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Just Reward?

The Truth about Top Executive Pay

Anthony P. Williams

Publisher: Kogan Page, 1994

ISBN: 0-7494-1987-3

Synopsis:

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Table of Contents:

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  1. Introduction
    • What is an Executive?
    • How can High Pay be Justified?
    • About this Book
  2. Economic and Social Changes
    • The Historical Situation
    • Board Pay Compared with Other Indicators
    • Developments Abroad
    • Widening Horizons; The Globalisation of Business
    • The Effects of Recession
  3. The Effects of Privatisation
    • Competitiveness
    • Rate of Increase
    • Relationship Between Pay and Performance
    • External Recruitment
    • Pensions
    • Share Options
  4. The Theory of Remuneration – What Pay is Supposed to Be For
    • The Market-Based Approach
    • The Equity-Based Approach
    • What the Executive Contracts to Provide
    • Performance-Related Pay
    • Executive Pay and the Economic Perspective
  5. Who Is Involved in the Decision-Making Process?
    • The Non-Executive Function
    • The Role of the Chief Executive
    • Key Internal Advisers
    • External Advisers
    • The Shareholders
    • The Bankers
    • Other Influential Bodies or Groups
    • The Executive Directors
  6. What Are the Sources of Information?
    • Remuneration Surveys
    • Headhunters
    • Annual Reports
    • Company Performance Data Sources
  7. What Is the Market?
    • Is There a Separate Market at the Top?
    • Board Level Turnover
    • The Problems of Comparision with the Market
    • Defining the Market Segment
    • Positioning in the Selected Market
  8. The Executive Pay Package
    • Base Salary
    • Annual Bonus Scheme or Short-Term Incentive (STI)
    • Share Options
    • Other Forms of Long-Term Incentive (LTI)
    • Share Ownership Schemes
    • Benefits
    • Service Contracts
  9. How Is Performance Measured or Assessed?
    • Role of Chief Executive
    • Executive Performance Measures
    • Share Ownership and Levels of Performance
  10. What Is the Decision Process? Corporate Governance Explored
    • Definition of Corporate Governance
    • The Cadbury Committee Report
    • The Remuneration Decision Process
  11. How Are Decisions Communicated and How Much Should Be Disclosed?
    • Levels of Disclosre
    • Disclosure in the US
    • The Value of Briefing Sessions
    • Disclosure – Voluntary or Statutory?
  12. How Should These Decisions Be Evaluated?
    • Defining the Objectives
    • Evaluating Decisions
  13. Lessons from the US
    • US Executive Pay Levels and the Impact of LTI
    • Stock Options as a Long-Term Incentive
    • The US Corporate Governance Process
    • Proposals for Reform
    • What Can the UK Learn from This?
  14. Developments in Continental Europe
    • France
    • Germany
    • Netherlands
    • Sweden
    • Switzerland
    • Possible Effects on Privatisation
  15. Conclusion: How Decisions Should Be Taken and How Abuses can Be Avoided
  16. Appendix 1 – Methodology Used in Research Reported in Chapters 3 and 9
  17. Appendix 2 – Measuring the Value of Executive Stock Options
  18. Appendix 3 – Hay Process of Valuation of Long-Term Incentives, Share-Based and Cash
  19. Appendix 4 – Role of the Board Remuneration Committee
  20. Appendix 5 – Role of the Non-Executive Director
  21. Appendix 6 – Role of the Non-Executive Chairman
  22. Appendix 7 – Corporate Governance in Grand Metropolitan (from Annual Report 1992)
  23. Appendix 8 – An Example of how New Disclosure Requirements are Met: Citicorp 1994
  24. Appendix 9 – Steps for Remuneration Committees in Formulating and Implementing their Remuneration Strategy
  25. Appendix 10 – The Hay Guide Chart – Profile Method of Job Evaluation

Reviews:

Just Reward?

by Roland Buresund last modified 2009-03-30 01:13

Rating: ***** (OK)

Discusses how senior managers should be compensated and how the current situation has become what it is, on both sides of the Atlantic. Please observe that this book is written in 1992; so is there a reason that Swedish Boardmembers and Senior Executives haven't read it? Except the standard level of incompetence? You decide…


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