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  3. Myths and Realities of Executive Pay
  • Cited by 19
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    • Publisher:
      Cambridge University Press
      Publication date:
      31 July 2009
      27 August 2007
      ISBN:
      9780511499296
      9780521871952
      DOI:
      https://doi.org/10.1017/CBO9780511499296
      Dimensions:
      (228 x 152 mm)
      Weight & Pages:
      0.51kg, 278 Pages
      Dimensions:
      Weight & Pages:
      • Subjects:
      Economics, Labour Economics, Management: General Interest, Management
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    Subjects:
    Economics, Labour Economics, Management: General Interest, Management
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    Book description

    Popular perceptions of executive compensation in the United States are now part of a full-blown mythology fueled by critics who have little direct experience with the inner workings of corporations, their boards, and the executive teams who ultimately shoulder the responsibility for business success or failure. This book documents the realities of executive compensation by investigating the extent to which the pay for performance model governs executive pay levels. It also assesses the relative success of this model in creating value for shareholders and robust job growth for U.S. workers and provides detailed, real-world guidance for designing and executing effective executive compensation plans. Based on extensive empirical research and decades of direct experience in the field, Myths and Realities of Executive Pay settles the debate about executive compensation and the role it plays in the broader U.S. economy.

    Reviews

    "Kay and Van Putten have aptly titled their new book. Unfortunately, the public in general has little understanding about executive compensation and in many cases the information in the public press is confusing and inaccurate. [This book] is a clear road map to the new realities. It is must reading for CEOs, HR executives and board members of public companies."
    Former Senator Warren Rudman, chairman of the compensation committee, Boston Scientific Corp., former chairman of the compensation committee at Raytheon Company, and former member of the compensation committee at The Chubb Corp.

    "In an environment in which U.S. CEOs and boards are heavily criticized for governance and executive pay practices, Kay and Van Putten present the other side of the story. Many of those practices in the United States encourage and lead to shareholder value creation and productivity increases rather than executive enrichment at the expense of shareholders and others."
    Steven Kaplan, Neubauer family professor of entrepreneurship and finance, University of Chicago

    "A very timely review of the key issues confronting corporations in devising and implementing executive compensation programs. The very experienced and highly regarded authors offer very well thought out, and some unique, solutions. This is must reading for compensation committee members and HR executives."
    Martin Lipton, founding partner of Wachtell, Lipton, Rosen & Katz

    "Written by one of the country's leading compensation consultants, this book is a significant addition to the debate on executive pay. Ira Kay's defense of current pay practices should be read by anyone seeking to assess whether these practices are well designed to serve the interests of investors."
    Lucian Bebchuk, co-author of Pay without Performance: The Unfulfilled Promise of Executive Compensation

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