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  • PISTOL MRI allows noninvasive assessment of changes in tumor oxygenation post hypoxia targeted therapy

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  • Trading at PSX turns choppy as investors lock in gains

    Trading at PSX turns choppy as investors lock in gains

    Trading at the Pakistan Stock Exchange remained choppy on Wednesday as early optimism faded in the face of mounting profit-taking. This volatile performance came after a sustained rally over recent sessions, prompting investors to adopt a cautious stance.

    The benchmark KSE-100 index kicked off the session on a bullish footing, racing to an intra-day peak of 175,232.90 and briefly breaching the landmark 175,000-point level for the first time. However, the momentum could not be sustained. As the session progressed, investors chose to lock in gains, prompting a gradual retreat from the day’s highs. As a result, the index slipped to an intra-day low of 173,564.33 amid broad-based selling.

    Pressure was most evident in heavyweight sectors such as automobile assemblers, commercial banks, power generation, and refineries, which collectively dragged the market lower. By the close, the KSE-100 index ended in negative territory, shedding 418.47 points, or 0.24%, to settle at 174,054.32.

    Meanwhile, the broader market outlook remains constructive despite near-term volatility. The KSE-100 index emerged as the second-best performing frontier market in CY25, delivering a robust 51% return and closing the year at a fresh record high, Arif Habib Limited (AHL) reported.  

    This performance extends its three-year streak of double-digit gains, following returns of 55% in CY23 and an exceptional 84% in CY24, with only Romania outperforming Pakistan among frontier markets.
    Over the past three years, the index has generated an average annual return of 64%, placing it among the top-performing equity markets globally. In dollar terms, cumulative returns reached 249%, a level unmatched by any other market over the same three-year period, AHL wrote.

    Overall trading volume increased to 957.2million shares compared with Tuesday’s tally of 851milion. Value of traded shares stood at Rs44.2 million. Shares of 481 companies were traded. Of these, 221 closed higher, 223 fell and 37 remained unchanged. K-Electric was the volume topper with trading in 95.9 million shares, gaining Rs0.21 to close at Rs5.93.

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  • Engineering Innovation: Cedarville Prof Reinvents Bridge Safety

    Engineering Innovation: Cedarville Prof Reinvents Bridge Safety

    Engineering the Future of Infrastructure

    Strengthening America’s infrastructure starts with innovation — and one Cedarville University researcher is helping lead that charge. Dr. Hema Jayaseelan, assistant professor of civil engineering at Cedarville University, has received national recognition for pioneering research that could reshape how engineers design, monitor and maintain bridges across the United States and beyond. 

    Smarter Models, Safer Bridges

    With more than 20 years of structural engineering experience, Jayaseelan has developed advanced analytical models that more accurately predict “pre-stress losses” in concrete bridges — the gradual reduction of internal tension that weakens structural performance over time. When these losses are miscalculated, bridges can experience deflections, vibrations and cracking that shorten their expected 50- to 75-year lifespan, creating costly and potentially hazardous outcomes. 

    Jayaseelan discovered that many traditional Department of Transportation (DOT) formulas overestimate or underestimate pre-stress losses. Her groundbreaking study introduced a data-driven method that uses real-time information from instrumented bridges, producing predictions that closely align with actual field performance. 

    National Recognition and Industry Impact

    Her peer-reviewed paper, “Assessment and Validation of Prestresses Loss Prediction Models Using Real-Time Prestress Loss Measurements,” applied the new method of monitoring bridge data. Coauthored with structural engineering experts Alla Eddine Acheli, Ph.D.; Bruce W. Russell, Ph.D., P.E., S.E., F.A.C.I.; Walter Peters, P.E.; and Chris Filip, the piece was published in the 2024 September to October issue of the PCI journal. The research earned the 2025 Charles C. Zollman Award from the Precast/Prestressed Concrete Institute (PCI), honoring the year’s best technical paper discussing the use of precast concrete in transportation infrastructure. 

    “We were humbled and grateful to receive the PCI award,” Jayaseelan said. “It’s a blessing and a reminder that God’s timing is perfect. The recognition shows that DOTs nationwide are beginning to see the importance of this research.” 

    Her work has also been nominated for the prestigious T.Y. Lin Award from the American Society of Civil Engineers (ASCE), one of the highest honors in global structural engineering. The award celebrates research that advances the science and practice of prestressed concrete design and construction — a vital component of resilient infrastructure worldwide.

    From South India to Smart Bridges

    Jayaseelan’s passion for building began in Coimbatore, South India, where she grew up exploring how structures worked. “I’ve always loved working with my hands — playing in the mud, getting dirty. That’s still what I do today in the lab,” she said. 

    After earning her bachelor’s degree in civil engineering from the Government College of Technology in India and a master’s degree from Oklahoma State University, Jayaseelan pursued doctoral research at Oklahoma State integrating real-time data from sensors embedded in bridges — technology she describes as “listening to a structure’s heartbeat.” 

    These sensors use smart technology, solar power and wireless connectivity to transmit data remotely, allowing engineers to continuously monitor bridge performance. By combining traditional engineering principles with advanced data analysis, Jayaseelan’s approach creates an early warning system that can detect potential structural issues before they become critical. 

    Advancing Global Infrastructure Standards

    Her current collaboration with U.S. Department of Transportation officials aims to simplify the new predictive equations for integration into national and international bridge design codes, supporting safer, longer-lasting infrastructure. 

    “We can’t change everything overnight,” Jayaseelan said. “But through smaller, smarter improvements guided by real-time data and sound engineering, we can make bridges stronger, safer and built to last.” 

    Jayaseelan’s research underscores a global movement toward smarter, sensor-integrated infrastructure — aligning with worldwide efforts to improve sustainability, safety and resilience in public works. 

    About Cedarville University

    Cedarville University, an evangelical Christian institution in southwest Ohio, offers undergraduate and graduate residential and online programs across arts, sciences and professional fields. With 7,265 students, it is among Ohio’s largest private universities and is ranked among the nation’s top five evangelical universities in the Wall Street Journal’s 2026 Best Colleges in the U.S. Cedarville is also known for its vibrant Christian community, challenging academics and high graduation and retention rates. Learn more at cedarville.edu.  

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  • Dozens of pubs hit by power cuts ahead of Edinburgh’s Hogmanay

    Dozens of pubs hit by power cuts ahead of Edinburgh’s Hogmanay

    Owners of the bars have written a letter to the chief executive of SP Energy Networks about the problems with power cuts, which they say they have suffered during the festive periods since 2021.

    The letter, which has been copied to City of Edinburgh Council’s chief executive Paul Lawrence and local MSP Angus Robertson, says there is “deep concern” about the problem.

    It reads: “While we appreciate SP Energy Networks’ apologies and the assurance that network condition reviews are underway, the recurring nature of these outages indicates systemic vulnerabilities that require urgent and permanent solutions.

    “The current approach of reactive repairs is insufficient to safeguard businesses and customers in this critical hospitality district.”

    The businesses said they were counting the cost of multiple power failures that have driven party-goers from the area.

    It said “the longstanding issue remained unresolved”.

    Some venues have reported experiencing power cuts multiple times a day during the festive season, “putting Christmas trade in the dark”.

    In one December weekend alone, Grassmarket businesses lost the whole of Friday night’s service and the entire Saturday lunch service, meaning thousands of pounds in lost revenue across a number of venues.

    “Meanwhile, business costs remain. Staff must still be paid in case power returns, food is wasted, and bookings are lost,” the letter’s authors said.

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  • PSX Says Goodbye to 2025 By Achieving 2nd Best Frontier Market Status

    PSX Says Goodbye to 2025 By Achieving 2nd Best Frontier Market Status

    KSE-100 achieved an impressive 51 percent return in CY25, closing at a new high and extending its three-year streak of double-digit growth, following gains of 55 percent in CY23 and 84 percent in CY24.

    According to Arif Habib Limited (PSX), the index also ranked as the second-best performing frontier market during the year, after Romania.

    Over the last three years, the average annual return stands at 64 percent, positioning the KSE-100 among the top-performing global markets over this period.

    In USD terms, the market generated cumulative returns of 249 percent over the last three years, a level unmatched by any other market on a three-year cumulative basis.

    The KSE-100 outperformed other asset classes such as real estate (17 percent), PIBs (12 percent), T-bills (12 percent), Defence Savings Certificates (11 percent), and bank deposits (9 percent), while gold delivered higher returns of 65 percent over the same timeframe.

    Despite periods of short-term volatility, the market has demonstrated sustained long-term growth, with 30-year returns of 23 percent, 25-year returns of 27 percent, 20-year returns of 21 percent, 15-year returns of 23 percent, 10-year returns of 22 percent, and 5-year returns of 37 percent, underscoring its resilience.


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  • New legal structure of Alberta health system in place, Premier Smith now eyes results

    New legal structure of Alberta health system in place, Premier Smith now eyes results

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    The Alberta government in 2025 completed the final legal foundations of its new health-care system, and Premier Danielle Smith says she’ll be working in 2026 to prove it was worth it.

    The massive reorganization saw Smith dismantle Alberta Health Services as the provincial health authority and relegate it to a hospital service provider.

    Smith said with one major piece of legislation passed in the fall sitting, the restructuring effort “is pretty much done.”

    New health agencies now govern hospital care, continuing care, mental health and addiction, and primary health — under the direction of Smith’s four health ministries.

    “So now it’s a matter of each one of those areas optimizing,” Smith said.

    The premier acknowledged the challenges. She promised a new public-facing dashboard that would show wait times for emergency rooms, ambulance rides and surgeries, along with 1,500 new spaces per year in continuing care.

    “People will start being able to watch and see — on all of those fronts — the progress that we’re making,” she said.

    More nurse practitioners

    She said her government’s move to allow more nurse practitioners to open practices in the province is part of why more Albertans now have access to a primary-care provider.

    Smith has long been critical of what she called the bureaucratic bloat of AHS, promising during her successful UCP leadership campaign to clean house.

    When asked if her government will take full accountability for health care once the pieces fall into place, the premier nodded.

    “Yeah, and we’ll hold our providers to account as well,” she said, noting the agency still accounts for the lion’s share of the health budget.

    She also pushed back on the idea that she had used the organization as a scapegoat.

    “Is it a scapegoat to say that people expect to have better service? I’m not the one delivering the service at the hospital.”

    Other challenges in 2025

    Smith’s ongoing effort to remake, reassemble and reanimate the pieces of the system hasn’t been her only challenge this past year. It began under the cloud of tariff threats from U.S. President Donald Trump.

    Smith took flak for posing for photos with Trump amid a surge of Canadian patriotism, but stood by her diplomatic approach.

    “I think it has worked for us. We ended up with 97 per cent of our goods going across the border tariff free,” she said, while acknowledging those provinces reliant on steel, aluminum, vehicle or lumber exports did not fare as well as Alberta’s oil and gas industry.

    After months of making demands of Prime Minister Mark Carney, she inked a preliminary agreement with Ottawa to work toward building a new oil pipeline to the West Coast.

    Smith also made her mark on democratic norms.

    Her government invoked the Charter’s notwithstanding clause four times in the fall sitting, forcing striking teachers back to work and shielding from court challenge her government’s laws affecting transgender and gender-diverse Albertans.

    Critics, including Alberta’s Opposition NDP, have said Smith’s use of the clause runs roughshod over the courts, the rule of law and democracy.

    But Smith said her government needed to act in exceptional circumstances to protect the children in Alberta.

    Smith’s UCP twice changed the law to help pave the way for citizen-led referendums, including a ballot question on pulling Alberta out of Confederation.

    Her drive for more direct democracy gave voice to another kind of discontent, as she and many in her caucus are facing recall petition campaigns that will drag well into the new year.

    All the while, Smith’s government has been dogged by allegations of corruption in health-care spending and Opposition NDP demands for a public inquiry.

    UCP is unstable, says Nenshi

    One of Smith’s own cabinet ministers, Peter Guthrie, resigned in the spring over the government’s handling of the scandal.

    Guthrie soon found himself booted out of caucus and is now organizing to build up a rival progressive conservative political party.

    Opposition NDP Leader Naheed Nenshi said Guthrie’s exit from the UCP was the beginning of intense instability in a government that has lost sight of Albertans’ priorities.

    He said stoking the fires of separatism only spurred more than 400,000 Albertans to sign a petition in favour of staying in Confederation.

    “Everything they try to bring back their popularity has backfired on them,” he said.

    Nenshi said he believes the premier has a tendency to lash out at those who disagree — from what Smith calls “activist courts” to citizens angry enough to try to recall government members.

    On health care, Nenshi said every worker in the sector will tell you the “chaos” of restructuring isn’t helping them do their jobs.

    “There is not an Albertan who believes the system works better now than it did six years ago. There’s not one.”

    He said despite Smith’s promise to hold AHS to account, she runs AHS and has since she took office.

    “This is all her, and she cannot any longer get away with this.”

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  • Top Executives Named in $750,000 Scam At Private IT Firm

    Top Executives Named in $750,000 Scam At Private IT Firm

    Pronet (Private) Limited has uncovered an alleged internal fraud involving more than $750,000, in what is emerging as one of the most significant corporate misconduct cases in Pakistan’s IT sector this year.

    According to internal investigators and details outlined in a First Information Report (FIR) filed by the company, the alleged fraud involved fabricated vendor networks, shell companies, and falsified procurement documents.

    The FIR takes context from Sections 420 (cheating and dishonestly inducing delivery of property) and 406 (criminal breach of trust) of the Pakistan Penal Code.

    The scheme was carried out through a network of suspicious entities, including companies like Oculus, NextTech, and Webbit, which appear to have existed largely on paper. The companies reportedly had no physical offices, no verifiable operations, and no legitimate contact details.

    Payment trails reviewed by Pronet revealed repeated transfers to these entities that eventually led to the discovery of a systematic scheme involving fake purchase orders and manipulated invoices designed to resemble legitimate business activity while diverting company funds.

    Former Chief Operating Officer Saqib Qasim, Sales General Managers Farhan Haider and Hamid, and Head of Finance Nasir Ahmed have been named as key figures in the alleged conspiracy. Financial records, internal approvals, and email correspondence are said to link the individuals to the disputed transactions.

    The matter escalated in September when Farhan Haider was arrested, while Saqib Qasim obtained pre-arrest bail. Sources told ProPakistani that although the accused have given differing accounts, they have acknowledged certain elements of the activity. No full confessions have been made public so far.

    The investigation has also drawn scrutiny toward Oculus, which was formed around 18 months earlier. Several of the accused reportedly joined the company after leaving Pronet. Clients and technology partners associated with Oculus are reportedly reassessing their relationships as investigators examine whether the entity was used for the alleged diversion of funds.

    Commenting on the case, Pronet’s newly appointed Chief Executive Officer Zia Saleem said the company had identified instances of financial misappropriation and initiated legal proceedings. “The matter is now before the courts, and it would not be appropriate to comment further at this stage,” he said.

    The scope of the case is expected to widen. The episode has sent shockwaves through Pakistan’s IT sector.

    A corporate risk and compliance expert said cases of this nature reflect recurring gaps in internal controls. Weak vendor onboarding, inadequate procurement checks, and insufficient employee vetting can allow sophisticated schemes to operate undetected for extended periods, the expert said.

    “I worked for Pronet for over 16 years and helped the company achieve unprecedented growth, establishing it as one of the top Systems Integration companies in Pakistan. Unfortunately, when I decided to part ways from the company and enter into competing business, Pronet lodged a malicious FIR based on false allegations to tarnish my reputation purely out of business jealousy,” the former top executive at the company named in the conspiracy told ProPakistani.

    He added, “While I am being maliciously prosecuted, I am confident that I will be vindicated by the courts inshAllah”.


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  • Gold price drops by Rs2500 per tola in Pakistan

    Gold price drops by Rs2500 per tola in Pakistan

    Sharp drop in gold prices on the last day of the year.

    In 2025, the price of 10 grams of gold increased by Rs 158,060.

    Across Pakistan, the price of gold per tola fell by Rs 2,500 to Rs 456,962.

    According to the All Pakistan Gems and Jewellers Association, the price of 10 grams of gold decreased by Rs 2,143 to Rs 391,771.

    Meanwhile, in the international market, gold prices dropped by $25 to $4,346 per ounce.
    During 2025, the price of gold per tola increased by Rs 184,362, while the price of 10 grams of gold rose by Rs 158,060. Similarly, in the global market, gold prices increased by $1,732 per ounce in 2025.

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  • Telenor Group Completes Sale of Telenor Pakistan to PTCL

    Telenor Group Completes Sale of Telenor Pakistan to PTCL

    When the sale was announced on 14 December 2023, Telenor Pakistan was valued at NOK 5.3 billion on a cash-and-debt-free basis. The closing of the transaction confirms this valuation level (NOK 5.4 billion given September currency rates, subject to final end-of-year adjustments). In addition, Telenor has received NOK 0.9 billion in cash flow from Telenor Pakistan since the announcement of the transaction.

    Since its launch 20 years ago, Telenor Pakistan has brought critical connectivity and digital services to over 40 million customers, including 4G technology to underserved regions and enabling digital inclusion in the country. Telenor Pakistan’s products and services have driven growth of Pakistan’s key economic sectors such as agriculture, banking and its technology freelancing communities.

    The company’s journey has been defined by its commitment to empowering communities with initiatives on safe internet use, digital skills and mobile identity, promoting responsible connectivity and inclusion across Pakistan.

    Telenor Group extends its gratitude to the 40+ million customers of Telenor Pakistan; to partners who collaborated to provide services to customers; and to employees whose dedication and innovation have shaped the company’s legacy.

    “The completion of this transaction reflects Telenor Group’s strategy to focus on being an active owner of market-leading positions in Asia, while enabling consolidation and innovation in Pakistan’s telecom sector. As we close this sale transaction today, I want to express my heartfelt thanks to our customers, partners and especially our employees, who have been part of this remarkable story. Your support and belief in our mission have made a lasting difference in Pakistan’s economy and society,” said Benedicte Schilbred Fasmer, Telenor Group CEO.

    “To the employees of Telenor Pakistan: you have been true gamechangers. Your resilience, innovation, and unwavering dedication have not only transformed the company but have made a real difference to millions of Pakistanis across the country. Thank you for your contributions in making Telenor Pakistan a beacon of progress and inclusion. As you embark on this new chapter, your legacy will continue to inspire and shape the future of Pakistan’s digital society,” concluded Jon Omund Revhaug, Head of Telenor Asia.

    Click here for highlights of Telenor Pakistan’s 20 years of impact.

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  • CEO and Executive Compensation Practices in the Russell 3000 and S&P 500

    CEO and Executive Compensation Practices in the Russell 3000 and S&P 500

    Trusted Insights for What’s Ahead

    • Reported median CEO compensation rose 12% in the Russell 3000 and 7% in the S&P 500, driven by performance-based equity awards and discretionary bonuses, although this is not necessarily indicative of what CEOs take home.
    • Reported median NEO pay is up 8% in the Russell 3000 and 4% in the S&P 500, driven in part by sharp increases for chief human resources officers (CHROs) and chief marketing officers (CMOs) that may reflect heightened focus on workforce and brand leadership.
    • Investor support for say-on-pay remained high but softened at the margins: outright failures rose slightly from 2024’s low, and more companies slipped into the 50–70% approval range, signaling growing investor and proxy advisor scrutiny of pay-for-performance alignment.
    • Performance-based equity remains central to reported CEO pay, with performance share unit (PSU) adoption at 69% of Russell 3000 and 93% of S&P 500 companies, although boards face rising scrutiny from proxy advisors to ensure plans are strategically aligned.
    • Perquisites remain a small share of reported CEO pay but face outsized scrutiny, with 25% of S&P 500 CEOs receiving personal and home security benefits (up from 18% a year earlier) in the context of heightened focus on CEO and executive safety.

    CEO and executive compensation—covering the CEO and other NEOs—is disclosed annually by US public companies in proxy statements. Reported figures reflect “total compensation” which, as defined by the US Securities and Exchange Commission (SEC), records the grant-date fair value or accounting expense value of pay packages rather than realized income. Since much of CEO pay takes the form of equity awards whose value depends on stock performance and other corporate metrics, these disclosures do not indicate what executives ultimately take home.

    Against this backdrop, the data provide critical insight into how boards respond to market conditions, design incentives, and benchmark against peers. Year-over-year shifts signal changes in award levels, which largely reflect stock market cycles, competitive labor dynamics, and investor expectations.

    CEO Compensation Trends

    Trends in reported total CEO compensation

    According to 2025 proxy filings, median total CEO compensation rose 11.8% in the Russell 3000 (to $6.7 million) and 6.6% in the S&P 500 (to $16.5 million), reflecting pay decisions for fiscal year 2024 and continuing a longer upward trajectory (Figure 2). Fiscal year 2024 was marked by strong equity markets (the S&P 500 rose more than 24%), cooling but still elevated inflation (around 3%), and shifting interest rate expectations. Corporate earnings rebounded, consumer confidence strengthened toward year-end after midyear volatility, and CEO confidence reflected cautious optimism. This backdrop shaped compensation decisions at public firms.

    There are notable divergences in reported median total CEO compensation across industries (Figure 3). Information technology outpaces other sectors at $8.7 million for the Russell 3000, likely reflecting the premium placed on executive talent in a high-growth, innovation-driven field where equity-based pay dominates. Communication services ($8.0 million) and consumer staples ($7.9 million) are also high, pointing to scale effects in sectors with large, complex global players and significant investor scrutiny. By contrast, the financials sector stands out with the lowest reported median at $4.5 million, which may partly reflect the broader distribution of firms within financials (including many smaller banks and insurers).

    The highest-earning industries also reported some of the largest year-on-year increases:

    • Financials (+23.5%): The sharpest rise, after a period of restraint, corresponds with stronger profitability from higher interest income and healthier markets.
    • Health care (+22.2%): Compensation growth aligns with sector strength, supported by product pipelines, deal activity, and an emphasis on equity-based pay.
    • Information technology (+20.9%): The increase mirrors strong stock market performance and optimism around AI, which is driving larger equity award compensation.
    • Communication services (+11.7%): Continued scaling of digital, media, and telecom businesses, with equity incentives tied to long-term growth, appears to be reflected here.
    • Energy (+10.9%): Growth appears linked to strong earnings and cash flow supported by commodity prices, feeding into higher incentive outcomes.

    The only industry that experienced a decline this year was consumer discretionary (-3.5%), likely reflecting uneven consumer demand and margin pressures. These industry trends were also evident in the ranks of the highest-paid CEOs (Figure 4).

    Trends in reported CEO compensation elements

    In terms of specific CEO pay elements, 2025 growth was once again driven by equity markets. In the Russell 3000, median base salary rose only slightly to $850,000 (+2.5%), while equity-linked components delivered the real gains: performance-based stock awards climbed 9% to $3.3 million and stock options jumped 21% to $2.4 million, reversing earlier declines.

    The S&P 500 shows similar trends. With the index up more than 20% in 2024, performance-based stock awards rose 7% to $7.1 million and restricted stock gained 8% to $3.5 million, underscoring the central role of incentive equity in CEO pay. Median discretionary bonuses nearly doubled from $2.1 million in 2024 to $3.0 million in 2025, while non-equity incentive plan (NEIP) compensation payouts held flat at $2.5 million. Perquisites also rose 14%. Overall, boards capitalized on stock market gains and leaned more heavily on discretionary cash and equity grants.

    Gender Gaps in Disclosed Compensation for CEOs

    There are notable differences between male and female median reported total CEO compensation, with women CEOs earning more in both indexes: 3% higher in the Russell 3000 and 11% higher in the S&P 500. However, a higher female median does not necessarily indicate a generalized pay advantage. The small number of women in the CEO population—189 in the Russell 3000 and just 35 in the S&P 500—means results are highly sensitive to a few outliers with high compensation packages. More broadly, the data underscore that the central issue is not compensation parity once in the role, but rather the persistent underrepresentation of women in the CEO ranks.

    NEO Compensation Trends

    Say-on-pay, introduced in the US by the 2010 Dodd-Frank Act, gives shareholders a nonbinding annual vote on executive compensation, serving both as a governance check and a barometer of investor sentiment. While overall support remained high in 2025, investor scrutiny increased. After three years of steady gains, the number of say-on-pay proposals earning greater than 90% approval declined, and the number of failed votes—rare outcomes where support is below 50%—rose from 28 in 2024 to 31 in 2025. Warner Bros. Discovery (40%) and Thermo Fisher Scientific (35%) were among the most visible failures, with shareholders rejecting executive pay packages amid subdued performance.

    The bigger shift, however, occurred in the middle range: many more companies fell into the 50–70% approval band, reflecting rising dissent even when votes passed. Notable examples included Goldman Sachs (66%), UnitedHealth Group (60%), and Pfizer (54%), where investors voiced concerns over company performance, large equity awards, or overall pay levels. Such outcomes typically trigger closer scrutiny from proxy advisors (Institutional Shareholder Services [ISS] generally flags votes below 70% support and Glass Lewis below 80%), increasing reputational and governance pressure on boards. In response, compensation committees may need to temper award sizes—particularly equity grants—enhance disclosure, and engage more directly with shareholders to explain pay design and decisions.

    Trends in Time-Based and Performance-Vesting Equity

    Restricted stock

    RSUs are a staple of many equity incentive programs. These time-based awards vest over a set period, provided the executive remains with the company. Their appeal lies in their predictability: the value realized depends only on the number of shares granted and the stock price at vesting. RSUs have become more common in long-term incentive plans, particularly among smaller and mid-cap Russell 3000 firms that value their administrative simplicity, clarity for executives and investors, and effectiveness as a retention tool. Since 2019, their use has expanded across nearly every sector.

    Despite this growth, RSUs generally represent less than 40% of total equity awards. Most large companies rely more heavily on performance share units (PSUs)—where awards vest only if specified financial or operational goals are achieved. Options remain another vehicle in the mix: though proxy advisors do not classify them as performance based, options continue to appeal to boards for their direct link to stock price appreciation.

    Performance shares

    Unlike standard RSUs, which vest solely with time, PSUs vest only if specified performance targets are achieved, often tied to metrics such as earnings growth or relative total shareholder return (TSR). Since 2019, PSU adoption has risen steadily, reaching 93% of S&P 500 companies and 69% of the Russell 3000, up from 85% and 60% respectively. Usage is especially high in materials, utilities, energy, industrials, and consumer staples, though it remains lower in health care.

    The expansion of PSUs has also sparked debate over their effectiveness. A 2025 study by Farient Advisors and MIT Sloan analyzed thousands of CEO pay plans and concluded that companies relying heavily on PSUs often delivered lower relative TSR and higher realized CEO pay than peers using simpler, time-based equity. The findings challenged long-standing assumptions, although they have been publicly contested and disputed. For example, a subsequent survey of over 100 institutional investors and public pension funds by Pay Governance and IR Impact found that 71% favored PSUs as the core long-term incentive, and 86% preferred they represent at least half of total equity awards.

    Proxy advisors have taken note, and both ISS and Glass Lewis included questions on the appropriate balance between performance-based and time-based equity in their 2025 policy surveys. While a predominance of performance-based awards remains a positive feature of executive pay programs, investors’ views may be gradually evolving—particularly where companies use time-based equity awards with extended vesting periods that promote long-term retention and alignment.

    Proxy advisor scrutiny and expectations

    Beginning in 2025, ISS has increased the weight of performance-vesting equity in its qualitative assessments, particularly where quantitative screens already signal misalignment. Glass Lewis has likewise recalibrated its approach, placing greater emphasis on long-term pay-for-performance alignment through expanded quantitative tests, including five-year averages of CEO pay versus TSR, incentive payouts versus TSR, and granted pay versus financial performance.

    In this context, boards that fail to disclose thresholds, targets, and maximums—or that adopt equity programs viewed as opaque or weak—risk being flagged for misalignment. While outright say-on-pay failures remain uncommon, investor scrutiny has intensified in 2025, and compensation committees should be prepared for tougher questions and rising expectations.

    Short-Term and Long-Term Financial Metrics

    Short-term incentives (STIs) vs. long-term incentives (LTIs)

    Executive incentive pay is generally divided between STIs, which reward annual performance, and LTIs, which promote alignment and retention over multiple years. The balance between the two reflects each company’s strategy, industry dynamics, and governance expectations.

    For STIs, profit-based metrics such as earnings before interest, taxes, depreciation, and amortization (EBITDA) and net income remain the dominant reported benchmark for annual bonuses, used by about 90% of companies in both the Russell 3000 and the S&P 500. Since 2019, however, usage patterns have shifted: revenue metrics have risen by roughly six percentage points in both indexes, and cash flow has also become more common, particularly in the S&P 500. In contrast, return-based measures have declined, and balance sheet metrics, while ticking up in the Russell 3000 between 2024 and 2025, have trended downward over the longer term.

    Most companies rely on two STI metrics, though use of three has inched upward. Profit metrics continue to carry the highest weighting, but their share has fallen from just over 60% in 2019 to just over 50% in 2025.

    Sector differences are notable. Profit is nearly universal in utilities, consumer staples, and consumer discretionary, but in real estate fewer than 60% of companies use it, with three-quarters preferring cash flow. Revenue dominates in information technology and health care (both above 80%), compared with fewer than 20% of companies in materials.

    For LTIs, TSR has solidified its position as the leading reported performance measure. This is due, in part, to proxy advisors like ISS using TSR as a primary metric for evaluating quantitative pay and performance alignment. Its use has climbed from just over half of Russell 3000 companies in 2019 to more than 60% in 2025, and from just over 60% to nearly 75% in the S&P 500. Profit and revenue metrics are also gaining ground, especially in the S&P 500, where 55% of companies now use profit measures and 28% use revenue. Return-based metrics have held steady, applied by about 30% of S&P 500 firms and just over a quarter of Russell 3000 firms.

    Industry differences remain significant. TSR is nearly universal in real estate and utilities (above 90%), but usage drops to around half in sectors such as communication services, consumer discretionary, consumer staples, financials, industrials, and information technology—where profit or return metrics are more common. The overlap of profit metrics in both STIs and LTIs raises potential concerns about “double counting,” which boards should be ready to explain and justify during shareholder engagement and in their compensation discussion and analysis.

    LTI performance measurement periods

    Performance period duration is a closely watched feature of LTI plans, shaping how investors and proxy advisors assess alignment with long-term value creation. Three-year cycles remain the dominant design: in the Russell 3000, usage has risen from 80% in 2022 to nearly 85% in 2025, reflecting market preference for a balance of accountability and predictability.

    Shorter horizons persist but remain under scrutiny. In 2019, nearly 20% of Russell 3000 companies used one-year performance periods; by 2025, that figure had dropped to 13.5%. The S&P 500 shows a similar pattern, with about 12% of companies still relying on single-year cycles. These are concentrated in sectors with greater forecasting volatility—most notably information technology (31%), communication services (27%), and consumer discretionary (19%). Interestingly, information technology also has the largest share of companies with cycles longer than three years, highlighting its use of both short- and long-horizon metrics.

    Shorter periods do not necessarily set a lower bar. Long-term targets established before an unexpected boom can prove easier to exceed, while single-year periods allow goals to be recalibrated annually, sometimes enhancing alignment. Still, proxy advisors remain skeptical: Glass Lewis labels one-year periods “problematic,” while ISS views mid-cycle goal changes as a signal of weak alignment. Boards adopting shorter horizons must be prepared to explain their rationale—such as heightened uncertainty—and demonstrate how design choices preserve a pay-for-performance link.

    Some companies mitigate these concerns by structuring PSUs as three rolling one-year cycles, with payouts averaged over three years and, in some cases, adjusted by a three-year relative TSR modifier. This approach preserves long-term alignment while avoiding the perception of one-year equity bonuses.

    Perquisites Provision Trends

    Perquisites—commonly called “perks”—are nonsalary benefits provided to senior executives, such as corporate aircraft use, security arrangements, and supplemental insurance. They are intended to support executives’ effectiveness and safety, ease travel demands, or reflect competitive practice. While perks make up only a small share of reported overall pay (median CEO perks account for about 1.5% of total S&P 500 compensation), they draw outsized attention for what they signal about corporate culture, governance, and boards’ sensitivity to reputational and investor concerns.

    The SEC has made perk disclosure a focal point of its broader review of executive compensation reporting. At a June 2025 roundtable that has generated over 1,000 comment letters in response, the SEC asked whether disclosure rules affect companies’ willingness to provide perks, how difficult it is to apply the current test to items such as personal security, and how investors use data about perks. The SEC commissioner argued that disclosure of benefits like jet use and personal security has become burdensome, describing it as a “regulatory tax.”

    Investor views remain divided. Some individual investors contend that if perks such as personal jet use are too costly to disclose, companies should eliminate them. By contrast, groups such as the HR Policy Association’s Center on Executive Compensation have urged the SEC to exempt certain items—particularly security—from disclosure requirements.

    Security has emerged as the most closely watched perk, especially following the murder of UnitedHealth Group CEO Brian Thompson in late 2024 and the July 2025 shootings at a prominent midtown office building in New York City. These events have strengthened the case for enhanced protections, including home security, secure transportation, personal protection at public events, and greater reliance on corporate aircraft. While disclosure impacts will generally not be fully visible until 2026 proxy statements, the prevalence of security-related perks for CEOs increased from 18.2% in 2024 to 24.8% in the S&P 500, and it has doubled since 2018. Some 7.2% of Russell 3000 CEOs receive security benefits, up from 4.9% last year. By sector, such perks are most common in communication services, consumer discretionary, and utilities. These perks are particularly common among the very largest firms; as recently reported by FW Cook, 59% of the S&P 100 report personal security perquisites for CEOs, up from 49% last year.

    Corporate jet usage remains the second most common perk for S&P 500 CEOs after pensions, with nearly 44% receiving it in 2025 versus fewer than 16% in the Russell 3000. Median corporate jet costs in 2025 were $151,000 in the S&P 500 and $130,000 in the Russell 3000. However, private air travel is also often provided as part of an overall security plan rather than as a stand-alone benefit. Median security costs were lower—$76,000 in both indexes—but continue to attract scrutiny.

    Practices pertaining to executive perks remain a sensitive issue for boards. Decisions must balance business purpose, competitive practice, investor expectations, and disclosure requirements. As scrutiny intensifies, especially around personal security and aircraft use, companies will need to clearly explain both why these benefits are necessary and how they align with the broader pay philosophy.

    Conclusion

    The 2025 proxy season underscores both the resilience of executive pay growth and the rising expectations from investors and proxy advisors around transparency, rigor, and alignment with performance. While equity markets fueled sizable reported increases for CEOs and other senior leaders, scrutiny of pay design—spanning performance metrics, equity structures, time horizons, and perquisites—continues to sharpen. Looking ahead, boards face the dual challenge of attracting and retaining top talent in a competitive environment while ensuring compensation programs withstand governance pressures, investor expectations, and heightened external scrutiny.

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