Mr. Hipwood reviewed the overall compensation structure along with the Compensation Committee process.  Discussion ensued.

Mr. Hipwood presented an overview of the Fiscal Year 2022 performance of MassVentures along with individual accomplishments as they related to goals and objectives established at the beginning of the fiscal year.  Discussion ensued.

Mr. Hipwood presented an overview of a resolution to review overall compensation for FY 2023. 

Mr. Madison and Mr. Hipwood left the meeting at 2:45pm.  Discussion of the resolution ensued.  

The Comp Committee discussed the resolution that "MassVentures’ compensation and incentive compensation policy will be revisited for fiscal year 2023 with considerations for aligning total compensation with that of other quasi-public agencies in the Commonwealth of Massachusetts, to ensure base salaries of public employees are representative and sustainable, and variable compensation opportunity is properly sized and awarded within a distribution. The new policy will be completed and submitted for Board of Director approval prior to December 31, 2022."

After discussion, it was the consensus of the Compensation Committee that, in addition to comparison with other quasi-public agencies for which EOHD has responsibility,  the consideration of MassVentures' compensation and incentive policies should also be guided by principles including benchmarking with peer organizations (public and private), the self-funding nature of MassVentures, recruitment and retention of key employees and other Key Performance Indicators and outcomes applicable to MassVentures' statutory mission.