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如果問(wèn)迪士尼的首席執(zhí)行官羅伯特·艾格2018年工作如何，他很可能回答說(shuō)挺棒。從業(yè)務(wù)層面迪士尼確實(shí)很成功，新推出的流媒體服務(wù)反響熱烈，股價(jià)達(dá)到了五年來(lái)的高點(diǎn)。另外一件事應(yīng)該也讓他高興，該公司的委托書公告稱，今年艾格的薪酬總計(jì)6560萬(wàn)美元，也意味著首席執(zhí)行官對(duì)員工薪酬中位數(shù)的比例高達(dá)1424:1。

很多人對(duì)高薪頗為不滿。迪士尼的聯(lián)合創(chuàng)始人為羅伊和沃爾特·迪斯尼兄弟，兩人的孫女或侄孫女阿比蓋爾·迪斯尼發(fā)表推文稱，薪酬比例簡(jiǎn)直“瘋狂”?！盀槭裁床话褑T工勞動(dòng)果實(shí)多分一些給普通員工，而是由高層占去一大塊呢？” 阿比蓋爾·迪斯尼寫道。2018年股東顧問(wèn)對(duì)高管薪酬的投票時(shí)，超過(guò)52%的人表示反對(duì)。（今年39.9%的人投了反對(duì)票，此前該公司將艾格未來(lái)的薪酬削減了數(shù)千萬(wàn)美元。）

雖然艾格每年想賺到幾千萬(wàn)美元的收入肯定要付出巨大努力，但他的薪酬所引發(fā)的問(wèn)題還是讓人們不由得想問(wèn)，首席執(zhí)行官到底應(yīng)該賺多少錢，為何公司董事會(huì)同意如此巨額的薪酬方案。

薪酬哲學(xué)

身為ValueEdge Advisors副主席和公司治理專家的內(nèi)爾·米諾直接持有迪士尼的部分股份，盡管她對(duì)艾格的領(lǐng)導(dǎo)稱贊有加，但她在2018年和2019年均投票反對(duì)薪酬計(jì)劃。

“金額太高了，而且結(jié)構(gòu)也不好?！彼f(shuō)?！拔艺J(rèn)為薪酬與公司其他資產(chǎn)支出一樣，應(yīng)該看投資回報(bào)。我一直對(duì)為了挽留而支付高薪持有懷疑態(tài)度，這應(yīng)該也是給股票期權(quán)的原因?！比绻^(guò)于重視挽留，就把高薪變成“理所應(yīng)當(dāng)”，而不是根據(jù)首席執(zhí)行官的未來(lái)業(yè)績(jī)預(yù)估薪酬。

倫敦商學(xué)院的金融學(xué)教授亞歷克斯·埃德曼斯認(rèn)為，從長(zhǎng)遠(yuǎn)來(lái)看，艾格的薪酬是公平的，因?yàn)樗麨楣編?lái)了長(zhǎng)期價(jià)值。埃德曼斯認(rèn)為，批評(píng)人士可能扭曲了對(duì)薪酬的看法，尤其是在過(guò)于關(guān)注薪酬比例和工資中位數(shù)時(shí)?！八麄儯ㄅu(píng)者）的心態(tài)是分大餅，把公司當(dāng)成固定大小的餅，只要分給了首席執(zhí)行官便犧牲了員工的利益。”他認(rèn)為應(yīng)該采取“大餅不斷增長(zhǎng)的心態(tài)”，才能看到附加價(jià)值。

“重要的是，如果創(chuàng)造了價(jià)值，就一定要確保跟更廣闊的世界分享?！卑５侣贡硎?。“我認(rèn)同全員持股的概念。有人說(shuō)應(yīng)該把首席執(zhí)行官的薪酬降下來(lái)。我卻認(rèn)為應(yīng)該把普通員工收入升上去?！卑⒈壬w爾·迪斯尼在推特上稱，公司里的許多低收入員工“全職工作，卻生活在貧困線以下?！?/p>

公司發(fā)言人提供了一份聲明稱，艾格的薪酬是“90%基于績(jī)效”，而且過(guò)去十年里公司市值大幅增長(zhǎng)，“直接惠及持有股票的數(shù)千名名員工?！钡鲜磕嶙钚鹿嫉哪甓葓?bào)告顯示員工人數(shù)為20.1萬(wàn)名。其中多少人持有股票尚不清楚。

猜測(cè)董事會(huì)的動(dòng)機(jī)

但迪士尼董事會(huì)究竟為何會(huì)同意如此巨額的薪酬方案，特別是考慮到68歲的艾格明明接近職業(yè)生涯的末尾而不是剛剛開始潛力無(wú)限？ “說(shuō)起來(lái)比較復(fù)雜?！?薪酬顧問(wèn)公司Farient Advisors的合伙人馬克·霍達(dá)克表示。他認(rèn)為董事會(huì)賭了一把，賭的是盡管股東可能因?yàn)榘衲酶咝胶苌鷼?，但不?huì)氣到在了解艾格的薪酬方案和對(duì)普通員工高比例之后就去拋售股票打壓股價(jià)。

霍達(dá)克認(rèn)為董事會(huì)給艾格開出巨額薪酬可能有三個(gè)原因。首先是另選他人擔(dān)任首席執(zhí)行官的成本?！八麄兛紤]的主要問(wèn)題可能是，讓現(xiàn)任首席執(zhí)行官繼續(xù)任職，與尋找稍遜現(xiàn)任人選任職的價(jià)值對(duì)比?！比绻麄冋业降男氯藰I(yè)績(jī)不如艾格，那么公司損失的價(jià)值可能遠(yuǎn)高于新舊兩任的工資差額。

董事會(huì)的9名成員組合挺不尋常，艾格是唯一一位來(lái)自于迪士尼的代表。其他人都是獨(dú)立董事，包括4位女性和5位男性。其中有通用汽車董事長(zhǎng)兼首席執(zhí)行官瑪麗·巴拉、甲骨文聯(lián)席首席執(zhí)行官薩弗拉·凱茲、耐克首席執(zhí)行官馬克·帕克、萬(wàn)事達(dá)卡戰(zhàn)略增長(zhǎng)總裁兼副董事長(zhǎng)邁克爾·弗勒曼，以及CVS Health執(zhí)行副總裁兼CVS Caremark總裁德利卡·萊斯。除了2007年加入董事會(huì)的艾格，任職時(shí)間最長(zhǎng)的董事是私募股權(quán)公司凱雷集團(tuán)的運(yùn)營(yíng)主管蘇珊·阿諾德。其他成員均于2017年至2019年加入。

第二項(xiàng)考慮可能是首席執(zhí)行官左右董事會(huì)的能力?！爱?dāng)然有可能董事會(huì)真心認(rèn)為，是，他確實(shí)值這么多錢。”霍達(dá)克說(shuō)，“但也有可能是由于首席執(zhí)行官業(yè)績(jī)輝煌又長(zhǎng)期任職，而對(duì)董事會(huì)施加巨大影響力。”有時(shí)強(qiáng)力的首席執(zhí)行官確實(shí)會(huì)為自己爭(zhēng)取更高的薪酬，因?yàn)樽銎饋?lái)并不費(fèi)力。此外還有薪酬顧問(wèn)的因素。根據(jù)迪士尼最新發(fā)布的委托書公告，目前其顧問(wèn)公司為Frederic W. Cook & Co.。多項(xiàng)研究均發(fā)現(xiàn)，聘請(qǐng)薪酬顧問(wèn)的公司往往給首席執(zhí)行官的薪酬更高。

第三項(xiàng)潛在因素是董事會(huì)沒(méi)有制定完備的接任計(jì)劃。如果商業(yè)舞臺(tái)上的演員要謝幕，旁邊卻沒(méi)有新人能上場(chǎng)頂住，董事們也許只能被迫提升艾格的薪酬留住他，以免暴露后繼無(wú)人的尷尬。

不管怎么解釋，對(duì)一家頻頻推出大制作的電影公司來(lái)說(shuō)，首席執(zhí)行官拿高薪的這種行為可不怎么受觀眾歡迎。（財(cái)富中文網(wǎng)）

譯者：馮豐

審校：夏林

If you asked Disney CEO Robert Iger how 2018 went at work, he’d probably say great, given the company’s success its businesses, hot reception for the new streaming service, and reached five-year high stock price. Plus, there is the $65.6 million in compensation he received over the year, according to the company’s current proxy statement. The number meant a CEO-to-median employee pay ratio of 1,424 to 1.

The compensation part has not sat well with many. Abigail Disney—granddaughter and grandniece of brothers and co-founders Roy and Walt Disney—called the pay ratio “insane” in a tweet. “What on earth would be wrong with shifting some of the profits—the fruits of these employees’ labor— to some folks other than those at the top?” Disney wrote. In the 2018 shareholder advisory vote on executive compensation, more than 52% disapproved. (This year, 39.9% voted against after the company cut tens of millions in Iger’s future pay.)

But even if Iger must struggle on with still making tens of millions annually, the question of his compensation raises the question of how much CEOs should make and what could compel a company’s board of directors to agree to such a large pay package.

Pay philosophy

Nell Minnow, vice chair of ValueEdge Advisors and corporate governance expert, directly owns some shares of Disney and was one who voted against the pack packages in 2018 and 2019, although she praises Iger’s leadership.

“It’s too much [money] and it’s badly structured,” she said. “I think of pay like any other asset expenditure of a company, with return on investment. I’m always very leery of retention-based pay, and I think that’s how these stock grants are justified.” A focus on retention can turn pay into a ‘given’ rather than an amount that is predicated on the CEO further improving company performance.

Alex Edmans, professor of finance at the London Business School, thought that in the long view, Iger’s compensation is fair because of the long-term value he’s brought to the company. Edmans thinks that critics may have twisted view of compensation, especially when they focus on pay ratios and median salaries. “They are based on the pie-splitting mentality, that the firm is a fixed pie and anything that goes to the CEO is at the expense of workers,” Edmans said. Instead, he looks at the “pie-growing mentality,” where there is additional value.

“The important thing is if you create value, what is critical is to make sure that the value is shared with the wider world,” Edmans said. “I’m a fan of giving shares to all the employees. Some say let’s bring the CEO down. I’d rather bring the workers up.” Abigail Disney claimed on Twitter that many of the lowest-paid employees of the company “worked full time and yet we’re living at or below the poverty line.”

A company spokesperson provided a statement that said Iger’s compensation was “90% performance-based” and that the company’s market capitalization has grown significantly over the last ten years, “all of which directly benefits literally thousands of employees who hold our stock.” The latest Disney annual report lists a total of 201,000 employees. It isn’t clear how many own stock.

Guessing the board’s motives

But how or why would Disney’s board agree to such a package, especially given that the 68-year old Iger is closer to the end of his career than the start? “This is a tricky thing,” said Marc Hodak, a partner at compensation consultancy Farient Advisors. He thinks the board took the gamble that shareholders, though they might be miffed by Iger’s pay, would not be upset enough to sell and push the stock price down over Iger’s compensation or the pay ratio.

Hodak sees three possible reasons the board gave Iger such a huge package. The first is the cost of having someone else as CEO. “The primary thing that they’re probably considering is the value of having their CEO in that chair versus the next best person they can get in that chair,” Hodak said. If the next best person they could hire as CEO would be less effective than Iger, the loss in value of the company could dwarf the pay difference.

The makeup of the board is unusual in that of the nine members, Iger is the only one from Disney. The remaining are independent, with four women and five men. The directors include Mary Barra, chairman and CEO of General Motors; Safra Katz, a co-CEO of Oracle; Mark Parker, CEO of Nike; Michael Froman, vice chairman and president of strategic growth at Mastercard; and Derica Rice, executive vice president of CVS Health and president of CVS Caremark. Outside of Iger, the longest-serving director, having joined the board in 2007, is Susan Arnold, an operating executive of equity investment firm The Carlyle Group. All the other members were appointed between 2017 to 2019.

A second issue might be the power of a CEO over a board. “It’s possible that the board is making an honest judgment of yes, that’s what he’s worth,” Hodak said. “And it’s possible that the board is rolled over by virtue of the power of his success and tenure.” A powerful CEO will sometimes negotiate for more just because he or she can. Additionally, there are the compensation consultants. Disney uses Frederic W. Cook & Co., according to the latest Disney proxy statement. Multiple studies have found that companies using a compensation consultant tend to have higher CEO pay.

The third potential dynamic would be that the board doesn’t have a strong succession plan. If there isn’t a next choice ready at the wings of the business stage, the directors might have felt forced to bid up Iger’s pay to keep him in place and mask their lack of preparation.

Regardless, for a company that produces blockbusters, this one did not go over well with the audience.