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Step 1: Planning & Readiness
Proper preparation and determining the starting point of your executive compensation disclosure project is vital for the steps to disclosure that follow. After performing a Readiness Assessment, the dashboard reports on your starting point. As the disclosure project progresses, this acts as a one-glance reporting tool for your board and compensation committee.
Planning Tool
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Understand Legislation
Form 51-102F6, Statement of Executive Compensation falls under NI 51-102 Continuous Disclosure Obligations. These pieces of legislation are of obvious importance to understand. Carswell, being Canada's leading legal publisher, provides the unique Legislation Navigator, which allows you to visit filing deadlines and navigate the legislation.
The legislation is organized in a format akin to a table of contents for ease of reading and review, unlike the original document. It also allows you to navigate the many terms and definitions that are introduced in these rules.
Legislation Navigator
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Readiness Assessment and GAP Analysis
The product then takes you through a rigorous Readiness Assessment process following the requirements of the new disclosures, walking you through in excess of 20 areas where processes require a thorough review. The Readiness Assessment helps you perform a GAP analysis and provides reports on where you are at the moment, and areas where more work is needed.
Once you have completed the Readiness Assessment, you can generate a graphical report, which allows you to drill down into the readiness register, which outlines action items in your disclosure project. From these action items, you can drill deeper for more detail on a specific item.
Readiness Report
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This tool answers the questions that most need answering to get you started:
- Do you have the required disclosure infrastructure in place?
- Who and what are the roles of the various players involved in establishing compensation?
- Are your subsystems capable of tracking the required compensation elements?
Readiness Assessment
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Trial Run Using 2007 FY
If you company completes a satisfactory Readiness Assessment, Compliance PARTNER™, Executive Compensation provides functionality to validate results using your FY 2007 information. This will effectively test assumptions you have made in the Readiness Assessment stage.
Setp 2: Documentation
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