This flowchart defines the steps for the executive bonus process.
Sample steps include: the bonus program is documented and approved by the board of directors and select committees; bonus calculations are performed by unit managers; bonus calculations are approved by the CEO; final bonus pay-outs are approved by the board of directors/compensation committee; Form 8-K is filed when bonus payouts are finalized; bonuses are input for payment; bonuses input are reviewed for accuracy; payroll accounts are reconciled; and executive bonuses are disclosed in financials.
This document can be used as a general guide to understand and review the program authorization process. Organizations should continuously update and monitor the processes included in this document to ensure that they accurately reflect business operations. Furthermore, this proposal sheet requires approval from the sales department, executive team and finance department prior to project commencement.