Author: California. Office of the Auditor GeneralPublisher:
ISBN:
Category :
Languages : en
Pages : 210
Book Description
A Review of the University of California's Executive Compensation, Benefits and Offices
Author: California. Office of the Auditor GeneralPublisher:
ISBN:
Category :
Languages : en
Pages : 210
Book Description
Executive Compensation at the University of California
Author: Patricia A. PelfreyPublisher:
ISBN:
Category :
Languages : en
Pages : 12
Book Description
The 2005-6 executive compensation controversy at the University of California has been explained as the result of a massive breach of compliance with the University's compensation policies by the Office of the President (UCOP). For more than a decade, the explanation goes, UCOP failed to comply with its own compensation policies, embodied in the 1992-93 Principles for Review of Executive Compensation, and engaged in a longstanding pattern of secrecy and policy violations. This paper argues that both assertions are wrong. It begins by analyzing the issues leading to adoption of the Principles and presents the evidence that the procedures for implementing them were consistent with prevailing understandings of presidential authority and Regental intent. With several exceptions that will be noted, this remained the case throughout the administrations of UC presidents J. W. Peltason (1992-5) and Richard C. Atkinson (1995-2003). The situation changed as the result of two developments early in the tenure of President Robert C. Dynes (2003-2008). First, executive offers began to include benefits that were not traditionally employed at UC, and the Regents as a body were not asked to approve them. Second, the board was not informed about these benefits because a report mandated by the Principles, the Annual Report on Executive Compensation, was not submitted in 2004 or 2005. These were significant departures from the Principles, but they were limited to two years, 2003-2005. The idea that non-compliance with the Principles was endemic in UCOP stems from media portrayals of the controversy and from an audit commissioned by the Regents in response to the controversy, the April 2006 PricewaterhouseCoopers (PwC) report. The PwC report failed to acknowledge the extent to which the Principles had been followed in the decade after their approval, and its interpretation of that policy was so different from the way it had historically been understood as to constitute a re-interpretation. Many of the putative violations in the PwC report reflect this re-interpretation of the Principles, not evidence of a longstanding failure in compliance or a culture of secrecy in UCOP. This major lapse of institutional memory has had serious consequences for governance and the future role of the Office of the President. (Contains 12 footnotes.).
Executive Compensation in California's Public Universities
Author: California Postsecondary Education CommissionPublisher:
ISBN:
Category : Executives
Languages : en
Pages : 44
Book Description
Executive Compensation in California Public Higher Education
Author: Publisher:
ISBN:
Category : Public universities and colleges
Languages : en
Pages : 12
Book Description
Executive Compensation in California Public Higher Education
Author: Publisher:
ISBN:
Category : Public universities and colleges
Languages : en
Pages : 92
Book Description
The Journal of the Assembly During the ... Session of the Legislature of the State of California
Author: California. Legislature. AssemblyPublisher:
ISBN:
Category : California
Languages : en
Pages : 1048
Book Description
University of California
Author: California. Bureau of State AuditsPublisher:
ISBN:
Category :
Languages : en
Pages : 148
Book Description
Executive Compensation in California Community Colleges
Author: Publisher:
ISBN:
Category : Public universities and colleges
Languages : en
Pages : 20
Book Description
Executive Compensation in the Public Service (California)
Author: Boynton S. KaiserPublisher:
ISBN:
Category : California
Languages : en
Pages : 22
Book Description
Pay Without Performance
Author: Lucian A. BebchukPublisher: Harvard University Press
ISBN: 9780674020634
Category : Business & Economics
Languages : en
Pages : 308
Book Description
The company is under-performing, its share price is trailing, and the CEO gets...a multi-million-dollar raise. This story is familiar, for good reason: as this book clearly demonstrates, structural flaws in corporate governance have produced widespread distortions in executive pay. Pay without Performance presents a disconcerting portrait of managers' influence over their own pay--and of a governance system that must fundamentally change if firms are to be managed in the interest of shareholders. Lucian Bebchuk and Jesse Fried demonstrate that corporate boards have persistently failed to negotiate at arm's length with the executives they are meant to oversee. They give a richly detailed account of how pay practices--from option plans to retirement benefits--have decoupled compensation from performance and have camouflaged both the amount and performance-insensitivity of pay. Executives' unwonted influence over their compensation has hurt shareholders by increasing pay levels and, even more importantly, by leading to practices that dilute and distort managers' incentives. This book identifies basic problems with our current reliance on boards as guardians of shareholder interests. And the solution, the authors argue, is not merely to make these boards more independent of executives as recent reforms attempt to do. Rather, boards should also be made more dependent on shareholders by eliminating the arrangements that entrench directors and insulate them from their shareholders. A powerful critique of executive compensation and corporate governance, Pay without Performance points the way to restoring corporate integrity and improving corporate performance.