NYT - The Louisiana Municipal Police Employees'
Retirement System, a major investor in Simon Property Group of Indianapolis, is
very unhappy with a Simon Group Board action of 2011. An "incentive award" was
given by the Board to Simon's CEO and Board ChaIrman, David E, Simon . The
award of one million shares of stock is valued today at $146 million and will be
paid in 3 installments 6 years from the award date. Usually, a major "incentive
award" is tied to share price and growth of the company. Not in this instance.
As Gretchen Morgenson wrote in the Times article, "The only requirement to
receive this bounty was that Mr. Simon show up for work". It would seem such a
Board Decision best serves Mr. David Simon as CEO but also as Chairman of the
Board, a subject open for criticism.
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