Current Pay Governance Viewpoints

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    IRS Releases Additional Section 409A Regulations Concerning Executive Compensation

    By John R. Ellerman

    Section 409A was added to the Internal Revenue Code (IRC or “Code”) as part of the American Jobs Creation Act legislated in 2004. Essentially, Section 409A sets forth certain requirements for the effective deferral of compensation under nonqualified deferred compensation arrangements. Much of the impetus for Section 409A was the ability of certain executives to accelerate the payment of their supplemental retirement arrangements and deferred compensation at Enron immediately prior to the company’s demise. Read More

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    Continue Paying Executives for Performance: A Rebuttal to the HBR Article “Stop Paying Executives for Performance”

    By Ira T. Kay and Lane T. Ringlee

    The Harvard Business Review [HBR] recently published an article, “Stop Paying Executives for Performance,” by Professor Dan Cable and Associate Professor Freek Vermeulen of the London Business School. The authors present arguments and analysis that incentives do not motivate executives to improve corporate performance. In fact, they argue that incentives might damage performance. Read More

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    Two New and Important Regulatory Developments Impacting the Financial Services Sector

    By John R. Ellerman and Lane T. Ringlee

    Last month, U.S. regulatory agencies released two sets of new rules affecting executive compensation. One set of the new rules has been developed by the Department of Labor (DOL) and deals with defining who is a fiduciary pursuant to rendering investment advice with respect to an employee benefit plan (subject to ERISA) or an individual retirement account (IRA). The DOL’s fiduciary rule is considered to be a Final Rule and will become applicable on April 10, 2017. The second set of rules is a proposal by six U.S. financial regulatory agencies (Securities and Exchange Commission, Federal Reserve Board, Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, National Credit Union Administration, and Federal Housing Finance Agency) setting forth new policies and rules pertaining to incentive compensation plans of certain financial institutions. Read More

Team Member Highlight

  • Linda Pappas
  • Consultant | Charlotte
  • View Articles by Linda Pappas


Linda Pappas is a Consultant in the Charlotte, North Carolina office of Pay Governance. Linda has extensive experience with various aspects of executive compensation, including peer group development and validation, competitive benchmarking for executives and outside directors, research and analysis of compensation practices and trends, short- and long-term incentive plan design, target setting for incentive plans, shareholder advisory voting modeling, pay-for-performance assessments, change-in-control 280G excise tax calculations, and assistance with tabular proxy disclosure. In addition, Linda is certified by ISS Corporate Services in using the ISS proprietary Compass tool for modeling equity plan design. She works with clients across multiple industries, and spends the majority of her time with clients in the energy services, financial services, manufacturing, real estate, and pharmaceutical industries.

Past Experience

Prior to joining Pay Governance, Linda worked in Towers Watson's Executive Compensation practice for over 6 years in the Philadelphia and Charlotte offices.


Linda graduated magna cum laude from Cornell University with a degree in Applied Economics and Management.