Payroll Department

Anthony LoPinto

Pay for performance in corporate America has taken hold as public companies look to align long-term incentive compensation with performance by establishing financial goals and metrics that must be met before he or she “vests” in their long-term reward. This is typically in the form of stock or stock options. That’s why I was surprised yesterday to read in the Wall Street Journal that the best-paid CEOs tend to run some of the worst-performing companies and vice versa—even when pay and performance are measured over the course of many years, according to a new study.

The study was performed by the research institute MSCI, who studied the pay of some 800 CEOs at 429 large and midsize US companies during the decade ending in 2014. It also looked at the total shareholder return of the companies during the same period and found that the highest paid had the worst performance by a significant margin. 

It is impossible to fully analyze why this is the case, but I have a view that it lies in the fact that disclosures on performance, and therefore metrics assigned to long term incentives, may not be sufficiently aligned to performance results over long term periods.  Whatever, the facts are the facts, and shareholders all too often are apparently getting a bum deal from the payroll department.

Job Listings

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