Comparative Corporate Governance and Executive Remuneration PDF Download

Author: Simon Staude
Publisher:
ISBN: 9783668043145
Category :
Languages : de
Pages : 32

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Book Description
Seminar paper from the year 2014 in the subject Business economics - Investment and Finance, language: English, abstract: The justification of a company having a remuneration committee (hereinafter "RemCo") is simple and based on the "agency theory" whereby directors are employed to act as proxies for shareholders and manage a companies' business on their behalf. However, their powers allow them to manage the business in a manner, which facilitates their own interests. Excessive remuneration and bonus schemes are probably the most controversial outcomes which may be considered as a result of this principle. The UK Corporate Governance Code (hereinafter "the Code") has tried to deal with this issue, providing principles to establish an appropriate level of remuneration for directors and to align this remuneration with the interest of the shareholders. However, the salaries of CEOs of FTSE100 companies have increased significantly over the last ten years. This is supported by a recent Manifest survey which shows that FTSE100 RemCos still grant remuneration packages above the inflation rate and the average pay increase of employees. As the level of remuneration has increased considerably in recent years, it is indeed questionable whether multi-million salaries for directors can be justified when taking into account economic or fairness reasons and whether RemCos undertake their responsibilities properly. As well as providing the theoretical and legal background and the rationale behind the establishment of RemCos Section 1 of this essay questions the level of remuneration and assesses, whether it can be justified on economic or fairness grounds. Whereas Section 2 shows that the RemCos are not solely responsible for the ratcheting up of executive payments since external factors such as pay consultants influence the remuneration design. The essay demonstrates that the current way RemCos undertake their responsibilities raise major concerns and leaves room fo

Author: Véronique Magnier
Publisher: Edward Elgar Publishing
ISBN: 1784713562
Category : Business & Economics
Languages : en
Pages : 233

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Book Description
Comparative Corporate Governance considers the effects of globalization on corporate governance issues and highlights how, despite these widespread consequences, predictions of legal convergence have not come true. By adopting a comparative legal approach, this book explores the disparity between convergence attempts and the persistence of local models of governance in the US, Europe and Asia.

Author: Christoph van der Elst
Publisher: Aspen Publishers
ISBN: 9789041156075
Category : Law
Languages : en
Pages : 0

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Book Description
è^-Attitudeè^-- looms large in any discussion of executive compensation. Yet here is a book that restricts its remit to what can actually be discovered about the corporate and contractual facts, figures, and rationales that determine how much a company director è^-earnsè^-- in an increasingly complex system of executive remuneration that seems to be taking root worldwide. In a remarkably insightful collection of articles, legal scholars from ten different countries address the state of the art of executive service contracts in twelve different jurisdictions, as diverse as (on the one hand) the European Union, its central Member States and the United States, and (on the other) Iceland and Romania. Their analysis penetrates beyond the often vague regulatory framework to actual survey figures, consultantsè^-- reports, and even data from a number of specific firms.

Author: Afra Afsharipour
Publisher: Edward Elgar Publishing
ISBN: 1788975332
Category : Law
Languages : en
Pages : 544

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Book Description
This research handbook provides a state-of-the-art perspective on how corporate governance differs between countries around the world. It covers highly topical issues including corporate purpose, corporate social responsibility and shareholder activism.

Author: Klaus J. Hopt
Publisher: Walter de Gruyter GmbH & Co KG
ISBN: 3110905043
Category : Law
Languages : en
Pages : 372

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Book Description
Corporate governance has become an important issue in all industrial economies. This text has grown out of a conference entitled Comparative Corporate Governance, An International Conference, United States - Japan - Western Europe which considered the subject.

Author: Jennifer G. Hill
Publisher:
ISBN:
Category :
Languages : en
Pages : 30

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Book Description
The problem of executive compensation was an underlying theme in international corporate scandals epitomized by Enron in the US, Parmalat and Vivendi in Europe, and One.Tel in Australia. There has been a wide array of regulatory responses to these scandals across jurisdictions, with varying degrees of attention paid to the issue of executive pay. This article examines recent international responses regarding executive pay through the lens of regulatory and governance strategies, based on the typology developed in Kraakman et al, The Anatomy of Corporate Law: A Comparative and Functional Approach (2004). Specific reforms and developments discussed in the article include: enhanced compensation disclosure; increased shareholder participation; and judicial review of board decisions about executive pay in cases such as the 2005 Disney decision in the US and the Mannesmann trial in Germany.These regulatory developments concerning executive pay are also interesting from the perspective of the convergence/persistence debate in comparative corporate governance. They show that major international scandals of this kind may generate new divergence in laws across jurisdictions.

Author: Petri Mäntysaari
Publisher: Springer Science & Business Media
ISBN: 3540264604
Category : Law
Languages : en
Pages : 454

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Book Description
An analytical overview of the regulation of shareholder activism in the UK and Germany. The book shows how the comparative legal method can be used in the study of the corporate governance systems of different countries. It deals with the regulation of the governance of listed companies within a wide framework that recognises the importance of company law, securities markets law, standards and internal rule-making.

Author: John S. Beasley
Publisher: Edward Elgar Publishing
ISBN: 1781005109
Category : Business & Economics
Languages : en
Pages : 553

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Book Description
Research on executive compensation has exploded in recent years, and this volume of specially commissioned essays brings the reader up-to-date on all of the latest developments in the field. Leading corporate governance scholars from a range of countries set out their views on four main areas of executive compensation: the history and theory of executive compensation, the structure of executive pay, corporate governance and executive compensation, and international perspectives on executive pay. The authors analyze the two dominant theoretical approaches – managerial power theory and optimal contracting theory – and examine their impact on executive pay levels and the practices of concentrated and dispersed share ownership in corporations. The effectiveness of government regulation of executive pay and international executive pay practices in Australia, the US, Europe, China, India and Japan are also discussed. A timely study of a controversial topic, the Handbook will be an essential resource for students, scholars and practitioners of law, finance, business and accounting.

Author: Lucian Bebchuk
Publisher: Harvard University Press
ISBN: 067426195X
Category : Business & Economics
Languages : en
Pages : 293

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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.

Author: Christos Boras
Publisher: GRIN Verlag
ISBN: 3668918686
Category : Business & Economics
Languages : en
Pages : 74

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Book Description
Doctoral Thesis / Dissertation from the year 2014 in the subject Business economics - Business Management, Corporate Governance, grade: 72%, Aston University (Business School), course: MSc in Accounting and Finance, language: English, abstract: This report provides an analysis and evaluation over the executive remuneration issues. The basic issues in this report raised the public debate and the academic literature findings over the misalignment between the pay and performance and the level of executives’ emoluments. In order to provide a more specific and practical perspective of the issues raised, this project used a case study of Tate & Lyle plc. and its main competitor Associated British Foods plc. Methods of analysis include the review over the UK corporate governance evolution on executive remuneration matters. The second part of the review is based on the academic literature review. Furthermore, the internal structure of both companies and the level of salaries in the hierarchy give an explanation over the level of the executive emoluments. Moreover, the structure of the executive remuneration is approved in both companies by the majority of the shareholders and there is evidence that the short-term and long-term performance of the companies have an important effect on executives’ salary. Last but not least, there is evidence that the executive remuneration is almost the same across the same industry even if the performance between two companies is different. The report finds that both companies are in line with UK corporate governance code guidelines and aligned pay with performance. However, there are not adequate case studies through different industries in order to have a more precise information over the relationship between pay and performance of other companies. The major area of weakness on the academic literature is the lack of case studies which can provide more detailed information of practical implementations of the Code and academic literature. Moreover, the institutions and most of the academic research is based on using average figures based on the FTSE100, FTSE250 and FTSE350 Indexes. The report also investigates the fact that the analysis conducted has limitations. Some of the limitations include the lack of ABF’s annual report for 2014. In order to overpass this difficulty, this project used the annual report of 2013 for both companies. Another limitation was the lack of case studies over the executive remuneration issues based on certain companies rather than the average trend of an Index. Last but not least, there was no other case study of a company over the executive remuneration issues in order to use the methodology.