Inside Asian Gaming

February 2014 | INSIDE ASIAN GAMING 41 In Focus companies received a perfect score in the overall category, equating to the same percentage as last year. We reiterate that boards that measure their own performance as well as strive for and welcome two-way communication with shareholders will see an increase in their stock multiple and shareholder loyalty. Pay-for-Performance Average scores in the area of director and named executive officer compensation remained unchanged from last year. Evaluation of pay- for-performance models includes consideration for clear articulation of compensation philosophy and incentives, stock ownership guidelines, incorporation of a claw back policy, and absence of excise tax gross-ups and excessive perquisites. While we hoped to see upward trends in improvement in this area, we are optimistic that as shareholders continue to more Companies received points for having a formal policy around gender and racial diversity, policy implementation and diversity representation on the board. We believe that board diversity is socially responsible as well as good for business. publicly voice opinion on the matter of compensation and watchdog agencies continue to apply pressure in this area, scores will tick upward. In this year’s study, two companies of the 26 achieved perfect scores in pay-for-performance. Reprinted with permission from Casino Journal About the Authors Keith Kefgen is CEO and managing director of AETHOS Consulting Group. With over 25 years of experience in the hospitality industry, Kefgen is a career hospitality executive. Having graduated from the Cornell University Hotel School, he went on to work at Waldorf-Astoria Hotel before embarking upon a career in hospitality executive search. A frequent lecturer on industry-related issues, Kefgen has written more than 100 articles on the topics of executive selection, pay-for-performance, corporate governance and executive leadership. He is currently writing his first book, The Loneliness of Leadership. Juliette Boone is managing director of AETHOS Consulting Group. Boone brings to AETHOS a wealth of experience fromher 18-year hospitality industry career. She has written numerous articles on the subject of corporate governance and recently co-authored a paper on the subject of the glass ceiling at the C-suite in the hospitality industry which appeared in the August 2013 issue of the Cornell Quarterly. Her experience is complemented with a Master’s degree in Hospitality Management and Bachelor of Science from Cornell University.