> Timothy J. Fenton, President of McDonald's Asia/Pacific, Middle East and Africa, or AP-MEA (based in Hong Kong)
Other
Latam transaction.
The transition of approximately 1,600 restaurants in 18 Latin American and Caribbean countries to a developmental license structure, completed in 2007.
Total direct compensation.
Base salary, annual and long-term cash incentive and equity-based compensation. Total direct compensation does not include potential severance payments, retirement benefits or other fringe benefits.
Systemwide sales.
Sales at all McDonald's restaurants, including those operated by the Company, franchisees and affiliates.
Run rate.
The average annual dilution from Company stock option and RSU grants over the most recent three-year period.
Constant currency.
Describes results that exclude the effects of foreign currency translation. Unless noted, references herein to operating income and EPS are in constant currencies.
McDONALD'S EXECUTIVE COMPENSATION PROGRAM
* Our key objectives
Our executive compensation program is aimed at achieving the following key objectives, which we view as complementary, but distinct, goals:
> Profitable growth and increasing shareholder value
> Differentiation of compensation based on performance
> Internal pay equity
> Effective competition for, and retention of, managerial talent.
The key objectives reflect and support our business strategy and our corporate culture in a variety of ways, which we describe below.
Profitable growth and increasing shareholder value
> A fundamental principle reflected in our executive ...