Responsible Executive Compensation for a New Era of Accountability

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März 2004



A definitive road map to help companies assess and refine their executive reward strategies. Responsible pay has become inextricably linked with corporate governance and long-term shareholder value creation. Responsible Executive Compensation for a New Era of Accountability shows you how to revamp your executive compensation programs to drive shareholder value creation while adhering to the high standards of the new corporate governance environment. Packed with case studies, diagnostics, and contributions from world-renowned experts in executive compensation, this vital resource offers a comprehensive overview of the critical issues affecting executive compensation practice and theory during this new era. Order your copy today!


Introduction: Responsible Executive Compensation for a New Era of Accountability (Peter T. Chingos). 1 Creating Value for Shareholders: From Measurement to Management (William H. Ferguson). 1.1 What Value Is and Why It Matters. 1.2 Primary Forces that Affect Value Creation. 1.3 Link between Strategy and Value. 1.4 A Managing-for-Value Mind-Set. 1.5 Value Drivers. 1.6 Concluding Thoughts. 1.7 Case Study: Global Financial Institution. 2 Performance Measurement: How Companies Deliver Value (Russell Miller). 2.1 Value Creation Objective. 2.2 Performance Measurement System. 2.3 Selecting Performance Measures. 2.4 Building a Performance Measurement System. 2.5 Goal Setting. 2.6 From Performance Measurement to Performance Management. 2.7 Conclusion. 3 Assessing Executive Pay Programs (Melissa L. Burek and Shepard Long). 3.1 Objectives of an Executive Pay Assessment. 3.2 Evaluating Current Program Understanding. 3.3 Validation of Compensation Strategy. 3.4 Pay Levels: Competitiveness and Alignment with Compensation Strategy. 3.5 Pay and Performance Relationship. 3.6 Pay Practices. 3.7 Regulatory Requirements. 3.8 Communication. 4 Corporate Governance Issues Affecting Executive Compensation (Howard J. Golden). 4.1 Introduction. 4.2 Role of the B.oard and Management as Fiduciaries. 4.3 Sarbanes-Oxley Act of 2002. 4.4 Stock Exchange Listing Requirements. 4.5 Effect on Compensation Committee Procedures. 4.6 Conclusion: The Moving Target. 5 CEO Evaluation: Navigating a New Relationship with the Board (J. Carlos Rivero, Mercer Delta Consulting). 5.1 Introduction and Objectives. 5.2 Mandate for More Thorough and Disciplined CEO Evaluation. 5.3 Clarifying the Purpose of the Process. 5.4 Defining Performance Dimensions and Measures. 5.5 Selecting Objectives and Specifying Measures. 5.6 Leading and Participating in the Process. 5.7 Implementing a CEO Evaluation Process. 5.8 Summary. 6 Executive Pay and the Shareholder Perspective (K. Kelly Crean). 6.1 Overview of Key Trends. 6.2 Understanding the Key Stakeholders. 6.3 Overview of Key Stakeholders. 6.4 Understanding Shareholder Policies. 6.5 Red Flags and Emerging Compensation Concerns. 6.6 Reaction to Other Compensation Elements. 6.7 Shareholder Proposals. 6.8 Communicating with Investors: Avoiding Pitfalls. 6.9 Conclusion. 7 Option Valuation: Accounting and Executive Incentive Design (Susan Eichen). 7.1 Background. 7.2 Why Value Stock Options? 7.3 Option Valuation Basics. 7.4 Valuing Employee Stock Options. 7.5 Varying the Assumptions. 7.6 Incentive Plan Implications. 8 Changing Role of Equity Compensation (Diane L. Doubleday). 8.1 Overview of Trends in Equity Compensation. 8.2 Factors Influencing Change. 8.3 New Role of Equity. 8.4 Impact of Change on the Broader Employee Population. 8.5 Challenges for Decision Makers. 8.6 Conclusion. 9 Relative Performance Evaluation and the Selection of Peers (Haig R. Nalbantian and Wei Zheng). 9.1 Introduction: Current Difficulties with Pay for Performance. 9.2 Economic Rationale for Relative Performance Evaluation. 9.3 Measuring and Understanding Performance Risk. 9.4 Key Questions for Implementing Relative Performance Evaluation. 9.5 Constructing the Peer Group. 9.6 Measuring Relative Performance-Risk-Adjusted Measures. 9.7 Mechanisms for Introducing RPE in Stock-Based Incentives. 9.8 Conclusion. 10 New Executive Compensation Model (Michael J. Halloran). 10.1 Program Objectives. 10.2 Base Salary. 10.3 Annual Incentive Plan Design. 10.4 Long-Term Incentives. 10.5 Executive Benefits and Perquisites. 10.6 Role of the Compensation Committee. 10.7 Shareholder Expectations. 11 Outside Director Compensation (Peter J. Oppermann). 11.1 Introduction. 11.2 Factors Influencing Changes in Director Compensation. 11.3 Current Compensation. 11.4 Trends. 11.5 Developing an Outside Director Compensation Program. 11.6 Conclusion. 12 Board Assessment: Designing a Process that Is Meaningful, Practical, and Engaging (Beverly A. Behan, Mercer Delta Consulting). 12.1 Importance of Board Assessment. 12.2 Risks and Opportunities. 12.3 Viewing Board Assessment in Context. 12.4 Board Assessment Process. 12.5 Three Approaches to Evaluation. 12.6 Feedback-A Crucial Step. 12.7 Variations on the Board Assessment Process. 12.8 Director Peer Review-The Extra Step. 12.9 Summary. 13 Creating Value with Communication (Lea L. Peterson). 13.1 Communication Leverages Plan Design. 13.2 Mercer Study Raises Concerns about Executive Views. 13.3 What's Unique about Executive Compensation. 13.4 What Works with Executives. 13.5 How to Communicate for Impact. 13.6 The Importance of Personalization. 13.7 Communication Challenges in a Tough Environment. 13.8 What's at Stake. 14 Role of the Compensation Consultant (G. Steven Harris). 14.1 Importance of an Independent Perspective. 14.2 Maintaining Independence and Avoiding a Conflict of Interest. 14.3 Selecting a Compensation Consultant. 14.4 Criticisms of Compensation Consultants. 14.5 Establishing a Consulting Foundation: Constructing the Fact Pattern. 14.6 Compensation Consultant as a Trusted Advisor. Index.


PETER T. CHINGOS is a principal in the New York office of Mercer Human Resource Consulting and a member of the firm's Worldwide Partners Group. He is the U.S. leader for the firm's executive compensation consulting practice. For more than twenty-five years, he has consulted with senior management, compensation committees, and boards of directors of leading global corporations on executive compensation and strategic business issues. He has appeared before the IRS and the SEC on a variety of regulatory issues related to compensation.
EAN: 9780471474319
ISBN: 0471474312
Untertitel: New. Sprache: Englisch.
Erscheinungsdatum: März 2004
Seitenanzahl: 298 Seiten
Format: gebunden
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