Proxy-12-28-2020 - Report - Page 22
Independent Consultant
The Executive Compensation Committee selects and retains the services of Korn Ferry, our compensation consultant, to
provide professional advice on the Company’s executive officer compensation. Korn Ferry is retained directly by the Executive
Compensation Committee and works directly with the Executive Compensation Committee’s chairman. Korn Ferry advises on the
design of compensation arrangements and provides an independent market assessment of peer companies, using Korn Ferry’s
Job Evaluation methodology and general industry compensation and practices.
The compensation consultant works with management to collect information, to solicit management’s input and to understand
Moog’s plans, goals and actual performance. The consulting relationship is reviewed by the Executive Compensation Committee
annually to determine its satisfaction with the services and advice provided by the compensation consultant.
See “Executive Compensation Committee” on page 11 for more information about the services provided by Korn Ferry and its
independence.
MARKET ASSESSMENT
The Basis of Comparison
As part of their review process, Korn Ferry makes comparisons of the Company’s compensation program to two groups of
companies. The first comparison is with Korn Ferry’s proprietary Industrial Executive Compensation Report. The second comparison
is with a group of seventeen companies whose businesses are similar to Moog’s and whose revenues are reasonably
comparable. Korn Ferry reviews this peer group each year and recommends changes where appropriate.
One change to the peer group was made in fiscal 2020; Actuant Corporation (became Enerpac Tool Group) was removed after
it divested its Engineered Components & Systems operations.
Actuant Corporation was replaced by IDEX Corporation which was selected on the basis that it operates as an applied
solutions provider in the United States and internationally providing optical components and coatings for defense, biotechnology,
aerospace, telecommunications, and electronics manufacturing applications, and precision gear and peristaltic pump
technologies. IDEX has revenues that are broadly comparable to that of Moog and members of the peer group.
The full list of peers for fiscal 2020 is shown below.
AAR CORP.
IDEX Corporation
Aerojet Rocketdyne Holdings, Inc
Kaman Corporation
AMETEK, Inc.
Regal-Beloit Corporation
Barnes Group Inc.
Spirit AeroSystems, Inc.
Crane Co.
Teledyne Technologies, Inc.
Cubic Corporation
Transdigm Group Incorporated
Curtiss-Wright Corporation
Triumph Group, Inc.
HEICO Corporation
Woodward, Inc.
Hexcel Corporation
18
18