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• W27532985 abstract "With the global financial crisis that showed up a couple of years back, the debate of executive compensation once again was brought into the stage by the media and become the hot issue for academicians, researchers, regulators, policy-makers, and the public. The major reason for the financial meltdown is attributed to the large portion of performance-based salary that the executives in the financial sector were paid. Since, the performance indicators are linked with the asset accumulation and short-term profit generation of these institutions, it encouraged executives to take high risk to gain immediate returns so that their performance is positively appraised and hence their paycheck gets bigger. This excessive risk-taking behavior, without due consideration for long-term sustainability of the organization gave rise to excessive defaults and brought about a systemic crisis in the financial sector, which spread to a number of countries by their inter-linkages. Although, this is only a part of the greater problem, it encouraged the regulatory authorities to formulate some sort of regulations for executive compensation. The Financial Stability Board came up with guiding principles for effective executive compensation. Several countries emphasized these principles and regulated executive compensation in line with the basic principles stipulated therein. The major focuses of all these provisions was to discourage the excessive risk-taking behavior of the bank’s executive by especially targeting the performance-based remuneration of the executives in the financial institutions. The essence of the regulation is to align the risk with payments such that provisions of payments through non-cash instruments, deferring of variable payments for several years, provision of claw-backs, etc were made. Nepalese scenario also updated through a series of developments regarding the executive compensation, especially in the financial sector. The changes in the management structure of the central bank, the Nepal Rastra Bank (NRB), also changed its policy regarding free-market-economy and executive compensation is one of the primary and important targets in this process. Although, the central bank’s policy should have been uniform and predictable, the political and vested interest played its role. The regulation for executive compensation is brought in the way that not only affected the variable payment but also the fixed payments, which are numerically specified. Nowhere in the world, has regulators targeted the fixed portion of the compensation. Even the institutions that received taxpayers money for bailout has been exempted from limiting the basic annual compensation. Nepalese regulators, on the other hand, does neither considered this simple fact nor the fact that it will bring about several ills to the only sector performing professionally and transparently. It will also drain the talents not only from the institution but also from the whole financial sector due to non-competitive market price offered for retaining these talents. Corporate governance is the other issue that will have the most effect. Besides, the major blunder was to link the fixed salary with Asset Size and/or Staff Expenses of the bank. The very reason that gave rise to the whole debate of executive compensation regulation has been overlooked. The basic principle that linking compensation with performance will encourage excessive risk-taking in pursuit of increasing asset size that my lead to financial crash has instead been encouraged by the Nepalese regulator, the central bank, Nepal Rastra Bank." @default.
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• W27532985 date "2012-06-13" @default.
• W27532985 modified "2023-09-25" @default.
• W27532985 title "Executive Compensation: Review of Global Financial Crisis and the Ongoing Debate" @default.
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