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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.Read more
- 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
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.See more reviews
"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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- 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.
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