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Myths and Realities of Executive Pay

Myths and Realities of Executive Pay

$37.95 (G)

  • Date Published: August 2007
  • availability: Available
  • format: Hardback
  • isbn: 9780521871952

$ 37.95 (G)
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About the Authors
  • This book answers the question 'Are CEOs overpaid?' with a resounding 'No.' Defying dogma and business myths, it documents the realities of executive pay in the United States and the forces that have shaped pay in recent years. The authors, both expert consultants on the subject, investigate the extent to which pay is related to corporate performance and provide clear guidance for an approach that drives business success and shareholder value. Based on extensive research and decades of direct experience in working with thousands of companies, the book provides provocative insights for executives, analysts, government officials, and shareholders.

    • Settles the debate now raging in the United States about CEO pay levels
    • Gives theoretical models and practical guidance on designing, executing and evaluating executive pay plans
    • Based on a unique combination of empirical research, academic studies, and decades of direct corporate experience
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    Reviews & endorsements

    "Kay and Van Putten have aptly titled their new book. Unfortunately, the public in general has little understanding about executive compensation and in many cases the information in the public press is confusing and inaccurate. [This book] is a clear road map to the new realities. It is must reading for CEOs, HR executives and board members of public companies."
    Former Senator Warren Rudman, chairman of the compensation committee, Boston Scientific Corp., former chairman of the compensation committee at Raytheon Company, and former member of the compensation committee at The Chubb Corp.

    "In an environment in which U.S. CEOs and boards are heavily criticized for governance and executive pay practices, Kay and Van Putten present the other side of the story. Many of those practices in the United States encourage and lead to shareholder value creation and productivity increases rather than executive enrichment at the expense of shareholders and others."
    Steven Kaplan, Neubauer family professor of entrepreneurship and finance, University of Chicago

    "A very timely review of the key issues confronting corporations in devising and implementing executive compensation programs. The very experienced and highly regarded authors offer very well thought out, and some unique, solutions. This is must reading for compensation committee members and HR executives."
    Martin Lipton, founding partner of Wachtell, Lipton, Rosen & Katz

    "Written by one of the country's leading compensation consultants, this book is a significant addition to the debate on executive pay. Ira Kay's defense of current pay practices should be read by anyone seeking to assess whether these practices are well designed to serve the interests of investors."
    Lucian Bebchuk, co-author of Pay without Performance: The Unfulfilled Promise of Executive Compensation

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    Product details

    • Date Published: August 2007
    • format: Hardback
    • isbn: 9780521871952
    • length: 278 pages
    • dimensions: 236 x 160 x 25 mm
    • weight: 0.51kg
    • contains: 68 tables
    • availability: Available
  • Table of Contents

    Prologue: the compensation committee meets
    Introduction: the battle over executive compensation
    1. The myths and realities of pay for performance
    2. The myth of managerial power
    3. External pressures: the new context for executive compensation
    4. End of an era: the decline of the stock option
    5. The future of long-term incentives
    6. Executive stock ownership: the solution to the executive compensation crisis
    7. Director compensation in the new environment
    8. The compensation committee: creating a balance between shareholders and executives
    9. Aligning all employee pay to improve corporate performance
    10. International executive pay comparisons
    Conclusion: the future of executive compensation
    Epilogue: back in the boardroom
    Appendix A. Legal and regulatory requirement for executive compensation plans
    Appendix B. Summary of the regulatory and institutional mandates and recommendations
    Appendix C. Academic articles on pay for performance and the executive labor market.

  • Authors

    Ira Kay, Watson Wyatt Worldwide, Washington, DC
    Ira T. Kay, global practice director of executive compensation consulting at Watson Wyatt Worldwide in Washington, DC, is a nationally recognized expert on executive compensation. He has helped U.S. public, private, and international companies develop annual and long-term incentive plans to increase shareholder value. Dr. Kay has written and spoken extensively on executive compensation issues and conducted research on executive pay, stock ownership, and stock options. He is coauthor of the book The Human Capital Edge and is the author of CEO Pay and Shareholder Value: Helping the U.S. Win the Global Economic War and Value at the Top: Solutions to the Executive Compensation Crisis. Dr. Kay has published articles in the Harvard Business Review, McKinsey Quarterly, Journal of Deferred Compensation, and Across the Board. He has also presented analysis of executive compensation issues before the Federal Reserve Board, the Securities and Exchange Commission, the Financial Accounting Standards Board, and a U.S. Senate subcommittee. He is frequently quoted in the major business press and speaks globally on executive compensation issues.

    Steven Van Putten, Watson Wyatt Worldwide, Washington, DC
    Steven Van Putten is the east region practice leader of Watson Wyatt's executive compensation consulting practice. He primarily focuses on advising compensation committees and senior management on executive and director compensation matters. Mr Van Putten is a leading expert in executive and incentive compensation, specializing in the design and development of annual and long-term incentive programs that drive business strategy and support organizational objectives. He is also an expert on FAS 123(R) and implications for stock-based incentives.

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