Corporate governance Diffuse shareholders
1 It is often assumed that, if institutional investors pressing for
will likely be costly because of "golden handshakes" or the effort required, they will simply sell out
their interest.
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Employee benefit United States
1 Normally, employer-provided benefits are tax-deductible to the employer and non-taxable to the employee. The exception to the general rule
includes certain executive benefits (e.g. golden handshake and golden
parachute plans).
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Takeover - Agency Problems
1 the takeover artist. The former top executive is then rewarded with a
golden handshake for presiding over
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Synopsys - Acquisitions, mergers, spinoffs
1 To acquire Avanti, Synopsys paid about $55 million in golden
handshake payments to these same executives
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Golden handshake
1 A 'golden handshake' is a clause in an corporate officer|executive employment
contract that provides the executive with a significant severance package in the case that
the executive loses his or her job through firing, restructuring, or even scheduled retirement.
[http://www.investopedia.com/terms/g/golden-handshake.asp#axzz1yqGBZeM6] This can be in
the form of cash, share (finance)|equity, and other benefits, and is often accompanied by an
accelerated vesting of stock options
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Golden handshake
1 golden handshake is similar to, but more generous than a golden parachute because it
not only provides monetary compensation and/or stock options at the termination of
employment, it includes the same severance packages executives would get at retirement.[http://www.investopedia.com/ask/answers/0
9/difference-between-golden-handshake-parachute.asp#axzz1yqGBZeM6 What's the difference between a golden handshake and
a golden parachute?] investopedia.com
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Golden handshake
1 Golden handshakes are given to offset the risk inherent in taking the
new job, since high-ranking executives have a high likelihood of
being fired and since a company requiring an outsider to come in at
such a high level may be in a precarious financial position
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Golden handshake - Perverse incentives
1 Golden handshakes may create perverse incentives for top
executives to facilitate the sale of the company they are managing by
artificially reducing its stock price.
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Golden handshake - Perverse incentives
1 The former top executive is then rewarded with a golden handshake for presiding over the firesale that
can sometimes be in the hundreds of millions of dollars for one or two
years of work.
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Golden handshake - Perverse incentives
1 (This is nevertheless an excellent bargain for the takeover artist, who
will tend to benefit from developing a reputation of being very generous to parting top executives). This is just
one example of some of the principal-agent / perverse incentive
issues involved with golden handshakes and golden parachutes.
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Golden parachute
1 also known as Change-in-control benefits.[http://www.deallawwire.com/2012/04/05/golden-
parachutes-on-the-rise-during-down-economy/ Golden parachutes on the rise during down economy] by Éric
L’Italien, Lawyer, Norton Rose Canada| Deal Law Wire| 5 April 2012 But more recently the term has been used to describe perceived excessive CEO (and other executives) severance
packages unrelated to change in ownership (also known as a Golden
handshake).[http://www.usatoday.com/money/companies/management/story/2011-11-07/100-million-dollar-chairmen/51116304/1 CEOs' golden parachute exit packages pass
$100 million] By Gary Strauss, USA TODAY 11/8/2011 The benefits may include severance pay, cash bonuses, stock
options, or other benefits.
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Accounting scandals - Causes
1 The former top executive is then rewarded with a golden handshake for presiding over the firesale that
can sometimes be in the hundreds of millions of dollars for one or two
years of work
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Rhodesian Special Air Service - Re-formation in Rhodesia
1 With the breakup of the Federation at the end of 1963, the Squadron was virtually destroyed by many taking the golden handshake and some remaining in Northern Rhodesia
which included all the officers and the OC at that time
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Perquisite - United States
1 Normally, employer-provided benefits are tax-deductible to the employer and non-taxable to the employee. The exception to the general rule includes certain corporate officer|
executive benefits (e.g. golden handshake and golden parachute
plans) or those that exceed federal or state tax-exemption standards.
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Amnesty International - Charitable Status
1 In the UK Amnesty International has two principal arms, Amnesty International UK
and Amnesty International Charity Ltd. Both are UK-based organisations but only the
latter is a charity.[http://www.thirdsector.co.uk/news/1
057803/?DCMP=ILC-SEARCH Ainsworth, David (2011) Amnesty issues public apology
over golden handshakes, Third Sector Online, 1 March] (Accessed August 2012)
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Finmeccanica - History
1 In 2011 the company faced accusations that it had created slush funds with which to bribe politicians
and chairman Pier Francesco Guarguaglini came under
investigation. He denied any wrongdoing but, following pressure from Prime Minister Mario Monti, he
stepped down from his post on 1 December receiving a golden handshake of 4 million Euros.
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National Pension (Japan) - Lump sum withdrawal payments
1 The reason for the lump sum not increasing after 36 months of paying into the pension
scheme are unclear, but may relate to the JET Programme, where young foreign graduates
come to Japan to teach English in public schools.The Japan Times
[http://search.japantimes.co.jp/cgi-bin/fl20040810zg.html Your Golden Handshake, August 10th
2004] Retrieved on January 21st 2011 Until 2006, JET participants could only work in the
program for three years and it appears the lump sum rules were crafted with this in mind.
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Jean Chrétien - Legacy
1 Chrétien was repeatedly attacked by both his opponents and supporters for failing to live up to key election
promises, such as eliminating the so-called golden handshake by which
politicians receive a substantial life-time pension after serving a mere
five years in elected office
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Irish Times - Diversification
1 She dismissed suggestions that she would receive a significant golden
handshake, saying that her package would be nothing out of the ordinary
at all
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Captain Pugwash - History
1 A number of spin-off books were written by John Ryan, who in the 1980s drew three new Pugwash
comic-strip storybooks: The Secret of the San Fiasco, The Battle of Bunkum
Bay and The Quest for the Golden Handshake.
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Hugh Carleton Greene - Wartime and post-war work
1 Days after his promotion, Greene made arrangements for Hole to
receive a golden handshake for early retirement
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Jacques Nasser - Career at Ford
1 Despite this Nasser received a US$17
million golden handshake when he
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Ganari Takahashi - Agriculture
1 Takahashi retired from SOD at the end of fiscal year 2005 (March) and used the 1 billion yen (about $10
million) golden handshake he received to purchase a farm in
suburban Tokyo which would provide fresh produce to be served at his
nearby restaurant
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R. J. Reynolds Tobacco Company - RJR Nabisco
1 Ross Johnson US$53,800,000 as part of a golden handshake clause, the largest such deal in history at the
time, as severance compensation for his acceptance of the KKR takeover
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Cardinia Transit - History
1 Cardinia Transit was formed in June 1996 when Grenda Corporation purchased Berwick Bus Lines and
amalgamated them with Grenda's Bus Services' Pakenham, Victoria|Pakenham depot.Cardinia Transit
Australian Bus Panorama 12/1 August 1996 page 36 It was included in the sale of Grenda Corporation to
Ventura Bus Lines in November 2011.[http://www.grenda.com.au/news/latest-news/grend
a-announcement-18112011 Grenda Announcement 18/11/2011] Grenda Corporation 18 November
2011[http://www.theaustralian.com.au/news/features/the-man-with-the-golden-handshake/story-e6frg8h6-
1226292128380 The man with the golden handshake] The Australian 10 March 2012
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Invicta Bus Services - History
1 Invicta was acquired by the Grenda Corporation in March 2009. It was included in the sale of Grenda
Corporation to Ventura Bus Lines in November 2011.[http://www.grenda.com.au/news/latest-
news/grenda-announcement-18112011 Grenda Announcement 18/11/2011] Grenda Corporation
18 November 2011[http://www.theaustralian.com.au/news/featu
res/the-man-with-the-golden-handshake/story-e6frg8h6-1226292128380 The man with the
golden handshake] The Australian 10 March 2012
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