Dr Herman Stern
speaker
15 appearances
1 recordings
1 series
first heard May 2012
last heard May 2012
Dr Herman Stern’s voice in public audio — every appearance, attributed to the second.
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Appearances
We have analysed the 100 largest companies, the Standard & Poor's 100 companies.
We've looked at three years, and we have used operating cash flow.
That's how investors typically value companies.
And we have looked at the total shareholder return, and we compared that to the pay that the CEO received.
I found absolutely no connection between pay and performance.
If there was a connection on a scale from 1 to 10, the connection is less than 1%.
Yes, we've looked at other countries.
We've looked at Switzerland, we've looked at Germany, and also we looked at the UK.
And we've just completed that analysis on the FTSE 100 companies, and we have the exact same result as in the US.
There is a little bit better correlation in Germany, actually.
Germany has a special situation because they have a much tighter legal framework that holds boards much more accountable for their pay policies.
Not really.
When you look at other analysis, they come to the same conclusion.
a lot of those compensation components are absolute compensation, which means they reward not just the performance of that company, but actually also the wider economic cycles.
Exactly.
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