Valeur actionnariale vs. sociétale

Normes d'encadrement rémunération Valeur actionnariale vs. sociétale

The role of executive pay in promoting responsible business

Dans Lexology, RPC propose une synthèse intéressante qui rappelle une évidence : la rémunération des hauts-dirigeants a un rôle à jouer dans la pérennité à long-terme des entrepris. Un article synthétique à lire qui revient sur le projet de réforme britannique de gouvernance d’entreprise : « The role of executive pay in promoting responsible business » (24 mars 2017).

 

Executive pay is a thorny issue. Well-structured remuneration packages can help to ensure that companies are run responsibly for the benefit of shareholders, employees, customers, and wider society. However, when improperly designed, executive pay packages can encourage short-term and risky behaviour which dents public confidence in business.

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The ultimate aim for businesses is to attract and retain top talent whilst ensuring that those individuals are motivated to achieve sustainable, long-term value creation for the company. Where there is a perception that ever more generous remuneration packages are necessary in order to achieve those objectives, we are unlikely to see any reversal in current pay trends, with or without reform.

 

À la prochaine…

Ivan Tchotourian

rémunération Structures juridiques Valeur actionnariale vs. sociétale

Changer la conception de la société par actions

Bonjour à toutes et à tous, voici un très bel article de Susan Holmberg et Mark Schmitt accessible en ligne : « The Milton Friedman Doctrine Is Wrong. Here’s How to Rethink the Corporation » (Evonomics, 9 juin 2016).

 

The compensation of American executives—CEOs and their “C-suite” colleagues—has long been a matter of controversy, especially recently, as the wages of average workers have stagnated and economic inequality has moved to the center of the national debate. Just about every spring, the season of corporate proxy votes, we see the rankings of the highest-paid CEOs, topped by men (they’re all men until number 21) like David Cote of Honeywell, who in 2013 took home $16 million in salary and bonus, and another $9 million in stock options.

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The problem isn’t that the political system doesn’t want to deal with excessive CEO pay. There have been any number of formal efforts to rein in executive pay, involving a host of direct regulation and tax changes. But most of the specific efforts to reduce executive pay—through major policies such as a limit on the tax deductibility of high salaries, as well as more modest accounting and disclosure legislation—have fallen short. That’s because the story of skyrocketing executive pay is a story about our conception of the corporation and its responsibilities. And until we rethink our deepest assumptions about the corporation, we won’t be able to master the challenge of excessive CEO pay, or the inequality it generates. Is the CEO simply the agent of the company’s shareholders? Is the corporation’s only obligation to return short-term gains to shareholders? Or can we begin to think of the corporation in terms of the interests of all those who have a stake in its success—its customers, its community, and all of its employees? If we take the latter view, the challenge of CEO pay will become clearer and more manageable.

 

À la prochaine…

Ivan Tchotourian

devoirs des administrateurs Nouvelles diverses

Rona et la rémunération de ses dirigeants

Bonjour à toutes et à tous, le journaliste Martin Vallières nous apprend dans un article de La presse que la vente de Rona rapporterait une manne de 52 millions aux dirigeants (ici).

L’achat de Rona par Lowe’s rapportera 52 millions de dollars en encaissements de titres et en primes spéciales de rétention aux principaux dirigeants et administrateurs du quincailler, selon l’avis de convocation et la circulaire de direction déposés en vue de son assemblée d’actionnaires.

C’est au cours de cette assemblée extraordinaire du jeudi 31 mars, dans un grand hôtel du centre-ville de Montréal, que les actionnaires se prononceront sur l’offre d’achat amicale convenue entre Lowe’s et le conseil d’administration de Rona.

Pour voir la réaction critique du MÉDAC, cliquez ici.

À la prochaine…

Ivan Tchotourian