| 4Q | 4Q | % | Annual | Annual | % | ||
| 2012 | 2011 | Decrease | 2012 | 2011 | Change | ||
| mil $s | mil $s | mil $s | mil $s | ||||
| Net Income to Common Shareholders, as Reported | 945 | 1,280 | -26% | 4,847 | 4,831 | 0% | |
| Impact on Above Net Income from Restructuring Costs & Non-recurring Items | (231) | 11 | (10) | (19) | |||
| Non-GAAP Adjusted Net Income | 1,176 | 1,269 | -7% | 4,857 | 4,850 | 0% |
And from the most recent 2011 Proxy Statement filed with the SEC, below here is the executive compensation information for Louis Chenevert, the Chairman and CEO of United Technologies Corporation.
| Non-equity | Increase | ||||||||
| Incentive | In | All | |||||||
| Stock | Option | Plan | Pension | Other | Total | ||||
| Year | Salary | Bonus | Awards | Awards | Compensation | Value | Compensation | Compensation | |
| Louis Chenevert | 2011 | 1,681,250 | 4,500,000 | 7,932,325 | 7,063,760 | 1,153,571 | 4,793,025 | 547,400 | 27,671,331 |
| Chairman & CEO | 2010 | 1,589,583 | 4,000,000 | 6,852,990 | 5,327,280 | 1,321,680 | 2,586,652 | 407,976 | 22,086,161 |
| 2009 | 1,435,000 | 1,700,000 | 6,217,560 | 7,008,000 | 1,280,447 | 2,604,046 | 256,659 | 20,501,712 | |
| Total all Three Years | 4,705,833 | 10,200,000 | 21,002,875 | 19,399,040 | 3,755,698 | 9,983,723 | 1,212,035 | 70,259,204 |
And below here is a breakdown of the above $547,400 of Chenevert's All Other Compensation for 2011:
| Company Savings Restoration Plan Match (a) | $195,705 | |
| Insurance Premiums (b) | $135,452 | |
| Personal Use of Corporate Aircraft | $118,188 | |
| Cash Flexible Perquisite Allowances (c) | $48,056 | |
| Leased Vehicle Payments | $36,007 | |
| 401K Company Match | $8,820 | |
| Miscellaneous | $5,172 | |
| Total All Other Compensation | $547,400 | |
And here's the detailed explanation in its Proxy for three of the above four largest items:
(a) Company Savings Restoration Plan Match:
Reflects amounts credited under the Company's Savings
Restoration Plan (“SRP”). The SRP
provides a benefit in an amount equal to the Company's matching contribution
that the executive would have received under the terms of the Company's 401(k)
plan but for Internal Revenue Code limits.
(b) Insurance Premiums:
Reflects the premium paid on behalf of the executive under
the ELG life insurance program. Under this program, the Company pays the
premiums on a permanent cash value life insurance contract owned by the
executive under which the executive receives a life insurance benefit equal to
three times his or her projected base salary at age 62. If vested (age 55 or
older with five years of service as an ELG member), the executive receives a
post-retirement life insurance benefit equal to two times base salary.
(c) Cash Flexible Perquisite Allowances:
The annual ELG perquisite allowance (which equals 5% of base
salary) after deducting the amount shown in the Leased Vehicle Payments
Category.
======================================
United Technologies gets a very significant part of its Revenues and Earnings from the US Government.
When you review the above extravagant compensation numbers.....$70 mil of Total Compensation for the three years.....do you think that the US has a problem with economic fairness between the very wealthy and everyone else?
And the Business Roundtable wants to delay first eligibility for both Social Security and Medicare Benefits to Age 70. Give me a break!
