Saturday, February 6, 2016

January shareholder meetings for UGI, Lannett and Emtec

No great surprises on the agendas of these first annual meetings of 2011, but companies are starting to report fees for executive compensation consultants.

January shareholder meetings for UGI, Lannett and Emtec


Three public companies will hold annual shareholders meetings in the Philadelphia area during this holiday-shortened week.

The biggest to do so will be UGI Corp., of King of Prussia, which will summon shareholders to the Desmond Hotel & Conference Center in Malvern Thursday at 10 a.m.

Lon R. Greenberg, 60, has been chief executive officer of the propane and natural gas provider since 1995. After his first full year running UGI, the company had revenues of $1.6 billion. For its most recent fiscal year ended Sept. 30, UGI had revenues of $5.6 billion.

One new thing to watch for in the proxy statements being released this year is the amount paid by companies to executive-compensation consultants. UGI said it paid Towers Watson $83,234 for such services last year.

It’s the latest type of disclosure companies are being required to make. For the last decade, companies have been disclosing fees paid to independent auditors. UGI paid PricewaterhouseCoopers L.L.P. $3.96 million in audit and other fees for its 2010 fiscal year.

Critics of big pay packages generally point two fingers: One at the comp consultants and the other at the board committees that seem unable or unwilling to keep pay in check for their senior executives. Simply disclosing what a comp consultant gets paid will have no effect on what CEOs get paid, but it might help boards negotiate a lower fee for the executive compensation advice they get from experts.

As for Greenberg, he received total compensation of $7.2 million for UGI’s most recent fiscal year, according to the latest proxy statement. That was down from $8.5 million a year earlier.

The agenda for UGI’s annual meeting consists only of the election of directors and the appointment of auditors. Pretty standard stuff, and the agendas for the two smaller companies differ only in that they ask shareholders to approve changes in incentive pay plans.

Generic drug maker Lannett Co. Inc., with $125 million in net sales for its most recent fiscal year, will hold its annual meeting at its research laboratories at 9001 Torresdale Ave., Wednesday at 9 a.m. Lannett employed 218 people in the city as of June 30.

Finally, Emtec Inc., a systems integrator with $225 million in annual revenues that moved its headquarters from Marlton to Springfield, N.J., in August, will hold its shareholders meeting at the Enterprise Center at Burlington County College in Mount Laurel Thursday at 9:30 a.m.

Switching Roberts

There is a new head of SAP North America, which is based in Newtown Square.

Robert Courteau has been named president, succeeding Robert Enslin, who’s led the group since February 2009. Enslin was promoted to president of global sales at SAP AG.

The moves were part of a wider realignment of SAP’s Global Field Organization - which encompasses its worldwide salesforce and customer-service operations - the Walldorf, Germany-based business software maker announced Monday.

The Global Field Organization reports to SAP co-chief executive officer Bill McDermott, who is also based at SAP’s Delaware County corporate campus, where about 2,000 people work.

Most recently, Courteau, 55, had been chief operating officer for SAP’s Global Field Organization.

SAP said the realignment is aimed at “simplifying” the company structure.

Inquirer Columnist
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Mike Armstrong blogs about Philadelphia corporations and business-related topics. Contact him at 215-854-2980. Reach Mike at

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