Kenneth Feinberg, the U.S. Treasury Dept.’s pay czar, recently reduced executive salaries at government-controlled American International Group and General Motors to reflect company performance. In much of Corporate Amerioa, as Bloomberg Businessweek first reported in its Apr. 5 issue, no such realignment took place.
美国财政部的“薪酬沙皇”肯勒斯?芬博格最近按照公司绩效表现降低了由美 国政府控股的美国国际集团以及通用汽车高管的工资。但正如彭博商业周刊在其4 月5日最先报道的那样，大多数美国公司并没有作出相应的调整。
Graef Crystal, a pioneer3 in compensation consulting, analyzed the 2009 pay of 271 chief executive officers. His findings? “Simply put,” Crystal says, “companies don’t pay for performance.”
76岁的格拉夫.克里斯塔尔是一位薪酬咨询行业的先锋人士，他在分析了 09年 271位CEO的报酬之后发现：“简单的讲，那些公司并没有按公司绩效来支付髙管薪 酬。”
Although there is no standard method for analyzing compensation, Crystal, 76，developed the foimulas4 he uses over the course of 30 years advising companies such as CBS (CBS), Coca-Cola (K〇)，and American Express (AXP) on their pay practices. In an ideal world, Crystal and many investors agree, stock performance and CEO pay would be closely aligned. But no matter how he parsed the numbers, Crystal discovered no relationship between shareholder returns and CEO compensation.
尽管如何分析报酬没有一种标准的方法，但在为哥伦比亚广播公司、可口可 乐,以及美国运通等公司等提供咨询服务的30年里，克里斯塔尔开发出一种他现在 所用的分析公式。克里斯塔尔和许多投资者都同意，CEO薪酬在理想情况下应该和 公司股票的表现挂钩。但无论怎么分解这些数字,克里斯塔尔都没有发现CEO报酬 和股东回报之间存在任何联系。
At the outset, he found that the CEOs，average pay went down 4.7 percent last year to $9.95 million. The highest paid was CBS Leslie Moonves with $43.2 million, and the lowest was Citigroup’s (C) Vikram Pandit with $128,751. Crystal didn’t include any bonuses awarded in 2010 in his analysis.
一开始，他发现CEO的平均薪酬去年下降到995万美元，下降了 4.7%。其中_ 最高的是哥伦比亚广播公司CEO勒斯列?蒙福斯，其年薪高达4.32亿美元，最低的是 花旗集团CEO潘伟迪的128751美元。克里斯塔尔的分析没有包括任何奖金。
Crystal then created a “fair pay”model that redistributed the $2.7 billion aggregate payroll of all of the CEOs according to each company’s shareholder return, adjusted for company size. Under that model, Moonves would have taken a $28 million pay cut, while Google’s (GOOG) Eric Schmidt, who was the second-lowest paid last year with $245,322, would have seen an increase to $17.4 million.Frank Baldino Jr., the founder of Cephalon (CEPH), was the most overpaid, according to Crystal’s algorithm: He took home $11.15 million, eight times more than what the model said he deserved.
接着，克里斯塔尔建立了一个“公平薪酬”模型，将所有CEO薪酬总额的27亿美 元按照公司股东回报重新分配，并按公司规模做出调整。在这个模型下，哥伦比亚 广播公司的蒙福斯薪酬将减少2800万美元,而去年薪酬第二低的谷歌CEO埃里克? 施密特的年薪将从245322美元增加到1740万美元。而CEPH公司的创始人弗兰克? 巴尔迪诺则是薪酬过高最明显的CE0，根据克里斯塔尔的模型计算，他拿到手的 1115万美元年薪比模型估计他应得的高了八倍。
Crystal recommends awarding stock options with a strike price that’s the average of the last 90 days and can’t be exercised for five years to avoid “opportunistic” pricing. He also suggests reducing bonuses if incentive targets aren’t met.
克里斯塔尔建议奖励的股票期权应以该只股票最近90天内的平均价为行权价,5年以后将不能行权，以此来避免价格投机行为。他同时还建议在激励目标没有 实现的情况下要减少高管奖金。
Some of Crystal’s former clients have called him a Judas for criticizing the system he used to be a part of. He prefers to be compared to Mary Magdalene. “Maybe I was a hooker，” he says. “But I’m hoping to end my life as a saint.
克里斯塔尔以前的一些客户把他称作犹大，因为他正在批评的正是他以前曾 身处其中的薪酬系统。但他更愿意被人比作抹大拉的玛利亚，“也许以前我是妓女,”他说,“但我希望在生命终结时能成为一位圣人。”