Fitch in its analysis has assumed $1.5 billion of potential restructuring-related
clawbacks in a contentious bankruptcy scenario for FES.
This controversial method of recovery is often referred to as a
clawback action.
From these examples, and others, arise a set of guiding principles for framing
clawbacks:
Cormac Tobin, former managing director of Celesio UK, who has left the company since the October announcement, said: "Changes to government policy on reimbursement and retrospective
clawbacks over the past two years have gradually made operations at many Lloyds Pharmacy stores commercially unviable."
Compensation consultants said that increased
clawbacks could make it more difficult for banks to recruit and keep top talent with bonuses at investment and commercial banks down about 40 percent since the financial crisis.
The second part of the survey explored co-pay
clawbacks on patients, whereby PBMs instruct the pharmacy to collect an elevated co-pay amount and subsequently recoup the excess amount--and sometimes more--from the pharmacy, said NCPA.
While it has considered matters of "say-on-pay" votes, disclosures and the ratio of executive pay to employee pay, the SEC is now considering another matter: so-called "
clawback" provisions.
"I rarely, if ever, see an incentive agreement without a
clawback, and most
clawbacks cannot be negotiated out of an agreement," she said.
Doing otherwise, and pressing an aggressive and draconian interpretation of Section 304 that, taken to the extreme, would expose executives to
clawbacks whenever there is simple negligence, would not only defy the apparent legislative intent behind Sarbanes-Oxley, it would also increase the likelihood of a successful Constitutional challenge.
The UK is one of 22 member states targeted for
clawbacks totalling nearly PS360m for "non-compliance with EU rules or inadequate control procedures on agriculture expenditure".
Two days' bargaining in late November with the country's largest aged-care provider, Oceania, resulted in some modest progress on beefing up the unions' rote in Career Pathways, and some employer
clawbacks being taken off the table, but the fundamental issues of money, the term of any agreement and back pay remain the sticking points.
Dodd-Frank has given regulators authority over executive pay and the Federal Deposit Insurance Corporation recently used that authority to propose two-year
clawbacks for executive pay at failed banks.
