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華爾街高管薪酬:高,是有道理的!

華爾街高管薪酬:高,是有道理的!

Martin Armstrong 2015年03月24日
英國(guó)保誠(chéng)集團(tuán)CEO譚天忠離職的消息一經(jīng)傳開,該公司市值旋即縮水近20億美元,而其新東家瑞士信貸的股價(jià)則飆漲7%。與上述數(shù)字相比,譚天忠高達(dá)1300萬美元的薪酬似乎不算什么。在人才競(jìng)爭(zhēng)白熱化的今天,人們應(yīng)該更加關(guān)注華爾街金融高管對(duì)公司和股東所做的貢獻(xiàn),而不是孤立地揪住他們的薪酬不放。
????瑞士信貸新CEO譚天忠

????銀行家的薪酬一直受到滿懷妒意的關(guān)注。如果你想在引文詞典中找到對(duì)銀行家價(jià)值的正面評(píng)價(jià),恐怕窮盡一生也找不到。

????自從全球金融危機(jī)在2008年爆發(fā)以來,這種關(guān)注和抱怨就不斷加劇。隨著大部分經(jīng)濟(jì)體正在逐漸走出衰退,這場(chǎng)爭(zhēng)論也變得更加激烈:一些人聲稱,所謂的薪酬通脹預(yù)示著華爾街的魯莽行為再次抬頭,而正是這種輕率之舉導(dǎo)致房地產(chǎn)市場(chǎng)在2008年轟然塌陷,它還說明監(jiān)管不力——大部分人都認(rèn)為嚴(yán)格監(jiān)管是一件“好事”。

????我認(rèn)為,無論是過去,還是現(xiàn)在,銀行家的薪酬一直都很合理。大多數(shù)批評(píng)者的衡量標(biāo)準(zhǔn)并不正確,或者說他們根本就沒有審視衡量標(biāo)準(zhǔn)。比如,英國(guó)保誠(chéng)集團(tuán)首席執(zhí)行官譚天忠上周二離職的消息,導(dǎo)致該公司市值縮水了接近20億美元。為什么?因?yàn)樵S多人認(rèn)為譚天忠在這個(gè)位置上做得十分出色,保誠(chéng)集團(tuán)的股價(jià)縮水恰好證明了他的價(jià)值。而譚天忠離職后加入瑞士信貸的消息一經(jīng)披露,該公司的股價(jià)即刻上漲了7%。譚天忠的薪酬待遇并未公布,不過據(jù)說他前任的薪酬為9100萬美元。相比之下,譚天忠2013年在保誠(chéng)集團(tuán)的薪酬僅為1300萬美元。我們可以推斷,對(duì)于保誠(chéng)集團(tuán)而言,由于難以提供足以媲美瑞士信貸有可能開出的薪酬,任何想要挽留他的想法都會(huì)變得難以啟齒。

????這里還有另外一個(gè)因素。一位備受尊敬的首席執(zhí)行官的酬勞,總是與股價(jià)表現(xiàn)掛鉤的。為一家市場(chǎng)估值偏低,或是一家CEO認(rèn)為自己能做出重大貢獻(xiàn)的企業(yè)工作,也是很有誘惑力的,這一點(diǎn)不容忽視。在譚天忠的案例中,他或許認(rèn)為自己在保誠(chéng)集團(tuán)的使命已經(jīng)完成。非常令人好奇的是,宣布跳槽前,瑞士信貸是否為他開出了與股價(jià)掛鉤的薪酬基準(zhǔn)。

????從根本上來說,市場(chǎng)是由信仰和認(rèn)知所決定的。想想這個(gè)簡(jiǎn)單的等式:“認(rèn)知-現(xiàn)實(shí)=企業(yè)價(jià)值?!比绻袌?chǎng)對(duì)公司的估值一下子降低了20億美元,那么高管的“價(jià)值”顯然是其薪酬的好多倍。在譚天忠的案例中,股價(jià)的下跌幅度甚至是他薪酬的15倍。對(duì)持有股票的股東來說,首席執(zhí)行官突然變得極具價(jià)值。

????我們很容易發(fā)現(xiàn)是什么促成了嫉妒和批評(píng)的聲音。從外行的角度看,數(shù)百萬美元的薪酬總是顯得過多。而找個(gè)令人感動(dòng)的參照物(人們經(jīng)常以護(hù)士、救火隊(duì)員或警官的薪水作為比較對(duì)象)非常容易。但這種第一印象的“分析”沒有考慮到任何有意義的參照環(huán)境。為了帶領(lǐng)公司進(jìn)軍新市場(chǎng),首席執(zhí)行官已經(jīng)采取了什么措施?分析家如何評(píng)價(jià)公司的股票?在他們的任職期內(nèi),股價(jià)表現(xiàn)如何?在他們上任前,股價(jià)又表現(xiàn)如何?

????在我的公司,我們十分關(guān)注個(gè)人的投資回報(bào)率,并在公司資產(chǎn)負(fù)債表上單列出高管的影響力,以評(píng)價(jià)他或她是否適合從事目前的工作。這是一種有用且有益的方式,可以消除情緒因素,用十分務(wù)實(shí)的方式來評(píng)估一個(gè)人的價(jià)值。

????銀行、基金會(huì)和其他金融機(jī)構(gòu)的首席執(zhí)行官要面對(duì)來自具備競(jìng)爭(zhēng)力的同事、董事會(huì)、股東和媒體的強(qiáng)大壓力。在一位極其專業(yè)的首席執(zhí)行官的帶領(lǐng)下,一家實(shí)力強(qiáng)勁的金融部門能夠影響廣泛的經(jīng)濟(jì)活動(dòng)、帶動(dòng)投資、推動(dòng)稅收收入,進(jìn)而促進(jìn)公共部門投資。

????在這場(chǎng)關(guān)于高管酬勞的大辯論中,另一個(gè)被忽略的因素是市場(chǎng)就是市場(chǎng)。在過去,高管招聘的范圍通常局限在一國(guó)之內(nèi)。而如今,各大公司都在全球各地物色人才。就像主要金融市場(chǎng)一樣,尋找和安置人才也在承受著巨大的競(jìng)爭(zhēng)壓力。一切事物、一切人都是有價(jià)的——在這樣一個(gè)“沒有錢是萬萬不能的”世界上,任何試圖抑制高管財(cái)富的做法都是行不通的。如果我們給薪酬設(shè)置上限,或采取其他方式對(duì)高管薪酬加以限制,那就會(huì)給我們自己的金融機(jī)構(gòu)帶來危險(xiǎn),那些全球領(lǐng)先的金融機(jī)構(gòu),將會(huì)由二流甚至三流的高管來掌舵,這會(huì)衍生許多風(fēng)險(xiǎn),進(jìn)而為整個(gè)經(jīng)濟(jì)帶來嚴(yán)重后果。

????在我看來,我們最好還是撤回鏡頭,從更廣的范圍看看這些金融高管對(duì)他們公司的貢獻(xiàn),而不是孤立地揪住他們的薪酬不放。

????高管離職導(dǎo)致股價(jià)降低的案例還有許多。約翰?邦德先生在2006年6月離開了匯豐銀行控股公司,自那以后,該公司在亞洲經(jīng)濟(jì)繁榮的情況下,股價(jià)依舊下跌了50%,在一次又一次危機(jī)中艱難前行。而在華爾街和倫敦以外,也有其他的例子。英國(guó)頂級(jí)零售商特易購(gòu)自從德高望重的特里?利亞離職后,也遭遇了股價(jià)跳水。安吉拉?阿倫茨在2014年離開了博柏利,導(dǎo)致該公司市值猛跌8.05億美元。哈利特?格林在2014年離開了航空公司托馬斯?庫(kù)克,也致使公司市值縮水了5.41億美元。

????因此要給招聘人員、監(jiān)管人員、股東和評(píng)論員提個(gè)醒:“減少高管薪酬支出,并不意味著你的收益就會(huì)多一點(diǎn)?!保ㄘ?cái)富中文網(wǎng))

????作者馬丁?阿姆斯特朗是金融服務(wù)高管研究公司Armstrong International的董事長(zhǎng)。他咨詢的范圍包括公司文化和人才問題,也是許多全球頂級(jí)首席執(zhí)行官和政治家的職業(yè)生涯顧問。

????譯者:嚴(yán)匡正

????審校:任文科

????Bankers’ compensation have always been the subject of envious scrutiny. Search the Dictionary of Quotations for something positive on the value of bankers and you’ll probably search forever.

????This scrutiny and caterwauling has, if anything, intensified since the global financial crisis started in 2008. As most economies emerge from recession, the debate is compounded by the assertion that so-called inflated pay packages are symptomatic of a return to the recklessness that caused the 2008 housing market crash in the first place and a lack of regulatory rigor, which most would contend would be a ‘good thing.’

????My argument is that bankers are fairly rewarded and always have been. The critics are mostly looking at the wrong metrics – or not looking at metrics at all. On Tuesday, for instance, the CEO of Prudential Insurance left the business, wiping nearly $2 billion off the share price. Why? TidjaneThiam is perceived by many to have done an outstanding job at the helm, and the fall in the value of Prudential is testament to the regard in which he is held. Thiam has left Prudential for Credit Suisse , whose share price soared 7% in the wake of the announcement. Thiam’s compensation package has not yet been disclosed, but his predecessor’s package was reportedly $91 million. By comparison, Thiam’s package at Prudential was $13 million in 2013. We can assume that any thoughts that Prudential had of talking him round were hampered by the difficulty they would face in attempting to match (and disclosing) what Credit Suisse must have offered.

????There is another factor at play here. A highly regarded CEO has his or her remuneration linked to share price performance. The allure of working for a business that the markets are undervaluing – or one where the CEO believes a significant contribution can be made – cannot be ignored. In Thiam’s case, he might well have calculated that his work at Prudential had been done. It would be intriguing to learn whether the benchmark for share price-based remuneration was set prior to the announcement.

????Markets, fundamentally, are all about faith and perceptions. Consider this simple equation: ‘Perception minus reality equals enterprise value.’ If the market discounts the value of the business by $2 billion, clearly the chief executives’ ‘value’ is a huge multiple of his pay package. In Thiam’s case, the share price fall was a 15 time multiple of his package. Suddenly, to shareholders that hold his stock, he or she starts to look like outstanding value for money.

????It is easy to see what fuels the voices of envy and criticism. From a layperson’s perspective a multi-million dollar package is always going to look excessive. Finding an emotive comparator (the equivalent number of nurses, firemen or police officers is an established trope) is easy to do. But what this first flush ‘a(chǎn)nalysis’ misses is any useful context. What has he or she done to lead the business into new markets? How do analysts rate the stock? How has the share price performed under his or her tenure? How did it perform prior to his or her arrival?

????In my business, we look closely at an individual’s return on investment, separating out the impact of an executive from the corporate balance sheet to assess his or her appropriateness for a role. It is a useful and salutary exercise, stripping away the emotion and assessing an individual in a very pragmatic way.

????Chief executives of banks, funds and other financial institutions are under intense pressure from their competitive peers, their Boards, their shareholders and the media. A strong financial sector, led by an expert CEO, creates ripples in the wider economy, enabling investment, driving taxation receipts that enable public sector investment and more.

????The other missing component in the debate about executive remuneration is that markets are markets. It used to be that most recruitment for executive roles took place within borders. Headhunting now takes place on a global savannah. Finding and placing talent is subject to the same intense competitive pressures that pulsate through the major markets. Everything and everyone has a price – and any containment strategy related to executive wealth is an unhelpful intrusion by God into the world of Mammon. If we allow caps or other restrictive mechanisms to intrude too sharply into the subject of executive pay, we run the risk that our financial institutions, the boiler rooms of many of the world’s leading economies, will be run by second or third-division saints with all the incumbent risk that that creates – and with all the wider consequences for the economy as a whole.

????Better, in my view, to draw back the lens and look at the contribution of financial executives to their businesses more widely than remain fixated on the ambit of their pay in isolation.

????There are many other examples of post-departure share price decline. Sir John Bonds exited HSBC holdings in June 2006 and since then the share price has declined 50%, despite an Asian boom and has limped from crisis to crisis. Outside Wall Street and London, there are other examples. Tesco, the UK’s leading retailer, has seen its share price plummet since the departure of the highly-regarded Terry Leahy. Angela Ahrendts left Burberry in 2014, wiping $805 million off Burberry’s value. Harriet Green left Thomas Cook in 2014, the impact of which knocked $541 million off the firm’s value.

????A cautionary note to recruiters, regulators, shareholders and commentators: ‘less does not equal more.’

????Martin Armstrong is Chairman of Armstrong International, a financial services executive search firm. He advises corporations on cultural and talent-related issues and is career advisor to many leading CEOs and politicians.

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