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Blackstone asked for extra details on pay by SEC
June 27, 2011 / 8:50 PM / 6 years ago

Blackstone asked for extra details on pay by SEC

NEW YORK, June 27 (Reuters) - Private equity and real estate firm Blackstone Group (BX.N) was recently asked by the Securities and Exchange Commission to provide extra information about how it renumerates its executives, according to regulatory filings made public on Monday.

The disclosure was made in a letter Blackstone sent to the SEC dated May 9, answering a number of questions about how various awards were determined.

The SEC had noted in a letter dated April 25 that Blackstone appears to use “several factors to determine a baseline award” for executives and determines an “indicative participation interest” for each individual executive officer.

“These figures are then subject to adjustment by (CEO Stephen) Schwarzman in his sole discretion,” the filing reads.

The SEC asks that in future filings, Blackstone details the nature of “individual performance factors” of each executive.

Blackstone answered in the May 9 letter that these figures are “internal measures which are applied to a number of complex individual businesses and partnerships”.

It said it took into consideration variables such as fund performance, economic performance and Blackstone’s success in hitting strategic objectives.

Bloomberg earlier reported the contents of the letters.

Editing by Bernard Orr

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