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19 - Employees and managers’ money: what remuneration is fair?
Best Practices to pay employees and business managers properly and fairly depending on their merits and responsibilities.
It cannot be denied that those who assume the highest responsibility within an enterprise deserve to be rewarded accordingly. However, when it comes to what is the right reward, the issue of "fair price" remains a subject of debate. Besides CEOs, the question is also valid for some financial operators (the famous "traders") who have demonstrated that by investing enormous sums of money they could receive breathtaking rewards.
Some countries have decided to legislate, notably to cap the salaries of professionals in the financial sector, to restrict the use of bonuses in this sector, adapt payment mechanisms by measuring the performances of products throughout their lifespan, or to limit severance payments to directors. However, almost everywhere in the world heads of companies, individually or through their employers’ organisations, have responded to the situation through pro-active practices.
Katsuyuki KUBO – Professor of Economics - Waseda University (Japan)
Dr. Kubo teaches on corporate governance, executive pay and corporate finance at Waseda University. He also carries out researches on these issues.
He is an expert in executive compensation and incentives, with a focus on the optimal design and incentive effects of share-based remuneration schemes.
Download his PowerPoint presentation: Powerpoint Kasuyuki KUBO
Michael Laslett works in London as the European Director of the Capital Stewardship program of the U.S.-based Service Employees International Union (SEIU), the fastest growing trade union in North America, with over 2 million members in the United States and Canada. SEIU participate in public and private schemes with approximately $1.2 trillion in assets, representing over 16% of all U.S. pension assets. SEIU has led and participated in international coalitions for greater shareholder rights, good corporate governance and transparency, alignment between executive compensation and shareholder interest, responsible banking and lending practices, accountability by hedge funds and private equity, and the inclusion of environmental, social and governance considerations in portfolio management.
The SEIU Master Trust manages the pooled assets of three multi-employer pension schemes for $1.6 billion.
Michael Laslett has over 20 years of experience working in the U.S. labour movement and moved to London in August, 2007.
Download his PowerPoint presentation: Powerpoint Michael LASLETT
Brenda PLANT – Co-founder & co-director - Ethiquette.ca & Ethipedia.net (Canada)
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