[Watchdogs] Big Fat Bonus

[Joseph Fantozzi]

Well Folks, What ever happened to being paid to do your job?  I'll have to
admit that a bonus is nice but, of course, should be tied to the
profitability of a company.  Having spent many years in the electrical
utility business and having watched bonuses reduced constantly over the past
30 years with the companies that I served with it can only be stated that
the leadership of the PEC board was, of course, errant in this aspect.
Their are many new and somewhat disgusting ways that companies are employing
to grade personal performance.  Austin Energy uses the SSPR, Success
Strategy Performance Review.  This is a complete grading system designed to
do what normal management used to be able to do at one time in our distant
past.  I would just like to say that especially during our recent times of
monetary disregard that we at PEC stop all bonus programs that are
excessive, or at the minimum no bonuses above $5000 for anyone
especially CEO's.  Thanks for all your hard work and input,  having spent
many years on boards with no compensation I have a very difficult
time swallowing this old boards behavior, Joe Fantozzi
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