Mellon Touts New Exec Compensation Tool

October 18, 2004 ( - Responding to increasing shareholder scrutiny regarding executive equity-based compensation, Mellon has designed a new executive compensation system.

Mellon announced the launch of ProxyProof, a system that offers a “novel” approach to the design, approval and administration of equity-based compensation, according to the firm. Provided by Mellon’s Human Resources & Investor Solutions (HR&IS) business, Mellon says the system will speed the process, reduce costs, and increase the likelihood of shareholder approval, by gauging an individual company’s shareholder tolerance to equity-based compensation and design.

In the press release, Mellon also asserted that the system will speed up processing by integrating multiple vendors through well designed data handoffs. Effectiveness will be improved by meeting external requirements and producing one message for shareholders and approval bodies that monitor such compensation systems. Mellon also stresses confidentiality, with all data being transferred over secure networks.

HR&IS is a human resource and shareholder services business of Mellon Financial Corporation. Headquartered in Pittsburgh, Mellon ( ) is a provider of institutional financial services, with more than $3.6 trillion in assets under management.