Do you have any details about this. About to become an employee, did not want to ask this early.
Please chime in.
9 replies (most recent on top)
I wonder if those CVX employees who are literate have the same opinion of their employer as 6nzh?
best advise - go find another company to work for! was a great employee oriented company 5, 10, 20 years ago. Now nothing special - can be treated the same or better in a service company and probably paid more. if you want to be with a Major any other would be better.....
Corporate CIP this year is 1.2. Going only off an often times faulty memory, last year’s was around 1.05.
How about going to work and making a contribution before asking for CIP - dip$hit
I retired from CVX in October last year. Can someone please post if the Corporate CIP factor has been announced yet? If it has, please post the factor for 2017 and last year’s 2016 factor for reference. Thanks.
If you’ve just been hired or will soon join the company in 2018, there will be $0 CIP bonus money for you when it’s paid on March 7. You had to be on the payroll for at least 1 quarter in 2017. The CIP bonus is for 2017, not 2018. Sorry, Bubba. Wait until next year, but don’t fret, you’ve joined the gravy train getting hired on at Chevron. Enjoy the ride.
I hired on in July many years ago and got half the normal CIP for that year.
New to Chevron, or new-hire? Didn't think we were hiring newbs off the street, especially not lately. Or just have been oblivious to the details of the company that you signed on with for all this time? Either way, nothing to see here. Move along, folks....
Hit this:
https://www.sec.gov/Archives/edgar/data/93410/000009341014000011/cvx12312013ex108cipawardcr.htm
EX-10.8 2 cvx12312013ex108cipawardcr.htm EXHIBIT 10.8
Exhibit 10.8
SUMMARY OF CHEVRON INCENTIVE PLAN AWARD CRITERIA
The Chevron Incentive Plan (CIP) is designed to recognize yearly performance achievements. Chevron’s named executive officers (NEOs) are eligible to receive awards under the CIP. Annual operating and financial results figure prominently into this assessment, along with demonstrated progress on key business initiatives. Individual leadership is also recognized through this award. The award is delivered as an annual cash bonus based upon a percentage of base salary and is calculated as follows:
Base Salary
X
CIP Award Target
X
Corporate Performance Rating
X
Individual Performance Modifier
CIP Award Target. Before the beginning of each performance year, the Management Compensation Committee (“MCC”) of the Board of Directors establishes a CIP Award Target for each NEO, which is based on a percentage of the NEO’s base salary. The MCC sets target awards based on the median award of Chevron’s Oil Industry Peer Group (viz. Anadarko Petroleum, BP, ConocoPhillips, Exxon Mobil, Hess, Marathon Oil, Marathon Petroleum, Occidental Petroleum, Phillips 66, Royal Dutch Shell, Tesoro and Valero Energy). All individuals in the same salary grade have the same target, which provides internal equity and consistency.
Corporate Performance Rating. After the end of the performance year, the MCC sets the Corporate Performance Rating. This rating reflects the MCC’s overall assessment of the Company’s performance for that year, based on a range of metrics used to measure performance against plan in four broad categories: financial; health, environment and safety; operating; and project development and commercial transactions. The MCC has discretion on weighting the categories and on weighting the performance metrics within each category. Performance is viewed across multiple parameters (absolute results; results versus plan; results versus peers and/or general industry; performance trends over time) and distinctions are made between the controllable and noncontrollable aspects of the metrics. With these metrics as the foundation, the MCC exercises its discretion in setting the Corporate Performance Rating. The minimum Corporate Performance Rating is zero and the maximum is 200 percent. The MCC also reviews actual annual cash award payments for the prior year for Chevron and our Oil Industry Peer Group (identified above), compared with actual business performance for Chevron and for our Oil Industry Peer Group. This comparison assures that the process for determining the Corporate Performance Rating is consistent with our peer group and that actual awards are consistent with both Chevron performance and performance relative to our peers.
Individual Performance Modifier. The MCC also takes into account individual performance. This is largely a personal leadership dimension, recognizing the individual effort and initiative expended and demonstrated progress on key business initiatives during the course of the year. The MCC uses its judgment in analyzing the individual performance of each NEO, his or her enterprise and business segment leadership, and how the business units reporting to the NEO performed. Chevron’s CEO makes recommendations to the MCC as to the Individual Performance Modifier of each of the other NEOs.
Chevron reports annual CIP awards to each of its NEOs in its Annual Report on Form 10-K or its annual Proxy Statement.