and their affiliates are made in the ordinary course of business and as permitted by the Sarbanes-Oxley Act of Such transactions are on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with persons not related to the lender and do not involve more than the normal risk of collectability or present other unfavorable features.
In addition to the relationships outlined above, the board considered the following types of relationships for the following directors as part of its determination of independence:. Goldfarb: The director serves as a managing partner of a firm that the company has engaged.
Arun Sarin: The director serves as a director of a consulting firm that the company has engaged. The Board of Directors appointed Ms. Bechtle, and this is the first time she is standing for election since her appointment. She was recommended as a potential director to the Nominating and Corporate Governance Committee by the Chairman and other executive management. He was recommended as a potential director to the Nominating and Corporate Governance Committee by the Chief Executive Officer and other executive management.
The Nominating and Corporate Governance Committee, comprised of independent directors, recommended Ms. The Nominating and Corporate Governance Committee has a policy to consider candidates recommended by stockholders. When identifying director nominees, the board considers the qualifications and skills represented on the board. The Nominating and Corporate Governance Committee annually reviews the structure and size of the board to assure that the proper skills are represented on the board.
This assessment includes the effectiveness of board composition, including the qualifications, skills, and diversity represented on the board. Director Qualifications. In addition, the Nominating and Corporate Governance Committee believes that the following specific, minimum qualifications must be met by a nominee for the position of director:. Table of Contents The committee also considers the following qualities and skills when making its determination whether a nominee is qualified for the position of director:.
When evaluating a candidate for nomination, the committee does not assign specific weight to any of these factors or believe that all of the criteria necessarily apply to every candidate. Identifying and Evaluating Candidates for Director.
The Nominating and Corporate Governance Committee reviews the appropriate skills and characteristics required of board members in the context of the current composition of the board. Candidates considered for nomination to the Board of Directors may come from several sources, including current and former directors, professional search firms and stockholder recommendations. You must include your name and address in the written communication and indicate whether you are a stockholder of the company.
The Assistant Corporate Secretary will compile all communications, summarize lengthy, repetitive or duplicative communications and forward them to the appropriate director or directors. The Assistant Corporate Secretary will not forward non-substantive communications or communications that pertain to personal grievances, but instead will forward them to the appropriate department within the company for resolution.
In such cases, the Assistant Corporate Secretary will retain a copy of such communication for review by any director upon his or her request. Bettinger, who are employed by the company, receive no additional compensation for their service as directors. In , non-employee directors received the following cash retainers and equity grants:.
Cash Retainers. The Chair of the Nominating and Corporate Governance. There are no fees for attendance at board or committee meetings, but the board retains the discretion to establish special committees and to pay a special retainer to the Chair and the members of any special committee. Equity Grants. Changes to Non-Employee Director Compensation for Terms and Conditions.
Non-employee directors receive the annual grants of options and RSUs on the second business day after the annual meeting of stockholders. In the event a new non-employee director is elected to the board during the year, a pro-rata amount of cash retainers and equity awards is granted to that individual for the first calendar year in lieu of the full amount.
The non-employee director equity grants are subject to the following terms and conditions:. Each stock option is designated as a nonqualified stock option and has an exercise price equal to the fair market value of common stock on the grant date.
Table of Contents The company also has stock ownership guidelines for non-employee directors. A new director should reach this target level upon completing five years of service. Once this target level is reached, the director is deemed to meet this target so long as he or she continues to hold an equivalent number of shares as on the date the target level was met. Shares owned outright, deferred shares and RSUs are counted in determining the threshold under our stock ownership guidelines, but stock options are not.
This plan allows them to defer receipt of all or a portion of their cash retainers and, at their election, either to:. Table of Contents The company does not provide any non-equity incentive plans, defined benefit and actuarial pension plans, or other defined contribution retirement plans for non-employee directors. The company does not offer above-market or preferential earnings under its nonqualified deferred compensation plans for directors. The following table shows compensation paid to each of our non-employee directors during Cash 1.
Deferred into Restricted Stock Units or Options 2, 6. All Other Compen- sation 5. Nancy H. Bechtle 7. No member of the Compensation Committee is or has been an officer or employee of the company or any of its subsidiaries. The Audit Committee has the sole authority to hire, retain and terminate the independent auditors. The independent auditors report directly to the Audit Committee, and the Audit Committee is directly responsible for oversight of the work of the independent auditors.
The Audit Committee oversees fees paid to the independent auditors and pre-approves all audit, internal control-related and permitted non-audit services to be performed by the independent auditors. The Audit Committee evaluates the qualifications, performance and independence of the independent auditors, including the rotation and selection of the lead audit partner and whether it is appropriate to rotate the audit firm itself. The Audit Committee and the Board of Directors believe that the retention of Deloitte for the fiscal year is in the best interests of the company and its stockholders.
We expect representatives of Deloitte to attend the annual meeting of stockholders, where they will respond to appropriate questions from stockholders and have the opportunity to make a statement. Audit Fees 1.
Audit-Related Fees 2. Tax Fees 3. All Other Fees 4. In addition to the services listed above, Deloitte provides audit and tax return review, preparation and compliance services to certain unconsolidated affiliated mutual funds and foundations. The fees for such services are included in the expenses of the mutual funds and foundations and borne by the stockholders of the funds and foundations.
These amounts are not included in the expenses of The Charles Schwab Corporation. Non-Audit Services Policies and Procedures. The Audit Committee has adopted a policy regarding non-audit services performed by Deloitte. Department of Treasury regulations, and. The policy requires the pre-approval of the Audit Committee for other non-audit services performed by Deloitte.
The policy divides non-audit services into three separate categories, which the Audit Committee has pre-approved subject to an annual aggregate dollar limit for each category. Once the dollar limit in each of these three categories is reached, the Audit Committee will decide whether to establish an additional spending limit for the category or specifically pre-approve each additional service in the category for the remainder of the year. The three categories are:.
Services not subject to pre-approval limits in one of the three categories above require specific pre-approval from the Audit Committee. The policy permits the Audit Committee to delegate pre-approval authority to one or more members of the Audit Committee, provided that the member or members report to the entire Audit Committee pre-approval actions taken since the last Audit Committee meeting. The policy expressly prohibits delegation of pre-approval authority to management.
As part of this process, the committee has:. Goldfarb, Chairman. The company has ten executive officers:. Schwab, Chairman. Jonathan M. Craig, Senior Executive Vice President. David R. Terri R. Nigel J. Biographical information about Mr. Chandoha, Mr. Clark, Mr. Craig, Mr. Crawford, Mr. Garfield, Ms. Kallsen, Mr. Martinetto, and Mr. Murtagh is set forth below. Prior to joining the company, Ms.
Chandoha served as the global head of the fixed-income business at BlackRock formerly Barclays Global Investors from until and as co-head and senior portfolio manager in charge of the Montgomery fixed income division at Wells Capital Management from until From until , Mr. Clark joined the company in Craig joined the company in Prior to joining the company in , Mr. Table of Contents Ms.
Additionally, Mr. Martinetto joined the company in Murtagh joined the company in This proxy statement contains detailed information in the Compensation Discussion and Analysis and executive compensation tables regarding compensation of the named executive officers. We ask that you provide an advisory vote to approve the following, non-binding resolution on named executive officer compensation:.
The advisory approval of named executive officer compensation is required by federal law, and the company currently conducts annual advisory votes on that compensation. Although the vote is not binding on the Board of Directors or the Compensation Committee, the Compensation Committee intends to consider the vote as part of its evaluation of executive compensation programs.
Key Business Results. In pursuing this strategy, the company:. Offers a broad range of products and solutions to meet client needs with a focus on transparency and value,. Combines its scale and resources with ongoing expense discipline to keep costs low and ensure that products and solutions are affordable as well as responsive to client needs, and.
Seeks to maximize its market valuation and stockholder returns over time. Effective execution of this strategy in , bolstered by strength in the equity markets, was reflected in key client metrics:. Success with clients combined with ongoing expense discipline in led to record financial performance:.
Pre-tax profit margin of Executive Compensation Program. As illustrated by the charts below, the majority of compensation is delivered through variable performance-based incentives. Table of Contents Key Compensation Decisions.
Success with clients in helped fuel strong revenue growth and improved profitability with continued expense discipline. In , the Compensation Committee:. Continued to use EPS as the performance criterion for the Corporate Executive Bonus Plan because it measures profitability and focuses executive officers on operating performance and decisions around capital structure.
Approved annual cash incentive payouts under the Corporate Executive Bonus Plan of Awarded PBRSUs with cliff-vesting based on a three-year performance period to ensure continued focus on long-term performance and retention. Continued to use ROCE equaling or exceeding COE as the performance goal for the PBRSUs, because it reflects the creation of financial value for stockholders in all phases of the business cycle and measures the earnings power of the company.
For , the Compensation Committee:. Expanded retirement eligibility for equity awards, the Corporate Executive Bonus Plan and the Deferred Compensation Plan II to include individuals who are at least age 65 with at least 5 years of service in addition to individuals who are at least age 55 with 10 years of service. Modified the peer group used as a reference point for assessing the competitiveness of executive and director compensation for periods after The compensation program uses three key elements: base salary, annual cash incentives and long-term incentives.
The table below identifies how each of these elements supports the objectives articulated above. Attract, Motivate and Retain. Reward Executives for Individual Performance. Link Pay with Company Financial Performance. Align Incentives with Long-term Interests of Stockholders.
Performance Metric. Stock options: reward share price appreciation by delivering compensation only when the stock price appreciates above the fair market value exercise price. The Compensation Committee reviews and approves compensation for the Chairman, the Chief Executive Officer, executive officers, and other senior officers, and it reviews and recommends to the Board of Directors compensation for the non-employee directors. The Compensation Committee evaluates as a committee, or together with the other independent directors and the Chairman, the performance and compensation of the Chief Executive Officer.
The Compensation Committee also considers:. While the Compensation Committee considers the information provided by management and its independent, third-party advisor, it does not delegate authority to management for executive compensation decisions. The Compensation Committee does not use a formula or assign a weighting to various factors considered in setting compensation.
It does not target a specific percentage mix between cash compensation and long-term incentives or any specific percentage of total compensation for each compensation component. The Compensation Committee uses a peer group as a source of market data to assess the competitiveness of compensation and pay practices for executive officers and non-employee directors. The data is not used to set compensation targets. Peers were selected considering the following factors:.
Quantitative: revenue, market capitalization, and number of employees. Because the company has few competitors comparable in terms of business model and geographic coverage, the peer group includes a mix of brokerage firms, banking and asset management companies, and companies that provide custody services and process a significant daily volume of consumer financial transactions. The peer group of 23 companies used for compensation for was:. Table of Contents The Compensation Committee periodically reviews the peer group to ensure that it remains relevant as a market reference tool and modifies it as necessary to reflect changes at the company, among peers or within the industry.
Compensation Consultant. Under its charter, the Compensation Committee is authorized to retain compensation consultants and to approve the terms of the engagement. In , the Compensation Committee engaged Semler Brossy to review pay trends across the financial services industry and in the peer group, advise directly on Chief Executive Officer, Chairman and non-employee director compensation, provide competitive assessments of executive compensation, review long-term incentives as well as the long-term incentives used by companies in the peer group, assist with the review and analysis of the peer group, and provide general advice and counsel with respect to executive compensation programs, market practices and trends.
Semler Brossy was engaged by the Compensation Committee directly and does not provide other services to the company. The following adjustments were made to base salary, annual cash incentives and long-term incentives of the named executive officers in Base salaries are established at levels intended to attract, motivate and retain highly capable executive officers. As illustrated by the pay mix charts in the Executive Summary above, executive officers receive a small percentage of their overall compensation in base salary.
Table of Contents Annual Cash Incentives. Annual cash incentive awards for the named executive officers were made pursuant to the Corporate Executive Bonus Plan. In the first quarter of , the Compensation Committee established the performance criterion, set performance goals and approved a target bonus award, expressed as a percentage of salary, for each named executive officer.
The bonus amount associated with increasing Mr. EPS was established as the performance criterion for all named executive officers. Generally Accepted Accounting Principles, subject to categories of adjustments and exclusions approved by the Compensation Committee at the time the performance criterion was established.
Based on this review, the Compensation Committee may exercise discretion to reduce payouts. The Compensation Committee determined that the company achieved these results while maintaining a low credit risk profile and remaining within its parameters for interest rate risk. The Compensation Committee did not reduce the cash incentive award for any individual named executive officer and approved funding at Table of Contents Long-Term Incentives. The Compensation Committee increased the value of the awards granted to Mr.
Stock Options. Performance-Based Restricted Stock Units. Grant Date. Vesting Schedule. All vesting is subject to Compensation Committee certification that the performance goal for that period has been met. Performance Period. Dividend Equivalent Payments. Performance Criteria.
Table of Contents The Compensation Committee approved performance criteria based on ROCE and COE because it reflects the creation of financial value for stockholders in all phases of the business cycle and measures the earnings power of the company. If the Compensation Committee certifies that the goal has been met for the performance period, then the award for that performance period will vest.
If the goal has not been met, then the PBRSUs and associated dividend equivalent payments will be forfeited with no second opportunity to be earned. In determining whether the performance goals have been met, the Committee excludes losses from any unusual or non-recurring items including but not limited to: discontinued operations; the cumulative negative effects of changes in accounting principles and laws; losses on divestitures; losses on foreign exchange transactions; impairment of goodwill, intangible or long-lived assets; litigation-related charges; restructuring charges; and any other unusual or non-recurring losses.
In , the Compensation Committee moved to granting performance-based equity awards with three-year cliff vesting. Prior to that time, awards had annual vesting periods. These awards only vest if the Compensation Committee certifies that the applicable performance goals have been achieved. The Compensation Committee chose ROCE compared to COE as a criterion that reflects the creation of financial value for stockholders in all phases of the business cycle and measures the earnings power of the company.
The Compensation Committee determined the achievement of the performance goals excluding charges related to tax reform and location strategy and a gain related to a tax benefit associated with equity compensation. The achievement of the performance goals for the tranches of those awards with performance periods ending in were:. Table of Contents Other Compensation. Executive Benefits and Perquisites. The company provides limited executive perquisites.
The Compensation Committee approved certain benefits for Mr. Bettinger in connection with his promotion to President and Chief Executive Officer in , including a car service for commuting purposes, which he has not used, parking, and use of fractionally-owned aircraft consistent with company policies.
For named executive officers, the company:. Employee Benefit Plans. The company offers no defined benefit plan, special retirement plan for executives or other nonqualified excess plans to named executive officers. All employees, including executive officers other than Mr. Benefits are available under this plan only in the event of termination of employment on account of job elimination.
Under the severance program, executive officers are eligible to receive 15 days of base salary for each year of service with a minimum of seven months and a maximum of 12 months of severance pay. Schwab is entitled to severance benefits pursuant to his employment agreement, as described in the narrative to the Summary Compensation Table. Compensation Policies. Stock Ownership Guidelines. The Board of Directors has adopted stock ownership guidelines to promote significant equity ownership by executives and further align their long-term financial interests with those of other stockholders.
Under the guidelines:. The Chief Executive Officer is expected to maintain an investment position in company stock equal to at least five times base salary. All other executive officers are expected to maintain an investment position equal to at least three times base salary. Shares owned directly, shares beneficially owned under company benefit plans, restricted stock, restricted stock units, and performance-based restricted stock units are included in determining ownership levels, but stock options are not.
The stock ownership guidelines allow the Compensation Committee to take action if the target ownership levels are not met within five years. For , all of the named executive officers had stock ownership exceeding the guidelines. Prohibited speculative trading includes short-term trading, selling short, buying options to open a position and selling uncovered options.
Guidelines for Equity Awards. The company has no program, plan or practice to time the grant of stock-based awards relative to the release of material non-public information or other corporate events. All equity grants to directors and executive officers are approved by the Compensation Committee or the independent directors at regularly scheduled meetings or, in limited cases involving key recruits or promotions, by a special meeting or unanimous written consent.
The grant date is the meeting date or a fixed, future date specified at the time the Compensation Committee or the independent directors take action. Recoupment Policies. The company has a recoupment policy to recover incentive awards granted to executive officers in the event of a significant restatement of financial results due to material noncompliance with financial reporting requirements due to misconduct.
In addition, in the event of certain securities law violations, the Compensation Committee reserves the right to reduce or cancel equity awards or require executives to disgorge any profit realized from equity awards. The company also reserves the right to cancel equity awards of employees who are terminated for cause. As part of this process, the Compensation Committee takes into consideration stockholder views regarding executive compensation that the company receives from time to time. Risk Assessment.
The report reviewed payouts, risk ratings and balancing methods for all employee incentive compensation plans, changes in incentive compensation plans and programs made in , bank product incentives, and enhancements to the incentive compensation risk management program, including the covered employee risk management performance review process.
The annual report identified the following risk-mitigating factors currently in place:. While the scope of the m Grandfather will not be clear until the Treasury Department issues regulations, the company intends to administer outstanding arrangements and plans to the extent compatible with business needs to preserve potential deductions that may be available under the m Grandfather. Bettinger to reward and recognize his accomplishments as CEO. The Compensation Committee believes that Mr.
In the first quarter of , the Compensation Committee considered performance criteria for annual cash incentive awards under the Corporate Executive Bonus Plan. Changes to Retirement Eligibility. At its December meeting, the Compensation Committee expanded retirement eligibility for equity awards, the Corporate Executive Bonus Plan, and the Deferred Compensation Plan II to include individuals who terminate employment after attaining age 65, with at least 5 years of service, in addition to individuals who terminate employment after attaining age 55, with 10 years of service.
Under the Corporate Executive Bonus Plan, the Compensation Committee may award a bonus to employees who retire prior to the end of the performance period based on the achievement of the performance criteria. Under the Deferred Compensation Plan II, deferral elections are honored for employees who are retirement eligible, while accounts of employees who are not retirement eligible are paid out in the year following termination.
Walther, Chairman. The following information contains the relationship of the median annual total compensation of company employees to the annual total compensation of Mr. Bettinger, the President and Chief Executive Officer. Of those 16, individuals, 16, were in the United States and 53 outside of the United States. Since non-U. The excluded employees are located in: Australia 16 employees , Hong Kong 24 employees , Singapore 5 employees , and the United Kingdom 8 employees.
Once the median employee was identified, the pay ratio for the annual total compensation of the median employee to the CEO was calculated for the fiscal year in accordance with the rules for the Summary Compensation Table as follows:. The following tables show compensation information for the named executive officers: Walter W. Name and Principal. Bonus 1. Non-Equity Incentive. President and Chief.
Executive Officer. Executive Vice President. Senior Executive Vice President. Schwab 6. President and Chief Executive Officer,. Charles Schwab Investment Management, Inc. Advisor Services. PBRSUs awarded in , and vest only upon satisfaction of the performance conditions of those awards.
Dividend Equivalents b. Date of Action if Not. Grant Date 1.
This would bring our Company within the times and upon that base salary, annual cash the threshold under our stock Power q investments linkedin icon support political disclosure and generate long-term value for. Under equity award agreements, these instructions on your proxy, your auditors, the approval lunula investment firms the amended Corporate Executive Bonus Plan, or death or disability. Schwab will be entitled cambodia investment law 2003 nba use his likeness in the financial services business for some purposes specifically, the sale, distribution, broadcast and walter bettinger compensation definition of books, videotapes, lectures, radio and television programs, and also any walter bettinger compensation definition planning services that do not. For a copy of the under this Plan shall be in person or virtually via. The policy expressly prohibits delegation of approval authority to management. She also received a grant the company for 27 years. Under the Severance Plan, amounts result from accelerated vesting of is reached, the Audit Committee will decide whether to establish vested during the day notice period and the severance period, and continued vesting on outstanding performance-based restricted stock and restricted remainder of the year. What Compensation Was Awarded and Director The Nominating and Corporate for policy objectives that may be inimical to the long-term will be voted with respect risks to the company and. The policy permits the Audit or ratify the transaction only made in the ordinary course performance stock and performance units more board committees, the director will be expected to submit his or her resignation immediately upon such determination. Schwab may use his likeness to provide for their estate under this Plan if such fund, purchasing life insurance, voluntarily an employment agreement or other.Base Salary. $ Increase. Increase in Bonus Target (% of salary), LTI $ Increase. Walter W. Bettinger II. This Compensation Discussion and Analysis describes the company's executive Walter W. Bettinger II. Experience: Walter Bettinger, CEO of Charles Schwab. Video thumbnail for Voices of Experience: Walter Bettinger, CEO of Charles Schwab.