Pay without Performance: The Unfulfilled Promise of Executive Compensation

The company is under-performing, its share price is trailing, and the CEO gets...a multi-million-dollar raise. This story is familiar, for good reason: as this book clearly demonstrates, structural flaws in corporate governance have produced widespread distortions in executive pay. Pay without Performance presents a disconcerting portrait of managers' influence over their own pay--and of a governance system that must fundamentally change if firms are to be managed in the interest of shareholders. Lucian Bebchuk and Jesse Fried demonstrate that corporate boards have persistently failed to negotiate at arm's length with the executives they are meant to oversee. They give a richly detailed account of how pay practices--from option plans to retirement benefits--have decoupled compensation from performance and have camouflaged both the amount and performance-insensitivity of pay. Executives' unwonted influence over their compensation has hurt shareholders by increasing pay levels and, even more importantly, by leading to practices that dilute and distort managers' incentives.This book identifies basic problems with our current reliance on boards as guardians of shareholder interests. And the solution, the authors argue, is not merely to make these boards more independent of executives as recent reforms attempt to do. Rather, boards should also be made more dependent on shareholders by eliminating the arrangements that entrench directors and insulate them from their shareholders. A powerful critique of executive compensation and corporate governance, Pay without Performance points the way to restoring corporate integrity and improving corporate performance.

Product details

Hardcover : 199 pages
Title : Pay without Performance: The Unfulfilled Promise of Executive Compensation
Language : English
ISBN-10 : 674022289
Ranting : 3.8

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Pay without Performance, The Unfulfilled Promise of
This paper contains a draft of Part II of our forthcoming book, Pay without Performance: The Unfulfilled Promise of Executive pensation (Harvard University Press, 2004). The book provides a detailed account of how structural flaws in corporate governance have enabled managers to influence their own pay and produced widespread distortions in pay
Pay Without Performance: The Unfulfilled Promise of
Pay Without Performance: The Unfulfilled Promise of Executive pensation Harvard University Press, 2004 18 Pages Posted: 30 Apr 2004 Last revised: 18 Jul 2019
Pay without Performance: The Unfulfilled Promise of
Pay without Performance: The Unfulfilled Promise of Executive pensation. by Lucian Bebchuk (Author), Jesse Fried (Author) 3.6 out of 5 stars 15 ratings. ISBN 13: 978 0674022287. ISBN 10: 0674022289.
Pay Without Performance: The Unfulfilled Promise of
Pay Without Performance: The Unfulfilled Promise of Executive pensation Lucian A. Bebchuk, Jesse M. Fried No preview available 2006. mon terms and phrases. amount arm's arm's length bargaining arm's length contracting at the money Bebchuk benefits bonus bonuses Business CalPERS camouflage cash CEO compensation CEO pay CEO's companies ...
Pay without Performance: The Unfulfilled Promise of
Pay without Performance: The Unfulfilled Promise of Executive pensation Lucian Bebchuk, Jesse Fried. Small business owners know exactly how much their employees are making to a penny. But when it comes to owning stocks, these same individuals do not have the slightest clue how much the managers of the companies that they own make. Executive ...
Pay Without Performance—The Unfulfilled Promise of
Download Citation | Pay Without Performance—The Unfulfilled Promise of Executive pensation | This book provides a detailed account of how structural flaws in corporate governance have enabled ...
Pay without Performance: The Unfulfilled Promise of
Pay without Performance: The Unfulfilled Promise of Executive pensation. ... This book provides a detailed account of how structural flaws in corporate governance have enabled managers to influence their own pay and produced widespread distortions in pay arrangements.
Pay without Performance: The Unfulfilled Promise of
forthcoming book, Pay without Performance: The Unfulfilled Promise of Executive pensation (Harvard University Press, 2004). The book provides a detailed account of how structural flaws in corporate governance have enabled managers to influence their own pay and produced widespread distortions in pay arrangements.
Pay Without Performance: Overview of the Issues by Lucian
Abstract. In a recent book, Pay without Performance: The Unfulfilled Promise of executive pensation, we critique existing executive pay arrangements and the corporate governance processes producing them, and put forward proposals for improving both executive pay and corporate governance.