Survey Results: CD&As
Given the SEC Chairman's recent remarks on the lack of plain English
in CD&As, we thought it might be useful to ask a few related queries:
1. At my company, the first draft of the CD&A was
drafted by: (Total responses: n=433)
(select only one) 
n=164 (37.88%) 
Inhouse lawyer 
n=32 (7.39%) 
Inhouse corporate secretary 
n=122 (28.18%) 
Human resources staffer 
n=35 (8.08%) 
Outside compensation consultant 
n=55 (12.70%) 
Lawyer in outside law firm 
n=25 (5.77%) 
Other 
2. At my company, the following people spent the indicated number of
hours drafting and/or reviewing the CD&A (note ' this survey is just the
CD&A, not the remainder of the compensation disclosures and tables; if
more than one person in a category spent time on the CD&A, combine their
time):
a. Inhouse lawyers and corporate secretary staff (Total
responses: n=426)
(select only one) 
n=38 (8.92%) 
05 hours 
n=37 (8.69%) 
510 hours 
n=56 (13.15%) 
1020 hours 
n=63 (14.79%) 
2030 hours 
n=39 (9.15%) 
30 40 hours 
n=73 (17.14%) 
4080 hours 
n=120 (28.17%) 
More than 80 hours 
b. Senior management (ie. CEO and/or COO) (Total responses:
n=424)
(select only one) 
n=214 (50.47%) 
05 hours 
n=114 (26.89%) 
510 hours 
n=57 (13.44%) 
1020 hours 
n=21 (4.95%) 
2030 hours 
n=7 (1.65%) 
30 40 hours 
n=5 (1.18%) 
4080 hours 
n=6 (1.42%) 
More than 80 hours 
c. Human resources staffers (Total responses: n=426)
(select only one) 
n=112 (26.29%) 
05 hours 
n=51 (11.97%) 
510 hours 
n=46 (10.80%) 
1020 hours 
n=31 (7.28%) 
2030 hours 
n=46 (10.80%) 
30 40 hours 
n=43 (10.09%) 
4080 hours 
n=97 (22.77%) 
More than 80 hours 
d. Accounting staff, including CFO and controller (Total
responses: n=425)
(select only one) 
n=133 (31.29%) 
05 hours 
n=98 (23.06%) 
510 hours 
n=66 (15.53%) 
1020 hours 
n=46 (10.82%) 
2030 hours 
n=30 (7.06%) 
30 40 hours 
n=29 (6.82%) 
4080 hours 
n=23 (5.41%) 
More than 80 hours 
e. Compensation committee and other directors (Total
responses: n=426)
(select only one) 
n=162 (38.03%) 
05 hours 
n=148 (34.74%) 
510 hours 
n=79 (18.54%) 
1020 hours 
n=23 (5.40%) 
2030 hours 
n=6 (1.41%) 
30 40 hours 
n=5 (1.17%) 
4080 hours 
n=3 (0.70%) 
More than 80 hours 
f. Outside compensation consultants (Total responses: n=412)
(select only one) 
n=207 (50.24%) 
05 hours 
n=72 (17.48%) 
510 hours 
n=66 (16.02%) 
1020 hours 
n=28 (6.80%) 
2030 hours 
n=18 (4.37%) 
30 40 hours 
n=15 (3.64%) 
4080 hours 
n=6 (1.46%) 
More than 80 hours 
g. Outside lawyers (Total responses: n=421)
(select only one) 
n=117 (27.79%) 
05 hours 
n=101 (23.99%) 
510 hours 
n=77 (18.29%) 
1020 hours 
n=39 (9.26%) 
2030 hours 
n=33 (7.84%) 
30 40 hours 
n=18 (4.28%) 
4080 hours 
n=36 (8.55%) 
More than 80 hours 
