????2013-2014年，蘋果公司CEO蒂姆?庫(kù)克的工資翻了一番，惠普CEO梅格?惠特曼的薪酬增長(zhǎng)了十倍以上；而星巴克CEO霍華德?舒爾茨、維亞康姆CEO菲利普?多曼和迪士尼CEO鮑勃?艾格的工資均大幅下降，最多的甚至降了一半。這些變化一定和CEO的業(yè)績(jī)有關(guān)系嗎？事實(shí)表明，并不一定。

????2014年，庫(kù)克的工資從420萬(wàn)美元增至920萬(wàn)美元，增幅高達(dá)117%，主要原因是其年度獎(jiǎng)金提高了400萬(wàn)美元，另一原因是他的個(gè)人安保費(fèi)用從零增至近70萬(wàn)美元。

????但上述信息僅代表庫(kù)克的“已披露收入”，即公司在最新股東委托書中給出的CEO薪酬。我們還可以從其他途徑來(lái)了解高管薪酬。舉例來(lái)說(shuō)，去年庫(kù)克的實(shí)際收入超過1.54億美元，主要來(lái)自出售部分蘋果公司限售股，該收入就從未被披露過。這種通常被稱為“已實(shí)現(xiàn)收入”的薪酬其實(shí)相當(dāng)于W-9個(gè)稅申報(bào)表里填寫的收入。2013-2014年，庫(kù)克的已實(shí)現(xiàn)收入增長(zhǎng)了109%。此外，庫(kù)克還坐擁價(jià)值5億美元的限售股。也就是說(shuō)，他的高收入期還遠(yuǎn)未結(jié)束。

????2014年收入猛增的CEO當(dāng)然不止庫(kù)克一人?；萜帐紫瘓?zhí)行官梅格?惠特曼的申報(bào)收入和已實(shí)現(xiàn)收入同樣雙雙上升?；萏芈某陝诜N類已從最初的聘用薪資標(biāo)準(zhǔn)變成了正常薪資標(biāo)準(zhǔn)。她的工資從1美元增至150多萬(wàn)美元，她拿到的限售股增加了一倍，股票期權(quán)價(jià)值下降了一半，還有大約400萬(wàn)美元的股票獎(jiǎng)勵(lì)變成了現(xiàn)金分紅。惠特曼的申報(bào)收入增幅僅略高于11%，但已實(shí)現(xiàn)收入增幅高達(dá)1300%，著實(shí)可觀。盡管該數(shù)字的增長(zhǎng)主要來(lái)自現(xiàn)金收入（工資和獎(jiǎng)金），但惠特曼在2014年收獲了價(jià)值1250萬(wàn)美元的惠普股票，遠(yuǎn)高于上年的80萬(wàn)。然而就公司表現(xiàn)來(lái)說(shuō)，惠普并不如蘋果那樣穩(wěn)健。2013年惠普的股價(jià)起伏不定，2014年開始才總體穩(wěn)步上升。但2014年惠普的收入和凈利潤(rùn)雙雙下跌，而這才是影響申報(bào)收入的最主要因素。

????并不是所有人都在2014年拿到了高額報(bào)酬。星巴克CEO霍華德?舒爾茨靠限售股和期權(quán)實(shí)現(xiàn)了5800萬(wàn)美元的收入，遠(yuǎn)低于2013年的1.39億美元。舒爾茨的部分股票酬勞和公司業(yè)績(jī)掛鉤，但這些股票僅以兩年期的每股收益和投入資本回報(bào)率為衡量標(biāo)準(zhǔn)，很難算得上長(zhǎng)期指標(biāo)。他的年度獎(jiǎng)金增多是因?yàn)楣镜氖杖牒蜖I(yíng)業(yè)利潤(rùn)這兩項(xiàng)獎(jiǎng)金指標(biāo)在2014年都實(shí)現(xiàn)了增長(zhǎng)。另一方面，盡管星巴克的營(yíng)收和營(yíng)業(yè)利潤(rùn)有所提高，但2014年該公司在股市上表現(xiàn)較差。不過自2014年底開始，經(jīng)營(yíng)情況好轉(zhuǎn)的消息使其股價(jià)從2013年81美元的高點(diǎn)升至目前的94美元。。

????在維亞康姆，似乎看不到CEO的薪酬和工作表現(xiàn)有明確關(guān)聯(lián)。首席執(zhí)行官菲利普?多曼的已實(shí)現(xiàn)收入下降了38%，但申報(bào)收入幾乎增長(zhǎng)了20%。2014年，多曼的獎(jiǎng)金、股票和期權(quán)價(jià)值都有上升。但相反，2013年他的股票酬勞超過1.11億美元，2014年卻為5800萬(wàn)美元左右。薪酬和股價(jià)的之間的關(guān)系也不清楚。2013年維亞康姆的股價(jià)穩(wěn)步上行，2014年下半年則處于滑坡狀態(tài)。這也許可以解釋多曼股票酬勞的變化，但該公司的營(yíng)收也出現(xiàn)了下降，而在人們看來(lái)，營(yíng)收業(yè)績(jī)應(yīng)該會(huì)影響到多曼的申報(bào)收入。和多曼相反，該公司董事長(zhǎng)薩姆納?雷德斯通在個(gè)稅報(bào)表里填寫的收入有所增加，原因是2014年雷德斯通的股票報(bào)酬超過1億美元，遠(yuǎn)高于2013年的1740萬(wàn)美元。

????和多曼一樣，迪士尼CEO鮑勃?艾格的申報(bào)收入和已實(shí)現(xiàn)收入也出現(xiàn)了一升一降的情況。2014年，艾格的股票酬勞從上年的7200萬(wàn)美元降至4100萬(wàn)美元，下跌了21%。由于這兩年間艾格的獎(jiǎng)金增加了近1000萬(wàn)美元，因此其申報(bào)收入?yún)s增長(zhǎng)了35%以上。而艾格的收入起伏并不難理解：2011年底以來(lái)，迪士尼的股價(jià)持續(xù)上行，而且2014年的營(yíng)收和運(yùn)營(yíng)利潤(rùn)也都實(shí)現(xiàn)了增長(zhǎng)。

????要想知道CEO們薪酬變化背后的秘密，你必須深入挖掘，不能只看表面數(shù)字。但即便如此，有時(shí)你也不一定能搞懂他們的薪酬為何異常波動(dòng)。（財(cái)富中文網(wǎng)）

????譯者：Charlie

????審校：Donna

????Apple AAPL -0.35% CEO Tim Cook’s pay doubled and HP HPQ -0.42% CEO Meg Whitman’s increased by over 1,000% between 2013 and 2014. But the salaries of Starbuck’s SBUX 0.56% Howard Schultz, along with Viacom’s Philippe Dauman and Disney’s Bob Iger all took a dive, by up to a half. Do any of these changes have to do with these executives’ performance? Signs point to no, not entirely.

????Cook’s pay rose from $4.2 million to $9.2 million in 2014, giving him a bump of 117%. Much of the pay hike came from a $4 million boost to the CEO’s annual bonus. An increase in the cost of Cook’s personal security, from nothing to almost $700,000, also played a part.

????But these figures merely represent the rise in Cook’s “reported pay,” which is what a company gives as a total figure in its latest proxy statement. There are other ways to look at compensation. It has not been reported, for example, that Cook actually earned over $154 million last year, largely made up of the vesting of some of the restricted Apple stock he owns. This kind of compensation is commonly called realized pay, it’s equivalent to W-9 pay. Cook’s realized pay increased by 109% between 2013 and 2014. What’s more, Cook is sitting on half a billion dollars worth of restricted stock, so his big paydays are far from over.

????Cook was certainly not the only CEO to see a substantial pay hike in 2014. Hewlett-Packard’s Meg Whitman also saw both her reported pay and realized pay increase in 2014. Whitman’s compensation shifted from her initial hiring package to a more regular one. Her salary went up from $1 to just over $1.5 million, her restricted stock awards doubled, the value of her stock options halved, and approximately $4 million shifted from a stock award into a cash bonus. Whitman’s reported pay rose by just over 11%. Her realized pay, however, went up by a staggering 1,300%. While much of this was driven by increases in cash pay (salary and bonus), Whitman vested in $12.5 million worth of HP stock in 2014 compared to $800,000 in the prior year. HP’s performance, however, has not been as unequivocally positive as Apple’s. Its stock was volatile in 2013, but settled in to a steady rise for most of 2014. But the company’s revenue and net income – the elements that most commonly drive reported pay – fell in 2014.

????Not everyone had a major pay day in 2014. Howard Schultz, Starbucks’ CEO, realized $58 million in restricted stock and option profits in 2014, down from $139 million in 2013. Some of what Schultz earned in stock was made up of performance-restricted shares, though these are only based on two-year earnings per share and return on invested capital (ROIC) goals; hardly long-term. His annual bonus increased because it’s based on revenue and operating income, both of which increased in 2014. On the other hand, Starbucks’ stock price faltered in 2014, despite the increases in revenue and operating profit. Since the end of the year, however, the news of that improved operational performance pushed the company’s stock past its former high of $81 in 2013 to around $94 today.

????You could see the fuzzy connection between CEO pay and performance at Viacom as well. CEO Philippe Dauman, saw his realized pay fall by 38% while his reported pay rose by almost 20%. The values of Dauman’s bonus, stock, and option awards all went up in 2014. In contrast, Dauman realized over $111 million in stock awards in the prior year, compared to around $58 million in 2014. The link between pay and performance is also not clear. Viacom saw a steady rise in its stock price in 2013, but prices fell in the latter half of 2014. That might explain the difference in stock values, but the company’s revenues – the figure that you might expect to influence reported pay – also fell. Viacom’s chairman, Sumner Redstone, saw his W-9 pay go in the opposite direction to Dauman’s, since he received over $100 million in stock in 2014, compared to $17.4 million in 2013.

????Like Dauman, Disney’s DIS -1.03% CEO Robert Iger saw reported pay and realized pay move in opposite directions. Iger received $41 million in stock compensation in 2014 but $72 million in 2013, leading to a decrease of 21%. Iger’s reported pay, meanwhile, increased by over 35% between 2013 and 2014, driven by a bonus that climbed by almost 10 million. The pay bump is a little easier to explain. Disney’s stock price has risen consistently since the end of 2011, and 2014 saw increases in both revenue and operating profit.

????If you want to understand what’s really happening to CEO pay, you need to dig deeper than the headline figures, but even that doesn’t always explain the vagaries of executive salaries.