Libor利率与银行的利益联姻

    三年前，美国联邦存款保险公司（FDIC）曾建议向那些实施高风险薪酬方案的银行收取更高的FDIC保费，这项曾经被寄予厚望的监管建议目前基本上仍然处于搁置状态。“美国联邦存款保险公司正在和其他金融监管机构一起，根据多德-弗兰克（Dodd-Frank Act）法案第956款继续推动激励薪酬条例的制定，然后再考虑和评估其他行动，”FDIC发言人在一份电子邮件中写道。

    董事会薪酬委员会不应仅仅只看数字（不管是利润，还是鞋码）就决定高管薪酬，毫不考虑这些数字是否真的反映业绩表现。他们也不该将头埋在沙子里，只顾向高管们支付股票、债券或利率掉期，毫不考虑这种做法可能会给高管们的动机带来怎样的影响。

    薪酬委员会们还应该对高管实施奖金延迟计划，确保高管们拿到的薪酬理所应得。假如摩根大通董事会曾认真考虑绩效薪酬，他们可能早已制定了奖金延迟计划，不会过早地发放数百万美元。时至今日，摩根大通董事会是否已经开始认真对待这个问题，年底就会见分晓：只要看看到了年底他们会不会因为CIO交易损失削减CEO杰米·戴蒙的奖金，同时就高风险利润和众多诉讼案（包括任何Libor成本）对其发出警告的话。但别抱太大希望。

    难道要奖励欺诈和损害行为？我们真的很难把这样的行为与理性商业判断联系起来。

    本文作者埃莉诺•布洛斯汉姆是董事会咨询公司The Value Alliance and Corporate Governance Alliance（http://thevaluealliance.com）的首席执行官。

    译者：早稻米

    One regulatory hope, an FDIC idea proposed almost three years ago to charge higher FDIC premiums to banks with risky compensation schemes, is essentially on hold. "The FDIC, along with other financial regulators, is continuing to work on an incentive compensation rulemaking under section 956 of the Dodd-Frank Act before considering and evaluating other action," an FDIC spokesperson said in an email.

    Board compensation committees shouldn't determine executive pay based on any number -- be it earnings or shoe size – without examining what those figures really say about performance. Nor should they stick their heads in the sand and pay executives with stocks, bonds or interest rate swaps without considering how this may affect executives' motivations.

    Compensation committees should also implement bonus deferral programs for those at the top, to ensure executives have rightfully earned their pay. If JP Morgan's board were serious about pay for performance, they'd have instituted bonus deferrals instead of shelling out millions way too soon. We'll know whether that board is serious if at year-end they not only claw back CEO Jamie Dimon's bonus for the losses on the CIO trades, but also ding him for generating risky earnings and a staggering litigation backlog (including any Libor costs). But don't hold your breath.

    Paying bonuses for fraud and harm?  It's hard to see how that comports with reasonable business judgment.

    Eleanor Bloxham is CEO of The Value Alliance and Corporate Governance Alliance (http://thevaluealliance.com), a board advisory firm.