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Pay without Performance: The Unfulfilled Promise of Executive Compensation free ebook download

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Management

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Author(s):	y without Performance: The Unfulfilled Promise of Executive Compensation By Lucian Bebchuk, Jesse Fr

Date:	2017	Format:	PDF	Language:	English	ISBN/ASIN:	0674022289
Pages:	1	OCR:		Quality:		ISBN13:
Uploader:	topron	Upload Date:	9/10/2018 1:20:03 AM

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The company is under-performing, its share price is trailing, and the CEO getsa 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 payand 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 practicesfrom option plans to retirement benefitshave 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.

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2267392	Book	http://tezfiles.com/file/f047ec54fba49...		1.00	topron

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Pay without Performance: The Unfulfilled Promise of Executive Compensation free ebook download

Category: Management

Description: Click to see full description

Category:
Management