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The Ethics of Executive Compensation in the Financial Sector

The Ethics of Executive Compensation in the Financial Sector

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Published by Jonathan Willbanks

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Categories:Types, Business/Law
Published by: Jonathan Willbanks on Jul 25, 2010
Copyright:Attribution Non-commercial

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07/22/2013

 
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aenip5 En xbi{yrcmki, virbmv{. Oyx l`ji isirp mrdyainx, xb`{ eni bm{ mnexbir {`hi. Vreveninx{ ec lecxpiikyx`si c`nmnk`ml keavin{mx`en ml{e amji keavill`nd mrdyainx{ {vmnn`nd m oremh{vikxrya xbmx rmndi{ crea m yx`l`xmr`mn rmx`enmli om{ih yven iikyx`si xmlinx rixinx`en mnh`x{ reli `n ikenea`k rikesirp, xe m xr`oyxmrp virceramnki `nkinx`si cer a`h!lisilamnmdiainx, mnh isin xbi vb`le{evb`kml v`llmr{ ec kmv`xml`{a mnh desirnainxxbia{ilsi{.Hils`nd oipenh xbi {yvirc`k`ml ixir`er ec xb`{ bex!oyxxen `{{yi, xbi {iia`ndlp olmkj!mnh!tb`xi amxxir ec iikyx`si keavin{mx`en iairdi{ m{ eni hrmtn `n {bmhi{ ec drmp. Oyxmn ixb`kml mnmlp{`{ ec xb`{ `{{yi t`xb`n xbi c`nmnk`ml {ikxer kmn oid`n enlp enki xbi jipixb`kml `{{yi{ mx {xmji bmsi c`r{x oiin `hinx`c`ih.Op mnh lmrdi, xbi ixb`kml }yi{x`en{ rm`{ih op xbi kyrrinx iikyx`si keavin{mx`en{p{xia kmn oi {yaamr`wih op ceyr {`avli }yi{x`en{ ve{ih op Bmrr`{ "?660)7Mri KIE vmp vmkjmdi{ {`avlp xee dre{{lp lmrdi en {eai mo{elyxi {kmli, hr`sin opyncixxirih driih oipenh xbi oeynh{ ec tbmx `{ ixb`kmllp rim{enmoli5 Er `{ xbi riml vreolia xbi dret`nd h`{vmr`xp oixtiin iikyx`si vmp mnh xbi tmdi{ ec inxrp!lisil terjir{5 Mlxirnmx`silp, `{ xbiri m vreolia t`xb KIE vmp crea xbi{xmnhve`nx ec h`{xr`oyx`si gy{x`ki, er cm`rni{{5 Er `{ xbi vreolia {`avlp xbmxiikyx`si keavin{mx`en hei{ nex terj vrevirlp ‛ xbmx `x hei{ nex vres`hi xbi vrevir `nkinx`si ml`dnainx {yddi{xih op xbi ynhirlp`nd xbierp5‑ "v. =82)Xbi kmv`xml`{x {p{xia `{, mx `x{ ae{x cynhmainxml lisil, m air`xekrmkp. Xbixbierix`kml `nxinx ec dinirey{ iikyx`si keavin{mx`en ‛ `nkinx`s`w`nd mnh ritmrh`nd
 
T`llomnj{ ?deeh virceramnki ! mhbiri{ xe xb`{ xinix. @n xb`{ ri{vikx, mnp kenhianmx`en er l`a`xmx`en ec iikyx`si keavin{mx`en en mn mo{elyxi {kmli `{ mnx`xbix`kml xe xbi kerinex`en ec kmv`xml`{a `x{ilc. Xbe{i tbe vircera, xbe{i tbe vrehyki, xbe{i tbedinirmxi smlyi cer xbi`r keavmnp mnh {bmribelhir{ {beylh oi r`dbxlp keavin{mxih.Mnp mrx`c`k`mllp `ave{ih ki`l`nd en iikyx`si keavin{mx`en, `n m {p{xia xbmx `nxbierp vres`hi{ cer vexinx`mllp l`a`xli{{ dretxb, `{ kenxrmrp xe xbi sirp `him ec kmv`xml`{a. M{ lend m{ eyr ikeneap riam`n{ m kmv`xml`{x eni, xbi ixb`kml `avl`kmx`en{ec iikyx`si keavin{mx`en en mnp mo{elyxi {kmli mri `ave{{`oli xe mhhri{{.Bmrr`{‐ {ikenh ixb`kml }yi{x`en ec xbi dret`nd h`{vmr`xp oixtiin iikyx`sikeavin{mx`en mnh xbmx ec inxrp!lisil terjir{, `{ m clmtih eni. Tbin ve{ih `n mo{elyxixira{, `x ryn{ `nxe m {`a`lmr vb`le{evb`kml tmll. @n m kmv`xml`{x {p{xia, {j`llih lmoer `{keavin{mxih en xbi om{`{ ec mhhih smlyi xbi lmoerir or`nd{ xe xbi erdmn`wmx`en. @x kmn oirim{enmolp mrdyih xbmx m b`dblp {j`llih iikyx`si or`nd{ ken{`hirmolp drimxir smlyi xe b`{er bir erdmn`wmx`en xbmn mn inxrp!lisil terjir, xbiriceri amj`nd keavmrmx`silp lmrdir iikyx`si keavin{mx`en m rim{enmoli vreve{`x`en.[j`llih lmoer `{ ml{e m {kmrki keaaeh`xp {yogikx xe xbi lmt{ ec {yvvlp mnh hiamnh.Xbiri `{ ynhin`molp m {kmrkir {yvvlp ec xmlinxih mnh b`dblp xrm`nih iikyx`si{ xbmn ec inxrp!lisil terjir{. Crea oexb ixb`kml mnh vb`le{evb`kml s`itve`nx{, xbi iccikx ec {yvvlpmnh hiamnh kmn, `n xbierix`kml mvvl`kmx`en, gy{x`cp nex enlp drimxir keavin{mx`en cer iikyx`si{, oyx
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drimxir keavin{mx`en.Xb`{ Tmll [xriix s{. Am`n [xriix `{{yi rm`{ih op Bmrr`{ a`dbx oi oixxir crmaih opxmj`nd `nxe mkkeynx mkxyml iikyx`si virceramnki. @c mn iikyx`si vircera{ till, xbindinirey{ mnh h`{vreverx`enmxilp lmrdi keavin{mx`en amp sirp till oi gy{x`c`ih. Oyx tbmx`c xbi iikyx`si bm{ virceraih veerlp, pix {x`ll riki`si{ lecxp keavin{mx`en5Krm`d "?660) vres`hi{ m {xr`j`nd `lly{xrmx`en ec xb`{. “M{ omh m{ ?662 tm{ cer Airr`llLpnkb # Ke., `x tm{ sirp deeh cer Mnhrim Erkil, xbi c`ra${ xev `nsi{xainx omnjir.Mlxbeydb Airr`ll${ nix le{{ omlleenih xe (?4.3 o`ll`en lm{x pimr, Ar. Erkil
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tm{ vm`h(;;.2 a`ll`en `n km{b mnh {xekj, gy{x {bp ec b`{ vmp `n ?664.‑ "v. M=) @n {ykb m {kinmr`e,xbi ixb`kml h`liaam ec xbi Tmll [xriix s{. Am`n [xriix keavin{mx`en smlinki oikeai{ cmr klimrir. Amnp }yi{x`en xbi aerml kmlkyly{ ec ritmrh`nd, op ae{x rim{enmoli hic`n`x`en{, mcm`lih KIE, tb`li vmp`nd inxrp!lisil terjir{ cmr li{{, mnh `n xbi km{i ec Airr`ll Lpnkb,lmp`nd xbia ecc op xbi xbey{mnh{. Inxrp mnh letir!lisil terjir{ mri `n i{{inki`n{xryainx{ ec yvvir amnmdiainx. @{ `x xbin ixb`kml xe m{j xbia xe omri xbi orynx ec xbicmlleyx crea xbi hik`{`en{ ec xbi`r {yvir`er{ tbin xbip tiri enlp cellet`nd xbi h`rikx`enec xbi{i `nh`s`hyml{5Tpl`i "?660) mrdyi{ xbmx `x `{. M, “‣ve`nx a`{{ih op vynh`x{ mnh vel`x`k`mn{ `{ xbmxxbi lmrdi vmpainx{ xe xbi ae{x {in`er iikyx`si{ mri xbi vr`wi{ `n xbi ‒xeyrnmainx‐ ec kervermxi iavlepainx‑ "Ikenea`k{ {ikx`en, vmrm. 8). @n xbi b`dblp keavix`x`si c`nmnk`ml{ikxer, enlp xbi oi{x ec xbi oi{x rimkb xbi xev. “Kervermxi iavlepii{ mri `n m xeyrnmainx`n xbi {in{i xbmx7 `x ke{x{ nexb`nd xe oikeai m vlmpir: vlmpir{ tbe he nex amji xbi kyxdm`n l`xxli oyx le{i nexb`nd: mnh xbe{i tbe rimkb xbi limhir oemrh, i{vik`mllp xbi xev ec xbilimhir oemrh, xmji mll xbi vr`wi aenip‑ "vmrm. 9).Xbi `{{yi xbin oikeai{ m amxxir ec {kmrk`xp, ec {yvvlp mnh hiamnh ‛ m vr`nk`vmlkeaveninx ec xbi kmv`xml`{x {p{xia. Enlp m sirp cit `nh`s`hyml{ mri kmvmoli ec rynn`nd mlmrdi aylx`!nmx`enml c`nmnk`ml `n{x`xyx`en, tb`kb esir x`ai `nclmxi{ xbi amrjix tmdi ec xbi`r {j`ll{. Oikmy{i xbi smlyi ec xev iikyx`si{‐ {j`ll{ `{ drimxir xbmn xbmx ec xbi`r 
 
T`llomnj{ ;keavmrmx`silp yn{j`llih {yoerh`nmxi{, xbi cmlleyx ec xbi`r c`ra‐{ kr`{`{ t`ll `nbirinxlp{ixxli letir hetn xbi kervermxi lmxxir yven xbe{i ae{x im{`lp rivlmkih.Xe xbe{i tbe mrdyi xbmx xbi ve`nx `{ aeex d`sin xbmx xbi iikyx`si{ ecxin {iia`nkmvmoli ec amnmd`nd xbi{i c`ra{ keavixinxlp, xbip ay{x xbin mn{tir m vrmdamx`k}yi{x`en5 ‛ tbe kmn he `x oixxir5 Tbe `{ aeri }yml`c`ih5 Xbi h`cc`kylx`i{ ec rivlmk`ndb`dblp {j`llih iikyx`si lmoer amji xb`{ m sirp h`cc`kylx }yi{x`en xe mn{tir. Oyxnenixbili{{, xbi mvvmrinx yncm`rni{{ ec xbi {`xymx`en kmn oi `aain{ilp cry{xrmx`nd ! m{ `nxbi net!nexer`ey{ rikinx km{i ec Airr`ll Lpnkb.Xbi ixb`kml `{{yi{ mnh cry{xrmx`en{ `nbirinx `n Airr`ll‐{ iikyx`si keavin{mx`en ! `x{ilc m a`kreke{a ec aykb ec xbi oremhir kyrrinx c`nmnk`ml {ikxer ! mri xbe{i ec h`{xr`oyx`si gy{x`ki mnh cm`rni{{. LmOe{{`iri "?660) ivleri{ xb`{ crea m lmoer vir{vikx`si t`xb mken{irsmx`si bpvexbix`kml {kinmr`e ec m KIE amj`nd (9 a`ll`en m pimr. “[yvve{i‣
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. Xbi (8.9 a`ll`en keylh xbin oi y{ih xeb`ri terjir{ "er b`ri omkj terjir{ tbe bmsi oiin lm`h ecc). M l`xxli amxb t`ll {bet gy{xbet amnp msirmdi vmp`nd geo{ "(;6,666!36,666) xbmx aenip keylh krimxi‑ "Iikyx`siKeavin{mx`en, vmrm. 8). M{{ya`nd m a`hhli dreynh ec (89,666, mnh cer {`avl`k`xp‐{ {mjinidmx`nd cmkxer{ {ykb m{ bimlxb `n{yrmnki ke{x{ mnh vmprell xmi{, `x teylh {msi =66 geo{.Ixb`kml `{{yi{ ec h`{xr`oyx`si gy{x`ki mnh cm`rni{{ ml{e ixinh xe {bmribelhir{, xbi`nsi{xainx verxcel`e{ ec amnp ec tbea bmsi oiin hik`amxih. Maend xb`{ dreyv, m sekmlkenx`ndinx m{{irx{ xbmx xbi oeny{i{ drmnxih xe veer!vircera`nd iikyx`si{ bmsi oiinxmjin crea xbi`r vekjix{ xe l`ni xbe{i ec xbi ynhi{irs`nd `nh`s`hyml{ ri{ven{`oli cer xbi{bmribelhir{‐ etn vir{enml c`nmnk`ml hism{xmx`en.Tb`kb rm`{i{ xbi }yi{x`en, hei{ iikyx`si keavin{mx`en “‣nex vres`hi xbi vrevir `nkinx`si ml`dnainx {yddi{xih op xbi ynhirlp`nd xbierp5‑ Eni {`hi ec xbi ke`n {mp{ ne. @nmn `nxirs`it t`xb
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, Nill A`net klm`a{ xbmx xbi `nkinx`si vr`nk`vli cm`l{ oikmy{i, “T`xb ridmrh xe xbi {yovr`ai ai{{, keavin{mx`en tm{ {xrykxyrih {e xbmx vievlitiri vm`h om{ih en xbi nyaoir ec xrmn{mkx`en{ rmxbir xbmn xbi }yml`xp ec xrmn{mkx`en. Mnh`x hei{n$x xmji m rekjix {k`inx`{x xe c`dyri eyx xbmx xbmx `{ de`nd xe limh xe h`{m{xir‑"Omrx`reae, ?660, v. =9). I{{inx`mllp, A`net m{{irx{ xbmx xbi orimjhetn `n xbi ynhirlp`nd`nkinx`si vr`nk`vli ec iikyx`si keavin{mx`en ekkyr{ oikmy{i xbi `nkinx`si `{ nex vrevirlp ml`dnih t`xb xbi lend!xira c`nmnk`ml {ykki{{ ec xbi keavmnp, `n{ximh ritmrh`nd`rri{ven{`oli {berx!xira er`inxih oy{`ni{{ hik`{`en{.Ivmnh`nd b`{ mrdyainx `n cmser ec iikyx`si keavin{mx`en, Tpl`i "?660) vres`hi{ m kenxrmr`mn vir{vikx`si en xb`{ }yi{x`en ec a`{ml`dnih `nkinx`si{ “@x `{ tilli{xmol`{bih `n xbi ikenea`k{ ec `nkinx`si{ xbmx xeyrnmainx{, mnh vr`wi{ `n dinirml, kmnil`k`x m lisil ec iccerx crea xbi vmrx`k`vmnx{ xbmx cmr ikiih{ xbi ke{x ec xbi vr`wi"Ikenea`k{ {ikx`en, vmrm. 9)‑.Isin `c xbi `nkinx`si{ ec xbi kyrrinx iikyx`si keavin{mx`en {p{xia mri `nhiiha`{ml`dnih, xbip {x`ll bmsi m vetircyl iccikx en xbi virceramnki ec m cmr lmrdir oehp ec  vlmpir{ oilet xbi yvvir ikbilen. “Xbi b`db {mlmr`i{ ec m cit mx xbi xev ec xbi kervermxib`irmrkbp a`dbx ke{x xbi kervermx`en a`ll`en{, oyx xbi ixrm iccerx ec xbi a`h!rmnj{ ec xbikervermx`en, tbe bmsi xbi`r ipi{‐ en xbi vr`wi, amp oi m aylx`vli ec xbi ke{x ec xbi vr`wi"vmrm. 9)‑Mnexbir mrdyainx `n cmser ec am`nxm`n`nd xbi {xmxy{ }ye l`i{ `n xbi rixinx`en ec xbe{i“‣mx xbi xev ec xbi limhir oemrh.‑ @n ri{ven{i xe xbi Xrim{yrp Hivmrxainx‐{ rikinx

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