Ira T. Kay Practice Director, Compensation Watson Wyatt Worldwide Mr. Kay is the Practice Director in charge of Watson Wyatt’s Compensation Practice. His primary objective is to help Watson Wyatt’s clients to use compensation programs to drive business, organizational and cultural change. Mr. Kay has worked closely with U.S. public, international and private companies, helping them to develop annual and long-term incentive plans to increase shareholder value. He is also experienced in specialized situations such as mergers, initial public offerings, turnaround and bankruptcy situations. Mr. Kay conducts research on stock option overhang, executive pay and performance, and CEO stock ownership. Mr. Kay has a B.S. in Industrial and Labor Relations from Cornell University and a Ph.D. in economics from Wayne State University. He has written and spoken broadly on executive compensation issues. He is a co-author (with Dr. Bruce Pfau) of the book The Human Capital Edge, from McGraw-Hill. He is also the author of CEO Pay and Shareholder Value: Helping the U.S. Win the Global Economic War, published by St. Lucie Press, and Value at the Top: Solutions to the Executive Compensation Crisis, published by Harper Collins, and numerous other research studies. He has been published in the Harvard Business Review and the McKinsey Quarterly. Mr. Kay has presented analysis of executive compensation issues before the Federal Reserve Board, the S.E.C., the F.A.S.B. and a U.S. Senate subcommittee.