Wednesday, March 15, 2006

Bank Deal's Payout Plan Questioned

The compensation adviser behind an estimated $135 million payout to the chief executive of North Fork Bancorporation has also received fees for other services from the bank in recent years, according to regulatory filings.

The other business dealings the adviser, Mercer Human Resources Consulting, has had with North Fork raise questions among corporate governance experts about the pay recommendations it made to the bank's board, which has a duty to company shareholders, not to management.

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