Pay Without Performance
Pay Without Performance

Author: Lucian A. Bebchuk

Publisher: Harvard University Press

Published: 2004

Total Pages: 308

ISBN-13: 9780674020634

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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.

An Introduction to Executive Compensation
An Introduction to Executive Compensation

Author: Steven Balsam

Publisher: Elsevier

Published: 2002-04-13

Total Pages: 406

ISBN-13: 0080490425

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General readers have no idea why people should care about what executives are paid and why they are paid the way they are. That's the reason that The Wall Street Journal, Fortune, Forbes, and other popular and practitioner publications have regular coverage on them. This book not only proposes a reason--executives need incentives in order to maximize firm value (economists call this "agency theory")--it also describes the nature and design of executive compensation practices. Those incentives can take the form of benefits (salary, stock options), perquisites (reflecting the status of the executive within the organizational culture. This book is important because it takes the elements of an executive compensation package apart, analyzing them in the contexts of both economic theory and corporate practice and then explains how, under varying conditions, one might construct a compensation package that optimizes an executive's and a corporation's performance.Key Features* Presents an objective analysis of current executive compensation practices* Comprehensively reviews of academic literature and extant practice* Explains and illustrates the various components of the compensation package* Discusses the incentive, financial reporting, tax, political, equity, and firm value effects of those components

Clark Kerr's University of California
Clark Kerr's University of California

Author: Cristina Gonzalez

Publisher: Routledge

Published: 2017-07-28

Total Pages: 272

ISBN-13: 1351528270

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This volume provides an intellectual history of Kerr's vision of the multiversity, as expressed in his most famous work, The Uses of the University, and in his greatest administrative accomplishment, the California Master Plan for Higher Education. Building upon Kerr's use of the visionary hedgehog/shrewd fox dichotomy, the book explains the rise of the University of California as due to the articulation and implementation of the hedgehog concept of systemic excellence that underpins the master plan.Arguing that the university's recent problems flow from a fox culture, characterized by a free-for-all approach to management, including excessive executive compensation, this is a call for a new vision for the university—and for public higher education in general. In particular, it advocates re-funding and re-democratizing public higher education and renewing its leadership through thoughtful succession planning, with a special emphasis on diversity.Gonzalez's work follows the ups and downs of women and minorities in higher education, showing that university advances often have resulted in the further marginalization of these groups. Clark Kerr's University of California is about American public higher education at the crossroads and will be of interest to those concerned with the future of the public university as an institution, as well as those interested in issues relating to leadership, diversity, and succession planning.

Entrepreneurial President
Entrepreneurial President

Author: Patricia A. Pelfrey

Publisher: Univ of California Press

Published: 2012-03-06

Total Pages: 251

ISBN-13: 0520952219

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Richard C. Atkinson was named president of the University of California in August 1995, barely four weeks after the UC Regents voted to end affirmative action. How he dealt with the admissions wars—the political, legal, and academic consequences of that historic and controversial decision, as well as the issue of governance—is discussed in this book. Another focus is the entrepreneurial university—the expansion of the University’s research enterprise into new forms of scientific research with industry during Atkinson’s presidency. The final crisis of his administration was the prolonged controversy over the University’s management of the Los Alamos and Livermore nuclear weapons research laboratories that began with the arrest of Los Alamos scientist Wen Ho Lee on charges of espionage in 1999. Entrepreneurial President explains what was at stake during each of these episodes, how Atkinson addressed the issues, and why the outcomes matter to the University and to the people of California. Pelfrey’s book provides an analysis of the challenges, perils, and limits of presidential leadership in the nation’s leading public university, while bringing a historical perspective to bear on the current serious threats to its future as a university.