3.13 Key Manager Compensation

Purpose

To establish a policy on the process for determining compensation of key managers applies to the compensation of the President. The process includes the following elements: (1) review and approval; (2) timing of the review and approval, and (2) contemporaneous documentation and record keeping.

1. Review and approval. The compensation of the person will be reviewed annually by the President Compensation Committee of the College. The Board of Trustees of the College will approve the President Compensation Committee’s recommendations, provided that persons with conflicts of interest with respect to the compensation arrangement at issue are not involved in this review and approval.
2. Timing. Approval by the Board of Trustees of the President Compensation Committee’s recommendations will take place annually in Executive Session.
3. Contemporaneous documentation and record keeping. There is contemporaneous documentation and recordkeeping with respect to the decisions regarding the compensation.

The President is responsible for annual reviews of compensation within the organization.