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Bebchuk on executive compensation: Let the Good Times Roll Again?
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Such pay structures gave executives excessive incentives to seek short-term gains – say, by making lending and investment decisions that would improve short-term earnings – even when doing so would increase the risks of an implosion later on. Jesse Fried and I warned about this short-term distortion five years ago, in our book Pay without Performance. Following the crisis, this problem has become widely recognized, including by business leaders such as Goldman Sachs’ CEO Lloyd Blankfein. But it still needs to be effectively addressed: Goldman’s recent decision to provide record bonuses as a reward for performance in the last two quarters, for example, is a step in the wrong direction.
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New York Attorney General says bank bonuses unmoored from performance | The Australian
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Although Mr Cuomo did not publish the names of the banks' biggest bonus recipients due to privacy concerns, he set out the number of bankers at each company who received more than $US1 million.
JP Morgan Chase had the biggest number of millionaires, paying 1626 staff bonuses of more than $US1m last year, despite a $US25bn bailout. Goldman Sachs, which took $US10bn from taxpayers, was next with 953 millionaires and Citigroup was third with 738.
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Regulating executive pay in America: Knotting the purse-strings | The Economist
Moreover, as in Britain, the shareholder vote will only be advisory, and can be ignored by management. In May 59% of voting shareholders of Royal Dutch Shell, an oil giant, rejected the executive pay package for 2008, but the company intends to pay it anyway—though it lamely promised to consult shareholders more closely in future.
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Moreover, as in Britain, the shareholder vote will only be advisory, and can be ignored by management. In May 59% of voting shareholders of Royal Dutch Shell, an oil giant, rejected the executive pay package for 2008, but the company intends to pay it anyway—though it lamely promised to consult shareholders more closely in future.
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