雙語財經新聞 第27期:CEO值多少錢

Kenneth Feinberg, the U.S. Treasury Dept.’s pay czar, recently reduced executive salaries at government-controlled American International Group and General Motors to reflect company performance. In much of Corporate Amerioa, as Bloomberg Businessweek first reported in its Apr. 5 issue, no such realignment took place.

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美國財政部的“薪酬沙皇”肯勒斯?芬博格最近按照公司績效表現降低了由美 國政府控股的美國國際集團以及通用汽車高管的工資。但正如彭博商業週刊在其4 月5日最先報道的那樣，大多數美國公司並沒有作出相應的調整。

Graef Crystal, a pioneer3 in compensation consulting, analyzed the 2009 pay of 271 chief executive officers. His findings? “Simply put,” Crystal says, “companies don’t pay for performance.”

76歲的格拉夫.克里斯塔爾是一位薪酬諮詢行業的先鋒人士，他在分析了 09年 271位CEO的報酬之後發現：“簡單的講，那些公司並沒有按公司績效來支付髙管薪 酬。”

Although there is no standard method for analyzing compensation, Crystal, 76，developed the foimulas4 he uses over the course of 30 years advising companies such as CBS (CBS), Coca-Cola (K〇)，and American Express (AXP) on their pay practices. In an ideal world, Crystal and many investors agree, stock performance and CEO pay would be closely aligned. But no matter how he parsed the numbers, Crystal discovered no relationship between shareholder returns and CEO compensation.

儘管如何分析報酬沒有一種標準的方法，但在爲哥倫比亞廣播公司、可口可 樂,以及美國運通等公司等提供諮詢服務的30年裏，克里斯塔爾開發出一種他現在 所用的分析公式。克里斯塔爾和許多投資者都同意，CEO薪酬在理想情況下應該和 公司股票的表現掛鉤。但無論怎麼分解這些數字,克里斯塔爾都沒有發現CEO報酬 和股東回報之間存在任何聯繫。

At the outset, he found that the CEOs，average pay went down 4.7 percent last year to $9.95 million. The highest paid was CBS Leslie Moonves with $43.2 million, and the lowest was Citigroup’s (C) Vikram Pandit with $128,751. Crystal didn’t include any bonuses awarded in 2010 in his analysis.

一開始，他發現CEO的平均薪酬去年下降到995萬美元，下降了 4.7%。其中_ 最高的是哥倫比亞廣播公司CEO勒斯列?蒙福斯，其年薪高達4.32億美元，最低的是 花旗集團CEO潘偉迪的128751美元。克里斯塔爾的分析沒有包括任何獎金。

Crystal then created a “fair pay”model that redistributed the $2.7 billion aggregate payroll of all of the CEOs according to each company’s shareholder return, adjusted for company size. Under that model, Moonves would have taken a $28 million pay cut, while Google’s (GOOG) Eric Schmidt, who was the second-lowest paid last year with $245,322, would have seen an increase to $17.4 k Baldino Jr., the founder of Cephalon (CEPH), was the most overpaid, according to Crystal’s algorithm: He took home $11.15 million, eight times more than what the model said he deserved.

接着，克里斯塔爾建立了一個“公平薪酬”模型，將所有CEO薪酬總額的27億美 元按照公司股東回報重新分配，並按公司規模做出調整。在這個模型下，哥倫比亞 廣播公司的蒙福斯薪酬將減少2800萬美元,而去年薪酬第二低的谷歌CEO埃裏克? 施密特的年薪將從245322美元增加到1740萬美元。而CEPH公司的創始人弗蘭克? 巴爾迪諾則是薪酬過高最明顯的CE0，根據克里斯塔爾的模型計算，他拿到手的 1115萬美元年薪比模型估計他應得的高了八倍。

Crystal recommends awarding stock options with a strike price that’s the average of the last 90 days and can’t be exercised for five years to avoid “opportunistic” pricing. He also suggests reducing bonuses if incentive targets aren’t met.

克里斯塔爾建議獎勵的股票期權應以該只股票最近90天內的平均價爲行權價,5年以後將不能行權，以此來避免價格投機行爲。他同時還建議在激勵目標沒有 實現的情況下要減少高管獎金。

Some of Crystal’s former clients have called him a Judas for criticizing the system he used to be a part of. He prefers to be compared to Mary Magdalene. “Maybe I was a hooker，” he says. “But I’m hoping to end my life as a saint.

克里斯塔爾以前的一些客戶把他稱作猶大，因爲他正在批評的正是他以前曾 身處其中的薪酬系統。但他更願意被人比作抹大拉的瑪利亞，“也許以前我是妓女,”他說,“但我希望在生命終結時能成爲一位聖人。”