CEO-performanceløn efter aktiekursudvikling løfter ikke resultater

I forskningspapir lyder konklusionen at performanceaflønning ba- seret på selskabets aktiekurs ikke virker, Til gengæld kan en aktiekursudvikling i forhold til en peer group godt give mening: ”As we see it—and the research validates this—TSR does not lead to improved performance and does not improve line of sight. If so, then why use it? Many companies feel the need for an incentive program that aligns well with the proxy advisory policies that use TSR to measure the CEO pay-for-performance relationship. This approach also satisfies external pressures and aligns with market norms, whether or not it is effective. Unfortunately, this pressure may only become more intense with the SEC’s proposed rules to mandate disclosure of pay-for-performance through the TSR lens. Finally, TSR can be a helpful tool for rewarding participants for outperformance against peers, which promotes accountability to shareholders. However, fundamentally, it is by no means an effective incentive metric.”