Her er fem tendenser i fastsættelse af CEO’ens lønpakke: 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.
HBR: “Inside outsiders” er de bedste transformative ledere: I artiklen “ Transformational CEOs Tend to be “Insider Outsiders” ” skriver Harvard Business Review, at ”The list is topped by companies headed by visionary founders with no prior experience in their industries; Jeff Bezos came from the world of finance, and Reed Hastings from software. As it turned out, having no predetermined way of doing things turned out to be an asset when it came to reinventing retailing and television, and these leaders kept that outsider’s perspective even through waves of growth. We see an interesting pattern across the professionally managed companies, those whose CEOs were hired by the board. These CEOs are what we call “insider outsiders.” Make no mistake, they have substantial relevant experience. They had 14 years of tenure on average before getting the top job. That knowledge helped them understand how to make change happen inside an organization. Yet these executives also had an outsider role where they worked on an emerging growth business or consciously explored external opportunities, giving them critical distance from the core. After becoming CEO, that insider-outsider perspective helped them explore new paths to growth without being constrained by yesterday’s success formula.”
Investorer afviser lønpakker til topledelserne for BP og Shell: I en gennemgang af sagen oplyses det, at ”Responsible investment pressure group, ShareAction is calling on investors to oppose the executive pay policies of oil companies, Shell and BP, arguing that they are not aligned with the long-term interests of shareholders. ShareAction said that the remuneration for executives at both oil companies is rewarding the achievement of corporate strategies which could put shareholder value at risk as the economy shifts towards low carbon energy production. Juliet Phillips, Campaigns Manager at ShareAction, said:“A cocktail of policy, technology and market-driven factors are brewing up a storm of uncertainty over the future of fossil fuels. To encourage oil executives to focus on ‘business as usual’ seems an imprudent approach to remuneration. Both companies seem complacent about the challenge to their commercial prospects of the action now underway at city, regional, national and international level to decarbonise economies.”
Hermes anbefaler at investorer stemmer mod VW bestyrelse og dens lønpakke, skriver Manifest : ”In the lead up to the AGM of the carmaker, Volkswagen (VW), last week (10th May) activist investor Hermes EOS recommended a vote against re-electing members of the management and supervisory boards and the revised remuneration policy. Hermes believes that VW had made unsatisfactory progress in uncovering the corporate governance and culture problems which contributed to the 2015 emissions scandal . Commenting on the revised remuneration policy Hermes said there have been some long overdue improvements but it still lacked sufficiently challenging performance metrics for the bonus component. It also could provide an inappropriate level of pay for mediocre company performance, Hermes said.”
Morten W. Langer