The board members at Imation, a data-storage and security provider, make more than directors at much larger 3M — and should see their compensation cut, according to an activist hedge fund that is a shareholder of the company.
Spear Point Capital Partners is seeking board compensation cuts of 40 to 80 percent, according to a Dec. 4 letter sent to the company, a copy of which has been reviewed by The Post.
Imation has offered a 10 percent cut.
One compensation expert put the compensation of board members at Imation, a $140 million company — which averages $287,000 — at three times the norm for a company its size.
At 3M, with a market cap of $104 billion, the average board compensation is $271,000. 3M spun off Imation in 1996.
"The comparison to 3M is particularly telling and would be humorous if it wasn't so pathetic," Spear Point Managing Member Rodney Bienvenu wrote in the letter.
The average director compensation for an S&P 500 company is about $260,000.
Paul Hodgson, a compensation expert at BHJ Partners, told The Post that $287,000 in compensation is likely three or four times that of a similar-size company director.
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