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The companies included in this report were selected because they are based within the local region — Boulder and Broomfield counties — and have filed a definitive proxy statement within the past 12 months.

Mac Clouse, a professor of finance at the University of Denver’s Daniels College of Business, said means to curtail what some consider to be exorbitant pay packages could take a combination of further federal regulation combined with increased actions by shareholders along with proactive steps by the companies themselves. “I do think that boards and CEOs are a little more conscious now of what they’re doing,” he said. “We’ll see how long that lasts. Unfortunately, sometimes the financial markets have short memories.” Philosophically, he said, regulation should not be necessary for compensation. However, when executives are handed fat bonuses while shareholders are losing their shirts, it’s hard to argue that compensation packages are on the right track, he said.