Microsoft just issued its proxy, inviting shareholders to its annual meeting in November and disclosing what it’s been paying top executives.
But shareholders aren’t getting the full story yet. The proxy only lists the base salaries and stock awards, not the cash bonuses based on performance. Where the bonuses should be listed the report says “TBD” for to be determined.
Here’s the compensation chart (click to enlarge):
Here are the execs’ stock awards:
Steve Ballmer declined to accept stock awards — he owns plenty already — but is eligible to receive up to $1,997,499.
Today’s filing leaves the total blank, however:
Mr. Ballmer’s participation in the Incentive Plan for fiscal year 2009 was limited to 200% of his fiscal year 2009 base salary, consistent with our past practice of paying cash bonuses and his request that we not award him equity compensation. His maximum award was the lesser of 200% of his fiscal year 2009 base salary or the maximum pool percentage assigned to him; his target award was 100% of his fiscal year 2009 base salary; and the award was payable in cash following the end of fiscal year 2009. For fiscal year 2009, Mr. Ballmer’s Incentive Plan award was $ , which is % of his base salary. This amount was recommended by the Compensation Committee based on his performance appraisal by the independent members of the Board and other information the Compensation Committee deemed relevant, including [to be provided]. The independent members of the Board of Directors considered the recommendation of the Compensation Committee and approved Mr. Ballmer’s Incentive Plan award.
[Named executive officer individual performance discussion to be provided]
A spokesman said the blanks will be filled in a final version of the proxy that will be filed in about 10 days.
Other tidbits: Stephen Elop, business group president, received a $2 million signing bonus. The company said it also covered the haircut ($3 million?) he took when he sold his house in California, explaining why there’s $5 million in extra compensation.
The shareholder meeting will be at 8 a.m. Nov. 19 at Meydenbauer Center.