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Essay / Research Paper Abstract
A 9 page paper discussing the problems of executive compensation and suggesting means of changing the system without overt government involvement. Berkshire Hathaway's Warren Buffett holds that if only a few large, institutional investors would question "the system" then "the system" would change quickly because of the ripple effect that would occur throughout all of industry. Bibliography lists 12 sources.
Page Count:
9 pages (~225 words per page)
File: CC6_KSeconExecComp.rtf
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Unformatted sample text from the term paper:
beginning with the 1999 discovery of Rite Aids $1 billion overstatement of revenues heightened attention that already was beginning to be focused on corporate governance. The Enron scandal and
collapse provided the primary impetus for the Sarbanes-Oxley legislation that requires top executives to personally sign off on their organizations annual reports. Still, relatively little has been done about
executive compensation. Though there is disagreement whether the number is 279 or 301, the average CEO "made 279 times the average pay of
a non-supervisory production worker in 2005 in the private sector" (Chief executive made 279 times, 2006; p. 39). In a time where the public, shareholders and virtually all others
question extreme executive compensation, it continues to increase. The 2005 level is up from 229 times production worker wages in 2004 and 185 times workers wages in 2003 (Chief
executive made 279 times, 2006). Even so, organizations are obliged to offer their executives highly attractive compensation packages in order to attract high
quality, capable individuals (Kozan and Boulanger, 2004). The greater complaints become, the greater the challenges to finding an appropriate approach. Standard Practice
Large companies typically provide an annual salary of $1 million or less paid in cash, with bonuses provided for short- and long-term gains in economic value, discussed below. Kontes
(2003) notes that the $1 million limit has its basis in corporate tax code: "CEO base salaries are commonly set at $1 million or less because of an ill-conceived
tax regulation - IRS Code 162(m)" (p. 43). That regulation forbids the corporation from deducting any salary in excess of $1 million unless it is directly related to "performance"
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