《The_Economist(经济学家)》.docVIP

Regulating executive pay in America 美国规范高管薪酬 Knotting the purse-strings 捂紧钱袋子 Aug 6th 2009 | NEW YORK From The Economist print edition Congress embarks on its latest attempt to rein in corporate excess 国会近来竭力遏制企业薪酬泛滥 WASHINGTON’S politicians have relished the many chances to fulminate against reckless executives presented by the economic crisis, and to restrain them with regulation. Congress took advantage of the bail-out to impose caps on bonuses paid by banks taking money from the state. The uproar over bonuses paid to executives at American International Group, a rescued insurer, prompted further legislation. And on July 31st the House of Representatives took up the subject again, passing a bill that would regulate pay at all listed firms—especially big financial ones. 华盛顿的政客们在享受着经济危机带给他们的诸多机会，他们一边怒斥企业高管无法无天，一边制定立法对其严加管束。国会利用救援方案强制实行奖金封顶，以限制银行拿国家的钱滥发奖金。靠国家救援方案获救的保险公司——美国国际集团（American International Group）高管奖金案激起民愤，促使议会加强立法约束。7月31日，众议院旧事重提，通过一项规范所有上市公司——尤其是大型金融公司薪酬的议案。 The bill, which has yet to be approved by the Senate, would introduce two big changes. First, it gives shareholders the right to vote each year on pay packages for executives, including “golden parachutes” for those who leave. Second, it allows regulators to assess whether pay practices at financial institutions with assets of $1 billion or more are likely to encourage risk-taking so excessive that it threatens the stability of the financial system. If so, the regulators can demand changes. 尚待参议院批准的议案，将引入两项重大变革。第一，议案赋予公司股东投票权，股东每年可以投票表决高管薪资是否合理，包括离职者的“金降落伞（高额离职补贴）”。第二，议案赋予监管者评估权，监管者可以评估10亿美元资产及10亿美元以上金融机构的薪资方案，评估其方案是否会鼓励过度冒险而危及金融系统稳定性。如果是，监管者可责令修改方案。 The bill also requires members of compensation committees of boards of directors to be independent, formalising what is now standard practice. Consultants hired by boards to advise on executive pay must also be independent. Rather belatedly, the bill orders America’s comptroller-general to study whether there is a connection between compensation structur