Summary
Targa Resources Corp. (TRGP) announced the approval of its 2018 Annual Incentive Compensation Plan on January 12, 2018, by its Compensation Committee. This discretionary cash bonus plan is designed to reward employees, including executive officers, for their contributions to the company's business priorities and to aid in talent retention and motivation. The funding of the bonus pool is directly tied to the achievement of specific strategic, financial, and operational objectives set forth by the committee for 2018.
Key Highlights
- 1Targa Resources Corp. approved its 2018 Annual Incentive Compensation Plan on January 12, 2018.
- 2The plan is a discretionary annual cash bonus plan for all employees, including executive officers.
- 3The primary purpose is to reward contributions to business priorities and to retain/motivate employees.
- 4The bonus pool funding is based on the company's achievement of specific strategic, financial, and operational objectives.
- 5Eight key business priorities for 2018 were established by the Compensation Committee.
- 6The CEO recommends the total bonus pool amount based on overall company performance, which the Committee then determines in its sole discretion.
- 7Executive officers determine the allocation of the bonus pool to departments and employees, excluding themselves.
Frequently Asked Questions
The main purpose of the plan is to reward employees, including executives, for their contributions towards Targa Resources' business priorities for 2018 and to help the company retain and motivate its workforce.
The bonus pool funding is discretionary and based on the company's achievement of specific strategic, financial, and operational objectives for 2018, as determined by the Compensation Committee and the CEO.
The Compensation Committee of the Board of Directors establishes the eight key business priorities for 2018, which guide the performance metrics for the bonus plan.
The CEO recommends the total cash bonus pool amount to the Compensation Committee based on company performance relative to objectives. The Committee then has the sole discretion to determine the total amount for the pool and the individual bonus awards for executive officers.