Title: “Say on Pay”: Cautionary Notes on the U.K. Experience and the Case for Muddling Through
Abstract:Executive compensation seems always on the public agenda. At a 2003 Columbia Law School conference that debated the newly published Pay without Performance by Lucian Bebchuk and Jesse Fried, an editor...Executive compensation seems always on the public agenda. At a 2003 Columbia Law School conference that debated the newly published Pay without Performance by Lucian Bebchuk and Jesse Fried, an editor of Fortune magazine showed a series of magazine covers beginning with the early 1950s to illustrate the persistent fascination with the pay of the chief executive of large public companies. Excessive CEO pay led to tax law changes in the early 1990s. Large stock option payoffs and megagrants made for especially vivid magazine cover stories in the late 1990s. Golden parachute payouts to fired CEOs made for lurid headlines in the 2000s. The changing ratio in the compensation level of CEO versus line worker from 20 to 1 in the 1950s to 350 to 1 today has taken on traction in the political realm as well as the boardroom. Add to the uneasy contemporary mix the preening of hedge fund managers, whose billion-dollar annual paychecks dwarf the typical CEO package.Read More
Publication Year: 2010
Publication Date: 2010-07-30
Language: en
Type: book-chapter
Indexed In: ['crossref']
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