'Pay For Performance' No Longer A Punchline

Q168

'Pay For Performance' No Longer A Punchline
2012年美国CEO薪酬知多少？
Company directors say they pay CEOs based on performance. Now the numbers show they mean it.

企业的董事们说，他们是基于企业首席执行长们的工作业绩向其支付薪酬的。现在相关数据显示情况确实如此。

More than half of the compensation awarded to 51 CEOs last year was tied to their companies' financial or stock-market performance, according to a preliminary review of proxy statements by consulting firm Hay Group and The Wall Street Journal. In most cases, the companies must hit specified targets for the CEO to receive the promised money or equity.

咨询公司合益集团(Hay Group)和《华尔街日报》对股东委托书进行初步评估后发现，在此次考察的51位首席执行长去年获得的薪酬中，有一半以上是与其所在公司的财务表现或股价表现相挂钩的。在大多数情况下，企业必须达成一些明确规定的目标，其首席执行长才能获得董事会承诺给他的金钱或股票。

By comparison, three years earlier, in 2009, 35% of the compensation for CEOs at the same companies carried performance conditions, Hay says. The rest of their pay came from salaries and grants of stock and stock options with no performance hurdles.

合益咨询说，相比之下，这些企业的首席执行长2009年获得的薪酬中，只有35%是与公司达成业绩指标的情况挂钩的。这些企业当家人的其余薪酬来自工资和没有业绩要求的股票和股票期权。

The shift in how CEOs are paid highlights the growing role of investors in shaping executive compensation -- and their push to align pay more closely with corporate results.

Q168

Since 2011, big companies have had to offer shareholders a periodic non-binding vote on executive compensation. Fewer than 5% of companies fail to win majority support, but the fear of a poor showing has prodded companies to alter executive-pay plans, consultants and executives say.

自2011年以来，美国大企业不得不每隔一段时间就提请公司股东就高管薪酬进行一次无约束力的表决。咨询师和企业高管们说，虽然只有不到5%的企业其管理层所提高管薪酬方案在表决中未能获得绝大多数股东的支持，但企业对于自己所提高管薪酬方案在投票中获得的支持率可能太低的担忧，已经促使它们纷纷着手修改高管薪酬方案。

'Investors have more influence over pay than ever, ' adds David Wise, a vice president at Hay, which analyzes proxy statements for the Journal. 'In this environment, the only way companies are increasing pay is by clearly tying it to performance.'

合益咨询的副总裁怀斯(David Wise)说，投资者在薪酬问题上的影响力现在要大于以往任何时候；在这种大环境下，企业增加高管薪酬的唯一方式是将薪酬与企业的经营业绩明确挂钩。合益咨询负责为《华尔街日报》分析股东委托书。

The 50 companies included in the survey all had annual revenue exceeding$6.7 billion and filed proxy statements after May 1, 2012. One company has two CEOs. The Journal will report the full survey of 300 companies in May.

此次调查所涉及的50家企业其年营收都超过67亿美元，而且都是在2012年5月1日以后将股东委托书提交给监管部门备案的。其中一家公司有两位首席执行长。《华尔街日报》将于今年五月公布有关300家公司高管薪酬情况的调查报告。

At the 40 companies in the preliminary survey where the CEO has been in place at least two years, compensation more closely mirrored corporate results last year.

Q168

Median total direct compensation rose 6.9%, to $9 million, close to the median 7.6% shareholder return posted by the companies. Total direct compensation includes salary, all bonuses, and the value of equity at the time it was granted. Shareholder return includes share-price changes and the value of dividends.

上述公司首席执行长的直接薪酬总额中值去年增长了6.9%，达到900万美元，这一幅度接近这些公司录得的7.6%股东投资回报率中值。直接薪酬总额包括工资、全部奖金以及所获股票奖励在股票发放当日的价值。股东投资回报包括股价变动值和股息的价值。

As was true in 2011, bonuses generally tracked the companies' annual financial results. Median net income at the 40 companies fell 3.9%, and the annual bonuses of their CEOs fell 7.6%.

与2011年一样，2012年上述企业首席执行长的奖金总体而言是根据企业当年的财务业绩情况发放的。这40家公司的净利润中值去年下降了3.9%，其首席执行长们的年度奖金下降了7.6%。

Consider Air Products & Chemicals Inc. Earnings per share at the maker of industrial gases fell far short of the company's target of 9% growth, excluding certain costs, in the fiscal year ended Sept. 30, 2012. CEO John McGlade paid the price, with a 65% cut in his annual bonus, to $898, 000, from $2.5 million the prior year. Mr. McGlade's grants of stock and options shrank as well, reducing his total direct compensation 19%, to $9.1 million.

Q168

Air Products said 'economic trends and slow manufacturing growth' hurt its results and Mr. McGlade's pay. 'Our executive compensation is linked to performance against metrics that drive shareholder value, specifically earnings growth, return on capital and stock performance, ' the company said.

该公司说，总的经济趋势以及制造业增长缓慢损害了公司的经营业绩并减少了麦克格雷德的薪酬。这家公司说，我们的高管薪酬是与一系列业绩考核指标挂钩的，这些指标旨在衡量企业管理层在提升股东价值（即利润增长）、提高资本回报率以及公司股价等方面的表现。

At Smithfield Foods Inc., net income fell 31% in the fiscal year ended April 29, 2012, and shareholders suffered an 11% loss. Directors also changedCEO C. Larry Pope's bonus formula, making it less lucrative. As a result, Mr. Pope's cash bonus fell 64%, to $4.7 million, contributing to a 31% drop in his total direct compensation, to $12.9 million.

Q168

Like many companies, Smithfield is also making other changes in its executive-pay plan. The pork producer, which is under pressure from a big shareholder that wants to split the company, won't grant Mr. Pope stock options this year and will tie some of his stock awards to how Smithfield stock fares compared with rivals.

像许多公司一样，Smithfield也在对高管薪酬方案做出其他调整。这家猪肉生产商正面临着一个大股东的压力，该股东希望拆分这家公司。Smithfield今年不会奖励给波普任何股票期权，并且会把他的部分股票奖励与公司股价表现（与竞争对手相比）挂钩。

A Smithfield spokeswoman referred to the company's proxy statement, which says Mr. Pope's compensation 'moves up and down in proportion to the company's profitability.'

Smithfield的一名发言人提到了该公司的股东委托书。委托书中说，波普的薪酬与公司的盈利能力成比例上下浮动。

The trend toward performance-based pay has been building for a decade and extends beyond the 50 companies in the Journal/Hay Group survey. Pay consultant Farient Advisors says that 64% of the companies in Standard & Poor's 1500-stock indexes attached performance criteria to equity grants in 2011, up from 20% in 2002.

Q168

Last week, Johnson & Johnson said it had sliced 2012 bonuses for top executives by 10% to reflect 'mixed' results, and Nabors Industries Ltd. rewrote its CEO's contract to eliminate lucrative bonus and severance clauses.

强生(Johnson &Johnson)上周说，该公司已经将多位高管2012年的奖金削减10%，以反映参差不齐的业绩。纳伯斯工业(Nabors Industries Ltd.)修改了CEO的合同，取消了丰厚的奖金和一些解雇条款。

'Companies in the past few years have spent a lot of time trying to align performance and pay, ' says Rose Marie Orens, senior partner at Compensation Advisory Partners LLC, a New York pay consultant.

纽约薪酬顾问公司Compensation Advisory Partners LLC的高级合伙人奥伦斯(Rose Marie Orens)说，过去几年，企业花了大量时间将薪酬与绩效挂钩。

The Journal's preliminary survey measures the value of compensation when it's granted. It still isn't certain that the increased use of performance hurdles will reduce actual payouts to executives.

Q168

'Applied Materials has pay-for-performance practices that align a significant majority of executive compensation with robust performance objectives, ' says Mary Humiston, senior vice president, global human resources.

应用材料公司负责全球人力资源的高级副总裁哈密斯顿(Mary Humiston)说，应用材料公司采用的依据绩效发放薪酬的做法将高管薪酬的很大一部分同强劲的业绩目标挂钩。

Aecom Technology Corp., a Los Angeles engineering-consulting firm, took this concept one step further. CEO John Dionisio agreed to add an earnings target to the $2.4 million in stock and options he was granted in 2011. Aecom posted a loss in the fiscal year ended Sept. 30, 2012, so it missed the target, and Mr. Dionisio forfeited the earlier grants.

洛杉矶工程咨询公司Aecom Technology Corp.将这一理念又向前推进了一步。公司CEO迪欧尼西欧(John Dionisio) 同意将其在2011年领取的价值240万美元的股票和期权奖励同一项收入目标挂钩。在截至2012年9月30日的这一财年，Aecom曝出亏损，没能实现收入目标，迪欧尼西欧此前被授予的奖励因此被收回。

Directors also cut Mr. Dionisio's annual bonus roughly in half, to $1.5 million, and trimmed the value of his equity grants by 4%. In all, Mr. Dionisio's compensation fell 17%, to $8.1 million.

该公司董事同时将迪欧尼西欧的年度奖金削减大约一半，至150万美元，并将其所能获得的股票奖励的价值削减4%。这样迪欧尼西欧的薪酬总额下降了17%，至810万美元。

In its proxy statement, Aecom said the earnings targets were added 'to strengthen the pay-for-performance linkage.'

在其股东委托书中，Aecom表示，增加收入目标是为了“强化薪酬和绩效之间的联系”。

There are exceptions to the trend, including the highest-paid CEO in the preliminary survey, Oracle Corp.'s Larry Ellison. Mr. Ellison received compensation valued at $94.6 million in the fiscal year ended May 31, 2012, the vast majority through stock options valued at $90 million.

Q168

The options carry no performance targets. But in its proxy statement, Oracle says the options align Mr. Ellison's pay with company performance because they will have value only if Oracle's stock rises. 'When our stockholders are rewarded, our executive officers are also rewarded, ' the company says.

这些股票期权没有附带任何绩效目标。但是在其股东授权书中，甲骨文公司表示，这些股票期权将埃里森的薪酬与公司业绩挂钩，因为只有当甲骨文的股价上涨时这些期权才会有价值。该公司表示，当我们的股东得到回报时，我们的高管也将得到回报。

With more pay linked to performance targets, some investors are turning their attention to the rigor of the targets, says Robin Ferracone, chief executive of Farient, the pay consultant. 'The next frontier is not only honing the measurement system but also the goal setting, ' she says.

薪酬顾问公司Farient的首席执行长费罗康(Robin Ferracone)说，随着越来越多的薪酬同绩效目标挂钩，一些投资者把注意力转移到“绩效目标制定是否严格”这一问题上。下一个问题不仅是打磨测算系统，还要关注绩效目标的制定。

Q168

median ['mi:diən] video n. 中值，中位数；中线adj. 中值的；中央的
eliminate [i'limineit] video vt. 消除；排除
rival ['raivəl] video n. 对手；竞争者vt. 与…竞争；比得上某人vi. 竞争adj. 竞争的
compensation [,kɔmpen'seiʃən] video n. 补偿；报酬；赔偿金
stockholder ['stɔk,həuldə] video n. 股东；股票持有人
fiscal [fiskəl] video adj. 会计的，财政的；国库的
corporate ['kɔ:pərit] video adj. 法人的；共同的，全体的；社团的
investor [in'vestə] video n. 投资者
revenue ['revənju:, -nu:] video n. 税收，国家的收入；收益
proportion [prəu'pɔ:ʃən] video n. 比例；部分；面积；均衡vt. 使成比例；使均衡；分摊