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'I haven't compared Parker's salary to all companies in its peer group (except for Adidas)'

Hi Milton - that's what the Comp. Committee does, and reports on every year. In the 2011 'say on pay' vote, they got 98% shareholder approval, which is pretty impressive.

'Parker's 2012 salary increase is a three-fold increase; much larger compared to the executives below him.'

According to the proxy, Parker's salary increase was marginal -- from $1,535,557 to $1,550,000.

'I recognize that a big part of the increase is the $20M in restricted stock units, which means he'll have to stick around for 5 years before he earns them. To my mind, Nike will have to do extraordinarily well before that bonus can be justified. '

Actually it's a retention award (a.k.a. golden handcuffs), so the bet's the other way round -- Nike should do well if he sticks around:

'In May 2012, Mr. Parker was granted a restricted stock unit (“RSU”) retention award, in recognition of his leadership and his critical role in driving the company’s growth
strategy in future years. The RSU award, in the amount of $20 million, is intended as a long-term retention incentive scheduled to vest in full on the fifth anniversary of
the grant date. The award has no value to Mr. Parker unless he remains employed with the company for the full vesting period.'

'When I compare this to the salary increase of the Adidas CEO, Herbert Hainer, it's still huge'

You could drive yourself round the bend comparing US comps to those on other continents. Never has made sense. Probably never will.

(Which is one of many reasons why the peer group is 100% US based)
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