Rogers Corp., a Killingly maker of electronic circuits and other high-tech components, has set policy allowing it to recover bonuses or other incentive pay from executives involved in corporate misconduct.
Rogers’ board of directors adopted the so-called “clawback” provision at their Oct. 14 meeting, the company said in a Securities and Exchange Commission filing.
The policy takes effect Jan. 1 and applies to any incentive compensation, equity awards or related benefits earned, vested or granted after that date, the filing said.
Rogers joins a growing list of American and overseas companies implementing policies to recover cash, stock or other financial incentives from officers later found to have engaged in corporate improprieties.
Rogers spokesman Bill Tryon said today the policy is not a reaction to any episode within the company, rather it was action by the board to “sharpen our compensation best practices.”
