Hugo Neu eyes legal recourse over perks for Sims’ top exec
Nov 19, 2010 | 12:22 PM
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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.....
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