Advokatfirmaet ChamberView skriver i en gennemgang af tendenser i CEO’ens lønpakker, at relativ aktieperformance er det mest anvendte redskab til at fastsætte topledelsens incitatmentsordning:
“A major reason investors gravitated toward TSR as a proxy for company performance was because of its relative durability as a metric that could be compared across companies, industries and market caps. After seven years of sayon-pay votes, relative TSR is still the main yardstick for investors to evaluate company performance. However, today, there is a broad recognition that rTSR does not paint a full picture of how company performance informs compensation decisions. Corporate governance teams are looking at underlying operating and financial performance metrics such as revenue growth, EPS, and return on capital to better identify potential pay and performance misalignment. Proxy advisors have also changed their evaluation methods – beginning in 2017, ISS is including analysis of key financial metrics in its reports, including cash flow growth, EBITDA growth and several return metrics, in addition to the rTSR analysis.” Tankevækkende er det, at peer group aflønning af CEO’er endnu ikke har vundet indpas i Danmark.
