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Camouflage Compensation

What is 'Camouflage Compensation'

Compensation that is granted to upper echelon employees, directors, consultants and related parties that is not fully disclosed in mandatory company filings. In some cases of camouflage compensation, the compensation is fully disclosed, but in such a way that it is very difficult for the average investor to decipher the true value of gross pay compensation.

Explaining 'Camouflage Compensation'

Non-qualified deferred compensation plans, SERPs, stock options, stock appreciation rights and share grants are all potential places where compensation can be hidden from analysts and shareholders. The SEC has proposed new regulations to more completely disclose the full cost of compensation to related parties, consultants, directors and employees.


Further Reading


Executive compensation at Fannie Mae: A case study of perverse incentives, nonperformance pay, and camouflage
heinonline.org [PDF]
… (4) Camouflage: Fannie Mae … A study by Robert Jackson and one of us in this issue documents that the amounts camouflaged in this … 2. LUCIAN BEBCHUK & JESSE FRIED, PAY WITHOUT PERFORMANCE: THE UNFULFILLED PROMISE OF ExEcuTivE COMPENSATION (2004 …

Stealth compensation via retirement benefitsStealth compensation via retirement benefits
www.nber.org [PDF]
… (4) Camouflage: Fannie Mae … A study by Robert Jackson and one of us in this issue documents that the amounts camouflaged in this … 2. LUCIAN BEBCHUK & JESSE FRIED, PAY WITHOUT PERFORMANCE: THE UNFULFILLED PROMISE OF ExEcuTivE COMPENSATION (2004 …

… compensation versus managerial power: A review of Lucian Bebchuk and Jesse Fried's pay without performance: The unfulfilled promise of executive compensation… compensation versus managerial power: A review of Lucian Bebchuk and Jesse Fried's pay without performance: The unfulfilled promise of executive compensation
www.aeaweb.org [PDF]
… (4) Camouflage: Fannie Mae … A study by Robert Jackson and one of us in this issue documents that the amounts camouflaged in this … 2. LUCIAN BEBCHUK & JESSE FRIED, PAY WITHOUT PERFORMANCE: THE UNFULFILLED PROMISE OF ExEcuTivE COMPENSATION (2004 …

Managerial Power, Camouflage, and Executive Compensation: An Empirical Study on Listed Companies in China <span style=[J]' src='/thumbnails/?img=http%3A%2F%2Fen.cnki.com.cn%2FArticle_en%2FCJFDTotal-DJKX200906003.htm' />Managerial Power, Camouflage, and Executive Compensation: An Empirical Study on Listed Companies in China [J]
en.cnki.com.cn [[J]' href='https:/api.miniature.io/pdf?url=en.cnki.com.cn%2FArticle_en%2FCJFDTotal-DJKX200906003.htm'>PDF]
… (4) Camouflage: Fannie Mae … A study by Robert Jackson and one of us in this issue documents that the amounts camouflaged in this … 2. LUCIAN BEBCHUK & JESSE FRIED, PAY WITHOUT PERFORMANCE: THE UNFULFILLED PROMISE OF ExEcuTivE COMPENSATION (2004 …

How powerful CFOs camouflage and exploit equity-based incentive compensationHow powerful CFOs camouflage and exploit equity-based incentive compensation
link.springer.com [PDF]
… (4) Camouflage: Fannie Mae … A study by Robert Jackson and one of us in this issue documents that the amounts camouflaged in this … 2. LUCIAN BEBCHUK & JESSE FRIED, PAY WITHOUT PERFORMANCE: THE UNFULFILLED PROMISE OF ExEcuTivE COMPENSATION (2004 …

Board reputation, CEO pay, camouflaged compensationBoard reputation, CEO pay, camouflaged compensation
e-archivo.uc3m.es [PDF]
… (4) Camouflage: Fannie Mae … A study by Robert Jackson and one of us in this issue documents that the amounts camouflaged in this … 2. LUCIAN BEBCHUK & JESSE FRIED, PAY WITHOUT PERFORMANCE: THE UNFULFILLED PROMISE OF ExEcuTivE COMPENSATION (2004 …

Managerial Power and Compensation——Research from the Perspective of Camouflage <span style=[J]' src='/thumbnails/?img=http%3A%2F%2Fen.cnki.com.cn%2FArticle_en%2FCJFDTotal-GSZL200904003.htm' />Managerial Power and Compensation——Research from the Perspective of Camouflage [J]
en.cnki.com.cn [[J]' href='https:/api.miniature.io/pdf?url=en.cnki.com.cn%2FArticle_en%2FCJFDTotal-GSZL200904003.htm'>PDF]
… (4) Camouflage: Fannie Mae … A study by Robert Jackson and one of us in this issue documents that the amounts camouflaged in this … 2. LUCIAN BEBCHUK & JESSE FRIED, PAY WITHOUT PERFORMANCE: THE UNFULFILLED PROMISE OF ExEcuTivE COMPENSATION (2004 …

Comprehensive disclosure of compensation and firm value: The case of policy reforms in an emerging marketComprehensive disclosure of compensation and firm value: The case of policy reforms in an emerging market
onlinelibrary.wiley.com [PDF]
… (4) Camouflage: Fannie Mae … A study by Robert Jackson and one of us in this issue documents that the amounts camouflaged in this … 2. LUCIAN BEBCHUK & JESSE FRIED, PAY WITHOUT PERFORMANCE: THE UNFULFILLED PROMISE OF ExEcuTivE COMPENSATION (2004 …

Effect of Sarbanes-Oxley Act on the influencing of executive compensationEffect of Sarbanes-Oxley Act on the influencing of executive compensation
papers.ssrn.com [PDF]
… (4) Camouflage: Fannie Mae … A study by Robert Jackson and one of us in this issue documents that the amounts camouflaged in this … 2. LUCIAN BEBCHUK & JESSE FRIED, PAY WITHOUT PERFORMANCE: THE UNFULFILLED PROMISE OF ExEcuTivE COMPENSATION (2004 …



Q&A About Camouflage Compensation


What does SEC stand for?

Securities Exchange Commission. The SEC has proposed new regulations to more completely disclose the full cost of camo to related parties, consultants, directors and employees.

What is camouflage compensation?

Camouflage compensation is compensation that is granted to upper echelon employees, directors, consultants and related parties that is not fully disclosed in mandatory company filings.

Where can you find camouflaged compensation?

Non-qualified deferred comp plans, SERPs, stock options, stock appreciation rights and share grants are all potential places where camo may be hidden from analysts and shareholders.

Who are the people who receive camouflage compensation?

Upper echelon employees, directors, consultants and related parties.

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