Hugo Neu eyes legal recourse over perks for Sims’ top exec
Nov 19, 2010 | 11:44 AM
| Lisa Gordon
Hugo Neu Corp. is eyeing legal action vs. Sims Metal Management Ltd., with its latest battle against the Australia-based company sparked by perks granted to its top executive.
Hugo Neu was part of a faction voting against proposed options and performance rights for Daniel W. Dienst, the recycler's chief executive officer, at Sims' annual meeting Friday in Sydney, Australia.
"We are examining the legal situation of Dan's five-year contract and this grant that both we and the Australian Shareholders Association and many other shareholders feel strongly about," Hugo Neu chairman John Neu said after the shareholder vote.
Dienst's package includes a base salary of $1.29 million, an annual short-term incentive opportunity of between 130 and 260 percent of his base pay and a long-term incentive equal to 300 percent of his base salary, according to a regulatory filing.....
To access AMM's full content, please log in below. If you do not have an AMM account, we invite you to take a free trial or subscribe below.
Already a registered amm.com user?
Access to amm.com editorial content is granted only to paid subscribers and trialists. If you do not have an active account in your own name, please either subscribe or take a trial and you will have instant access to amm.com content. Sharing your login credentials with individuals who are not subscribers represents a violation of AMM copyright.
Every morning, every minute no matter how often you follow the markets, there's an AMM subscription to fit your needs.
Not sure if you are ready to invest in a subscription right now? Take a free, no-obligation trial. Start your free trial today.