Myths and realities of executive pay

著者

書誌事項

Myths and realities of executive pay

Ira T. Kay, Steven Van Putten

Cambridge University Press, 2007

  • : hbk

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注記

Includes bibliographical references (p. 243-252) and index

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収録内容

  • Prologue: the compensation committee meets
  • Introduction: the battle over executive compensation
  • Executive compensation in the U.S. corporate model
  • The goals of executive compensation
  • Our approach
  • The myths and realities of pay for performance
  • The realities of pay for performance
  • Other issues
  • Case studies
  • The myth of managerial power
  • Academic response to Bebchuk and Fried
  • The realities of managerial power
  • Camouflaged compensation
  • At-the-money strike prices
  • Repricings and reloads
  • Diversifying, hedging and timing
  • Peer group data and upward bias
  • Other factors in setting pay
  • Fixed shares vs. constant dollar techniques
  • Conflicts of interest
  • External pressures: the new context for executive compensation
  • Characteristics of external forces
  • Cyclical reforms and unintended consequences
  • The genesis of the current environment
  • The regulators
  • Securities and Exchange Commission
  • Financial Accounting Standards Board
  • Internal Revenue Service
  • NYSE and NASDAQ
  • Congress
  • The reformers
  • Institutional investor perspectives
  • Concerns with lack of pay for performance
  • Stock incentives
  • Performance metrics
  • Severance and change-in-control agreements
  • The financial activists
  • LBO impact
  • Impact of change-in-control protection
  • Hedge funds
  • Media critics and public figures
  • What we can learn
  • End of an era: the decline of the stock option
  • The 1990s: the decade of the stock option
  • 2000
  • 2002: a turning point
  • The decline of the stock option
  • The realities of expensing
  • Perceived value
  • The case for stock options
  • Costs and stock prices
  • Reducing the expense
  • The future of long-term incentives
  • Factors influencing LTI design
  • Designing a LTI program
  • Setting performance goals and metrics
  • Basis for measurement
  • Goal setting
  • Determining share award sizes
  • A look to the future
  • Executive stock ownership: the solution to the executive compensation crisis
  • Agency theory and costs
  • Moral hazard
  • Driving superior returns
  • Stock ownership guidelines
  • Stock holding requirements
  • Net share retention requirements
  • Other mechanisms for creating ownership
  • Management stock purchase plans
  • Finding the right solutions
  • Director compensation in the new environment
  • The evolution of director compensation
  • Move away from stock options
  • Activity-based compensation
  • Compensating committee chairs and members
  • General electric as a reference point
  • Director compensation levels and mix
  • Director share ownership
  • Stock ownership guidelines
  • Net share holding requirements
  • Ownership effectiveness
  • Structuring the optimal director compensation package
  • The future of director compensation
  • The compensation committee: creating a balance between shareholders and executives
  • Legal context
  • Right from wrong?
  • Foundations for best practices
  • Creating excellence in corporate governance
  • Institutional and regulatory governance recommendations and mandates
  • Consultant independence
  • Setting the CEO's pay as rigorously as possible
  • Case study of an internal promotion
  • Creating a pay-for-performance environment
  • Rule 10b5
  • 1 plans
  • preannounced purchases or sales of stock
  • Best governance practices in designing annual and long-term incentives
  • Aligning all employee pay to improve corporate performance
  • Elements of alignment
  • Untenable forms of alignment
  • Performance pay solutions
  • Employee stock ownership
  • The role of stock options
  • Moving beyond options
  • Converting to restricted stock
  • Adjusting stock-based incentives
  • Alignment in practice
  • Building better alignment
  • International executive pay comparisons
  • U.S. competitive advantage
  • The international executive pay gap
  • United Kingdom
  • France
  • Canada
  • Asia
  • In summary
  • Conclusion: the future of executive compensation
  • Epilogue: back in the boardroom
  • Acknowledgements
  • Appendix A Legal and regulatory requirement for executive compensation plans
  • Nonqualified stock options
  • -

内容説明・目次

内容説明

Popular perceptions of executive compensation in the United States are now part of a full-blown mythology fueled by critics who have little direct experience with the inner workings of corporations, their boards, and the executive teams who ultimately shoulder the responsibility for business success or failure. This book documents the realities of executive compensation by investigating the extent to which the pay for performance model governs executive pay levels. It also assesses the relative success of this model in creating value for shareholders and robust job growth for U.S. workers and provides detailed, real-world guidance for designing and executing effective executive compensation plans. Based on extensive empirical research and decades of direct experience in the field, Myths and Realities of Executive Pay settles the debate about executive compensation and the role it plays in the broader U.S. economy.

目次

  • Prologue: the compensation committee meets
  • Introduction: the battle over executive compensation
  • 1. The myths and realities of pay for performance
  • 2. The myth of managerial power
  • 3. External pressures: the new context for executive compensation
  • 4. End of an era: the decline of the stock option
  • 5. The future of long-term incentives
  • 6. Executive stock ownership: the solution to the executive compensation crisis
  • 7. Director compensation in the new environment
  • 8. The compensation committee: creating a balance between shareholders and executives
  • 9. Aligning all employee pay to improve corporate performance
  • 10. International executive pay comparisons
  • Conclusion: the future of executive compensation
  • Epilogue: back in the boardroom
  • Appendix A. Legal and regulatory requirement for executive compensation plans
  • Appendix B. Summary of the regulatory and institutional mandates and recommendations
  • Appendix C. Academic articles on pay for performance and the executive labor market.

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