Tyco Sets Policies on Executive Pay

Tyco International Ltd., a conglomerate once criticized for its executive pay packages, adopted limits on severance and change-in-control agreements to improve the company’s corporate governance.

Senior executives also will be required to retain a minimum percentage of shares awarded under pay plans and to hold certain amounts of the Bermuda-based company’s common stock.

Shares of Tyco rose 9 cents to $18.87 on the NYSE.