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• W3124982752 abstract "Like everyone here, I think my position is probably unique, but I have a variety of credentials, for want of a better word, to address the issues presented today. It's hard for me to put them in order, but let me start off by saying that I am a concerned American citizen. a businessman with fifty-five years of experience. I've been a CEO for thirty-one of those years. the founder of a company, and in a certain funny way, in what I consider a peculiar use of the word, I suppose an entrepreneur. I happen to be a Republican, but one who's been a critic of corporate governance in the recent era, which seems to be an all-too-rare combination. I have been a student and a teacher, and I have something of an academic bent. Over the past twenty-five years I have been an independent director for four different corporations. I've been an audit committee chairman. I've been a compensation committee member; clearly, when you hear my remarks today, you will know that I have never been a compensation committee chairman. I realize how tough these issues are. I said I was a critic of corporate America. I have been called a hell-raiser, but I'd take issue with that, for I do not believe that I have ever been a hell-raiser in my entire career. I subscribe to the story about Harry Truman, who was on that whistlestop express in the 1948 election, and everybody yelled, 'em hell, Give 'em hell, Harry! to which he said, I'm not giving 'em hell, just telling 'em the truth and they think it's hell. So here to give you, I hope, a little bit of truth. The first truth I would like to give you is that, as I read Pay without Performance, I did not find a single point with which I disagreed. ' (Well, maybe a single one, but I can't remember it.) At most, I might take issue with the phrase pay without performance, because I disagree with how most people define performance. This point is a very important part of what I have to say today: performance is not measured by the price of a stock. The price of a stock is a terrible basis for any kind of a compensation scheme, yet it serves as the basis for most of the compensation plans we're talking about here today. For those who don't understand, let me explain. is the price of a stock? The price of a stock is a perception with momentary precision. The stock price is undoubtedly precise, but it's above all momentary. We have entered into a system where we're giving much more attention to the momentary precision of the price of a stock than the eternal, if elusive and vague, intrinsic value of a corporation. As I hope we all know, the value of a corporation is nothing more, nor anything less, than the discounted value of its future cash flow. Do we see compensation schemes based on future cash flow? I had not seen one until three years after the Enron scandal broke, and Jeffrey Immelt was rewarded on that enlightened basis. Instead, we see compensation schemes based entirely on the price of the stock. It is said that stock option plans align the interests of managers with the interests of the owners. Seldom has a more untoward lie been foisted on the American public. Options do no such thing. They have a lottery-like benefit. Executives do not hold their stock. Academic studies have shown that as soon as their options vest, executives exercise the options and proceed to sell the shares almost immediately. Executives are not stockholders; they're gamblers in the stock market lottery. Indeed, I will tell you a story out of my own experience. In a particular company, we were trying to minimize the use of stock options-which is very difficult to do in the real world because the executives want them-and replace them with restricted stock options in which the shares would have to be held for a certain period of time. As a director, I asked the chief executive of this company, What length of holding period do you have after executives exercise their stock options? …" @default.
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• W3124982752 date "2005-07-01" @default.
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• W3124982752 title "The Executive Compensation System Is Broken" @default.
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