【正文】 s from sacrificing the longterm wellbeing of the pany for shortterm goals for pensatory purposes. A nonperforming or mediocre CEO should not receive pensation beyond his worth. Few would question the worth of a CEO such as Jack Welch who increased shareholder wealth significantly more than what he received in pensation. Therefore, I believe the issue at hand is whether the CEO is worth what he is being paid as opposed to the general increases in executive pensation. The idea that executives are receiving excessive pensation seems partly warranted and partly attributed to public hysteria in the wake of major corporate scandals and abuses of public trust. According to Figure 1, executive pensation has risen proportionately with corporate profits. If corporate profits were falling and executive pensation was rising, the point that executive pensation is excessive would be better validated. The other major issue, currently being dealt with by the SEC, is disclosure. Executive pensation should be disclosed to the greatest degree so as to ensure investor confidence, especially after recent corporate scandals. Stock options should be expensed according their fair market value. They obviously have worth when they are granted or else they would not be a part of the pensation package. The disclosure of executive perks seems justified by the fact that shareholders are essentially paying for them so they deserve to know about them. To ensure that shareholder interests are being served by the board of directors corporate governance issues must be emphasized. CEO39。 retirement benefits and board members39。s pension (Masters). In addition to normal pensions, panies have even created special retirement programs known as Top Hat plans for key executives to avoid tax consequences (AFLCIO). Trends In 2022 salaries and bonuses for executives rose %, after having risen % in 2022 and % in 2022 (WSJ/Mercer). The increase in salaries and bonuses for executives exceeded the % increase in pay for whitecollar workers (WSJ/Mercer). However, the increase in the median total pensation for executives which includes salary, bonuses, gains from option exercise, other longterm incentive 高管薪酬狀況 11 payouts, and the value of restricted shares is up % from 2022 to $6, 049,504 (WSJ/Mercer). This may seem like a drastic jump, though when pared to the % increase to $ million in 2022 it is actually very modest (WSJ/Mercer). In 2022, 192 executives exercised stock options for a median gain of $3,493,440 in parison to the 197 executives in 2022 for a median gain of $3,229,072 (WSJ/Mercer). Inflation is not a valid justification, because it is obvious that the dramatic increase in executive pensation far outpaces the inflation rate. There is a growing disparity between executive and employee pay. Currently, a CEO earns 431 times the average worker39。s stock that are given to employees as pensation. They are valued at the market value of the pany39。s and has declined amid recent controversy (HallMurphy). Options allowed panies to align their incentives with those of managers and provided a form of pensation that did not require an initial cash outlay. For many of the high tech startup firms of the 9039。s book, An Introduction to Executive Compensation, these measures can be implicit or explicit, objective or subjective, or financial or nonfinancial. Usually, the maximum bonus is expressed as a percentage of salary。 在公司治理結(jié)構(gòu)中 應(yīng)該 有 一個有權(quán) 責(zé) 的分立和系統(tǒng)的檢 查的制衡制度。 公司 的 CEO 不應(yīng)該被允許作為董事會主席，因為這 會 引起了 代理 問題，并導(dǎo)致可能的利益沖突 。 股票期權(quán)應(yīng)根據(jù)它們的公開市場價值計入當(dāng)期損益。 CEO 們的薪酬太高這一觀點部分是適當(dāng)?shù)模糠质怯捎谄髽I(yè)不斷的丑聞和濫用公眾信任從而導(dǎo)致公眾對企業(yè)充滿怨恨而 造成的根據(jù)圖 1，高管薪酬比例隨著公司利潤的增長而增長。這可以防止高管為了獲得激勵薪酬而去犧牲公司的長遠利益以達到短期財務(wù)目標(biāo)。一個 CEO 領(lǐng)導(dǎo)一個跨國公司因為他的努力而得到高額的薪酬似乎是很有道理的。面對蓬勃發(fā)展的高管薪酬，以恢復(fù)投資者的信心，新的規(guī)定已經(jīng)提出。在新法例下，公司將被要求提供其年度報表并顯示該公司董事長、財務(wù)總監(jiān)及未來三年最高薪行政人員的年度報酬總額（美聯(lián)社）。 這種現(xiàn)象對股東來說引發(fā)了代理成本與費用。 在早些時候這個問題出現(xiàn)了在艾斯納案例中。有些人回答說是控制補償數(shù)量的高管自己。最近的研究發(fā)現(xiàn)使用 CEO 股票期權(quán)和會計還有其他財務(wù)報表之間存在相關(guān)性 (諾里斯 )。通過觀察員工工資 CPI 的關(guān)系，在最近幾年，員工薪酬甚至尚未跟上通貨膨脹的速度。目前，一個 CEO 報酬相當(dāng)于平均工人工資的 431 倍。然而 ， 高管總薪酬中位數(shù)的增加 ，其中包括工資、獎金、期權(quán)行權(quán)收益 ， 其他長期激勵獎金和限售股的價值收益從 2022年上漲了 %到 6,049,504 美元 (《華爾街日報》 / Mercer)。 最近，類似以Eisner， Mckinnell 為目標(biāo)由輝瑞股東們舉行了 “ 投反對票 ” 活動，支持 Mckinnell 的董事會成員中有高達 22%的股東隱藏了他們的支持 (Masters)。固定福利計劃是在預(yù)定效益公式的基礎(chǔ)上向員工支付報酬，而固定供款計劃中的雇主貢獻被定義為計劃和員工可以會給它增加。 養(yǎng)老金 養(yǎng)老金是高管人員在他 /她從公司退休之后仍收到遞延酬勞的一種形式。 股票獎勵 股票獎勵是將公司的股票 ， 作為報酬給員工。然而 ， 如果他們選擇這樣做 ， 他們也將被要求在財務(wù)報告的腳注中披露的期權(quán)的價值。關(guān)注股票期權(quán)費用化的聲明是發(fā)布于 1972 年的 APB Opinion 25，其中規(guī)定，期權(quán)授予期股票的市場價格及行使價之 間的差異就是股票期權(quán)的會計費用（ HallMurphy）。由于一些事件和濫用，股票期權(quán)也是最有爭議的一種報酬方式。舉個例子，讓一個執(zhí)行者在一個四年的管轄期和管轄期結(jié)束時休息的第一年享有25%的股權(quán)。