第三章管理层补偿.ppt

Compensation is financial compensation received by an officer of a firm, often as a mixture of salary, bonuses, shares of and/or call options on the company stock, etc. Over the past three decades, executive pay has risen dramatically beyond the rising levels of an average workers wage. Executive pay is an important part of corporate governance, and is often determined by a companys board of directors. There are six basic tools of compensation or remuneration： salary bonuses, which provide short-term incentives long-term incentive plans (LTIP) employee benefits paid expenses (perquisites) insurance (Golden parachute) Levels of compensation：from Special Report：What The Boss Makes（Forbes） In total, 500 biggest companies’ executives in the U.S earned $4 billion in 2009, which averages out to $8 million apiece. Although down from last year (49%), the value realized from exercised stock options again account for the main component of pay, 30%, this year. The average stock gain was $2.4 million, the lowest since 2004. The top earner in 2009 was Danaher chief H. Lawrence Culp Jr., who drew just a $954,000 salary, but realized $84 million from the exercise of vested stock options and $56 million realized on vesting of stock awards. Forbes’ Components of Compensation: Salary: Annual base salary earned during the fiscal year. Bonus: Annual non-equity incentives earned during the fiscal year, plus discretionary bonuses. Other: Includes long-term non-equity incentive payouts, the value realized from vesting of restricted stock and performance shares. Also includes other executive personal benefits, such as premiums for supplemental life insurance, annual medical examinations, tax preparation and financial counseling fees, club memberships, security services and the use of corporate aircraft. Stock gains: Value realized during the fiscal year by exercising vested options granted in previous years. The gain is the difference between the stock price on the date of exercise and