Business Context and Reporting Period
This Form 8-K Current Report was filed by The Bank of New York Mellon Corporation on March 8, 2011, covering an event that occurred on March 2, 2011. The filing addresses a specific amendment to the compensatory arrangements of the Corporation's Chairman and Chief Executive Officer, Mr. Robert P. Kelly.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report is limited to executive compensation adjustments and does not contain financial performance data.
Material Changes
The material change reported is the modification of Mr. Kelly's supplemental executive retirement plan benefits, effective March 2, 2011. The specific changes include:
- Benefit Freeze: The level of benefits is frozen based on employment through 2012. Mr. Kelly will not receive credit for service under the plan after 2012.
- Benefit Reduction: The total amount of benefits payable is reduced by 5%, assuming benefits commence on or after age 60.
Outlook, Risks, and Management Commentary
Management commentary indicates that the actual amounts payable under the amended plan will depend on several variables, including Mr. Kelly's future salary and bonus amounts through 2012 and his future service with the Corporation. No specific risks, contingencies, or forward-looking financial guidance are provided in this filing.
Key Facts for Investor Verification
- Verify the exact calculation methodology for the 5% reduction in retirement benefits.
- Confirm the impact of the 2012 service freeze on the total projected payout for Mr. Kelly.
- Review the Corporation's broader executive compensation policies to determine if similar changes apply to other senior officers.