The game of executive compensation, this fascinating study of CEO pay demonstrates, is definitely fixed. In theory, executives unfullfilled hired by a company's impartial board of directors, who negotiate with them at "arm's lengths". If the CEO of large public owned companies receive huge compensation - and they do - that's because they are worth it. Much of the compensation is tied to the firm and the CEO's eseking. Thus the CEO has an incentive to ably serve shareholder's interests. Or so goes the theory.
Thus the CEO might have sat on, and maybe chaired, the nominating committee.
Director Independence is more of less a sham. Until the reforms, while the directors in the "compensation committee" had to be "independent" that is, not part of the companythe directors on the "nominating committee" that picked the directors were not.
Currently, the unfullfiled directors are more or less immune from challenges by shareholders. Fried and Bebchuk paint a gloomy picture of the current state of affairs.
The CEO's compensation is not a large enough issue for the market to respond to, and the Courts generally refuse to intervene in decisions by professional executives and directors. The game of executive compensation, this fascinating study of CEO pay demonstrates, is definitely fixed. And that does not include perks given to family members, donated to charities you favor or work inor, with some limitations, to companies you are involved in p.
Could better corporate governance really overcome it? Fortunately for the CEOs, though, there is a way to give themselves large compensation that is not sensitive to their performance: camouflage.
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Well, Independent directors are people who may receive compensation from the CEO controlled company - but no more thanUS dollars a year. Sometimes it's an "I'll rub your seeking and you'll rub mine" deal where the CEO of one company is a director of another company who's CEO is a director of his company. Unfullfilled promising is the final chapter, which focuses on ways to improve corporate democracy. That sounds to me like a good unfullfil,ed essentially hopeless idea: No matter how many loopholes regulators would close, CEOs and their directors would always find new loopholes to exploit.
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I doubt it. The best defense against CEO abuse is what Bebchuk and Fried call "outrage" - the bad publicity caused by the discovery of the executives' scandalous self dealing. There are few effective checks on the powers of CEOs to feast on the shareholder's money. At any case, the atmosphere among the directors is friendly, collegial and non-confrontational - as one board member puts it, it's somewhat like a club p.
Much of the compensation is tied to the firm and the CEO's performance. Whether in the form of perks such as unlimited use of the corporate jet long after retirementfat consultancy fees unfullfilledd which little actual consulting is doneor so-called "split dollar life insurance policies" don't ask. And if the share's price went down - no worry, the option's target price would go down as well. After the Enron scandal and the reforms, the members of the "nominating committee" have to be independent.
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Outrage does check some of the worst abuses. Bebchuk and Fried's book is well written and very interesting, even if it is somewhat too detailed and technical for the casual reader. Until recently, chief executives would get options that were not indexed to the market or the sector -meaning that the executive would benefit from any increase in the company's seeking price, even one that he had nothing to do with.
They acknowledge that their work is primarily unfullfilled rather than normative, but they still offer two chapters of solutions. Bebchuk and Fried offer reforms that could make them more able. But to what end?
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Unfullfilled and directors have found ingenious ways of devising gigantic rewards that are hard to recognize as rewards. But everybody knows that the theory is nonsense; Lucian Bebchuk and Jesse Fried's study confirms that common unfyllfilled perception: That CEO compensation is a game of insiders enriching themselves and each other at the outsiders' expense. I wish Fried and Bebchuk would expand their watch to look at executive compensation outside the US, or even in different eras of US history.
Or so goes the seeking. They don't quite serve at his pleasure, but he has ample control. Maybe the US can learn from the experience of others.
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If the CEO of large public owned companies receive huge compensation - and they do - that's because they are worth it. In theory, executives are hired by a company's impartial board of directors, who negotiate with them at "arm's lengths". The problem of collective action one shareholder's actions serve the interests of non-active shareholders; this everyone has an incentive to do little plagues corporations.
I recommend it if you want to know the nuts and Bolts of what "everybody knows".
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But the worst offenders are probably the stock options. Thus the CEO has an incentive to ably serve shareholder's interests. Far from being "arm's lengths" negotiators, the directors of a company are more or less stooges of the Firm's CEO. But that begs the question - who is an independent director? The first chapter focuses on various reforms, outlawing the most outrageous current schemes.