Loopholes Sap Potency Of Pay Limits
部分高管人员薪酬咨询师和律师说，奥巴马总统限制华尔街高管薪酬的举措存在漏洞，对约束高薪可能影响有限。一些薪酬专家已指出这些规定中暗藏的漏洞，包括改变管理人员头衔或重新设计补偿薪酬方案的做法。这些人警告说，正如政府过去限制高管薪酬的努力基本上都事与愿违一样，新的限制措施可能也会产生意想不到的结果。周三宣布的计划包括，对未来接受政府“特殊”救助的公司中的高管设定50万美元的年薪上限。额外的报酬必须以限制性股票或类似长期激励措施的形式发放，高管人员只有在政府的注资连本带利收回后才能变现。Getty Images其它在未来接受联邦救助资金的企业需要制定更严格的离职补偿方案，披露使用公司飞机等奢侈福利的情况。这些公司中高于50万美元的年薪需要经过不具约束力的股东投票批准。很多人对这些举措表示欢迎，认为这将有助于遏制可能带来过度冒险的华尔街薪酬制度。但是，一些批评人士也指出了其中的缺点，建议这些限薪举措应追溯到已经接受了联邦救助资金的公司。他们指出，最严格的限薪措施可能只会影响到少数企业；其它公司可以通过对额外薪酬进行股东投票避免其中一些限制措施。一些人称，这一计划不会限制薪酬总额，因为它允许企业提高限制性股票奖励。担任咨询网站CompensationStandards.com董事长的证券及薪酬律师布里尔(Jesse Brill)说，我担心公司会将此作为向已经拥有大量股票的高管们授予更多限制性股票和股票期权的机会。他更希望禁止高管在65岁或退休后两年之前变现股票，以鼓励他们做出长远决策。德勤顾问咨询公司(Deloitte Consulting LLP)薪酬咨询主管凯斯纳(Michael Kesner)担心，该计划会让高管在公司偿还完政府资金后就立刻变现限制性股票奖励，而且这项计划也不像现在许多公司所做的那样，要求将这些奖励同经营业绩或股票涨幅挂钩。还有人说，财政部发布的初步限薪措施过于含糊其辞。比如，50万美元的年薪上限只适用于“高级管理人员”。纽约薪酬顾问里达(James F. Reda)称，公司可能会给部分管理人员较低的职位或派他们去负责子公司。对于奢侈福利的定义也不够明确。华盛顿政策研究机构Institute for Policy Studies高管薪酬分析师安德森(Sarah Anderson)说，公司会给高管提供体检代缴税金和个人税收顾问等福利。财政部一位官员说，可能几周内就会发布更详细的规定。他说，将对每家公司的福利标准进行审议，并公之于众。也许奥巴马计划中影响最为广泛的要数对股东投票表决高管薪酬的首肯了。加强公司治理的支持者早就希望采用这种“投票表决高管薪酬”的做法，但只有少数公司进行了这种投票。部分银行家和薪酬顾问称，他们担心这一计划将促使人才从限制薪酬的公司流向其它公司。但纽约Morrison Cohen LLP高管薪酬律师莱文(Alan Levine)说，50万美元的年薪足以吸引很多优秀人才进入大银行。Mark Maremont / Joann S. Lublin相关阅读通用电气首席执行长反对奥巴马的薪酬限制计划 2009-02-06奥巴马限薪措施带来的问题 2009-02-05原声视频：奥巴马限制高管薪金带来的影响 2009-02-05奥巴马限制受助公司高管年薪 上限50万 2009-02-05限制华尔街高管薪酬无济于事 2009-02-05高管薪酬是得有个说法 2009-02-05
President Barack Obama's crackdown on Wall Street pay contains loopholes, and may have limited impact in restraining compensation, according to some executive-pay consultants and management attorneys.Some compensation professionals already are pointing out potential holes in the rules, including tactics such as changing executives' titles or rearranging pay packages. Just as past attempts by the government to restrict executive pay largely backfired, these people warn, the new curbs also may have unintended consequences.The plan, announced Wednesday, includes a $500,000 cap on annual compensation for senior executives of companies that receive future 'exceptional' government aid. Additional compensation would have to be paid in restricted stock or similar long-term incentive arrangements, which the executives could cash in only after the government is repaid, with interest.Other recipients of future federal bailout money would have to place tougher limits on severance packages and disclose luxurious perks, such as the use of company jets. Annual compensation above $500,000 at these companies would be subject to a nonbinding shareholder vote.Many applauded the moves as a useful step to curb Wall Street compensation practices that may have led to excessive risk-taking. But some critics identified weaknesses, suggesting the restrictions be retroactively applied to companies that already have received federal bailout cash. They noted that the most stringent restrictions likely would affect only a few firms; others could avoid some of the curbs by putting extra pay to a shareholder vote.Some said the plan doesn't limit total compensation, because it allows companies to boost awards of restricted stock.'I am fearful that companies will look at this as an opportunity to grant more restricted shares and stock options to executives who already have an abundant amount of equity,' said Jesse Brill, a securities and compensation lawyer who is chairman of CompensationStandards.com, an advisory Web site. He would prefer barring executives from cashing in stock until age 65 or two years past retirement to encourage long-term decision making.Michael Kesner, head of compensation consulting at Deloitte Consulting LLP, worries the plan allows executives to claim restricted-stock awards once the company pays back the government, and doesn't require companies to tie those awards to operating results or share-price gains, as many companies now do.Others said the preliminary restrictions released by the Treasury Department are overly vague. For example, the $500,000 annual pay limit applies only to 'senior executives.' James F. Reda, a New York compensation consultant, said companies could give certain executives lower titles or assign them to head subsidiaries.There also isn't a clear definition of what constitutes a luxury perk. Companies could grant executives benefits such as medical exams, tax gross-ups and personal tax advice, said Sarah Anderson, an executive-pay analyst at the Institute for Policy Studies, a liberal think tank in Washington. Gross-up payments from companies reimburse senior executives for taxes the executives owe on company-provided perks and other benefits.The Treasury official said the department plans to issue more detailed regulations, likely in a few weeks. He said each company's perk guidelines will be vetted and posted publicly.Perhaps the broadest impact from President Obama's plan will stem from its endorsement of advisory shareholder votes on executive-pay provisions. Such 'say-on-pay' votes have long been sought by corporate-governance advocates, but only a small number of companies have implemented such votes.Some bankers and compensation consultants said they worry the plan will prompt an exodus of talent from companies with regulated pay to other firms. But Alan Levine, an executive-compensation attorney at Morrison Cohen LLP in New York, said there will be plenty of qualified people willing to run big banks at annual salaries of $500,000.Mark Maremont / Joann S. Lublin
President Barack Obama's crackdown on Wall Street pay contains loopholes, and may have limited impact in restraining compensation, according to some executive-pay consultants and management attorneys.Some compensation professionals already are pointing out potential holes in the rules, including tactics such as changing executives' titles or rearranging pay packages. Just as past attempts by the government to restrict executive pay largely backfired, these people warn, the new curbs also may have unintended consequences.The plan, announced Wednesday, includes a $500,000 cap on annual compensation for senior executives of companies that receive future 'exceptional' government aid. Additional compensation would have to be paid in restricted stock or similar long-term incentive arrangements, which the executives could cash in only after the government is repaid, with interest.Other recipients of future federal bailout money would have to place tougher limits on severance packages and disclose luxurious perks, such as the use of company jets. Annual compensation above $500,000 at these companies would be subject to a nonbinding shareholder vote.Many applauded the moves as a useful step to curb Wall Street compensation practices that may have led to excessive risk-taking. But some critics identified weaknesses, suggesting the restrictions be retroactively applied to companies that already have received federal bailout cash. They noted that the most stringent restrictions likely would affect only a few firms; others could avoid some of the curbs by putting extra pay to a shareholder vote.Some said the plan doesn't limit total compensation, because it allows companies to boost awards of restricted stock.'I am fearful that companies will look at this as an opportunity to grant more restricted shares and stock options to executives who already have an abundant amount of equity,' said Jesse Brill, a securities and compensation lawyer who is chairman of CompensationStandards.com, an advisory Web site. He would prefer barring executives from cashing in stock until age 65 or two years past retirement to encourage long-term decision making.Michael Kesner, head of compensation consulting at Deloitte Consulting LLP, worries the plan allows executives to claim restricted-stock awards once the company pays back the government, and doesn't require companies to tie those awards to operating results or share-price gains, as many companies now do.Others said the preliminary restrictions released by the Treasury Department are overly vague. For example, the $500,000 annual pay limit applies only to 'senior executives.' James F. Reda, a New York compensation consultant, said companies could give certain executives lower titles or assign them to head subsidiaries.There also isn't a clear definition of what constitutes a luxury perk. Companies could grant executives benefits such as medical exams, tax gross-ups and personal tax advice, said Sarah Anderson, an executive-pay analyst at the Institute for Policy Studies, a liberal think tank in Washington. Gross-up payments from companies reimburse senior executives for taxes the executives owe on company-provided perks and other benefits.The Treasury official said the department plans to issue more detailed regulations, likely in a few weeks. He said each company's perk guidelines will be vetted and posted publicly.Perhaps the broadest impact from President Obama's plan will stem from its endorsement of advisory shareholder votes on executive-pay provisions. Such 'say-on-pay' votes have long been sought by corporate-governance advocates, but only a small number of companies have implemented such votes.Some bankers and compensation consultants said they worry the plan will prompt an exodus of talent from companies with regulated pay to other firms. But Alan Levine, an executive-compensation attorney at Morrison Cohen LLP in New York, said there will be plenty of qualified people willing to run big banks at annual salaries of $500,000.Mark Maremont / Joann S. Lublin