Certain members of GLG Partner’s management team may be closer to buying the yachts of their dreams, if they haven’t already done so.
According to Securities & Exchange Commission filings, the firm’s compensation committee last month established performance goals for Chief Operating Officer Simon White, CFO Jeffrey Rojek and Alejandro San Miguel, general counsel and corporate secretary.
The committee established a notional bonus pool amount of $9 million for 2008, which would be divided up in cash to the executive officers if certain performance goals were satisfied. However, no bonus will be paid to the executives if the firm’s net assets under management fall below a certain minimum performance target amount.
GLG said it believes that the target net AUM amount, which has not been determined, for 2008 is set at a level achievable if it meets its current business plan.