HR Administration

Insurance Firm CEO Turns Down Year-End Bonus

By Mark Hofmann

Apr. 6, 2012

Hartford Financial Services Group Inc.’s Chairman, President and CEO Liam McGee has requested that he receive no year-end bonus, according to a filing with the Securities & Exchange Commission.

In a proxy statement filed April 5 with the SEC, Hartford said McGee asked that he receive no year-end 2011 bonus.

“The independent directors determined that McGee would have otherwise received an incentive award, but they honored McGee’s request and awarded no cash bonus,” according to the filing, which did not provide further details.

McGee had come under fire this year from John Alfred Paulson, president of hedge fund manager Paulson & Co. and Hartford’s largest single stockholder, who urged Hartford to break up the company in order to boost shareholder value.

Last month, Hartford announced it would exit its individual life, annuities and some other businesses to concentrate on property/casualty, mutual funds and group benefits businesses.

Mark A. Hofmann writes for Business Insurance, a sister publication of Workforce Management. To comment, email editors@workforce.com.

Stay informed and connected. Get human resources news and HR features via Workforce Management’s Twitter feed or RSS feeds for mobile devices and news readers.

What’s New at Workforce.com?

blog workforce

Come see what we’re building in the world of predictive employee scheduling, superior labor insights and next-gen employee apps. We’re on a mission to automate workforce management for hourly employees and bring productivity, optimization and engagement to the frontline.

Book a call
See the software

Related Articles

workforce blog

Compliance

Minimum Wage by State in 2023 – All You Need to Know

Summary Twenty-three states and D.C. raised their minimum wage rates in 2023, effective January 1.  Thr...

federal law, minimum wage, pay rates, state law, wage law compliance

workforce blog

HR Administration

Is your employee attendance policy and procedure fit for purpose?

Summary: Lateness and absenteeism are early warning signs of a deteriorating attendance policy. — More ...

compliance, HR technology, human resources

workforce blog

HR Administration

Clawback provisions: A safety net against employee fraud losses

Summary Clawback provisions are usually included as clauses in employee contracts and are used to recou...

clawback provisions, human resources, policy