管理层薪酬对公司绩效的研究【外文翻译】

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1、外文翻译原文SalaryaffecthowperformanceMaterialSource：ExecutiveCompensation;2010/2011Supplement,Author：ModernHealthTheSEChasamendeditsdisclosurerulestorequire,amongothermatters,adiscussionaboutacompany’scompensationpoliciesandpracticesforallemployeesiftheycreaterisksthat

2、are“reasonablylikely”tohaveamaterialadverseeffectonthecompany,takingintoaccountprogramfeaturesandotherfactorsthatmitigateorcounteractsuchrisks.TheSECreferredinadoptingtheamendments,indicatesthatthe“reasonablylikely”ishigherthan“possible”butlowerthan“morelikelythan

3、not.”Thatsaid,aconclusionthatthedisclosuretriggerisnotmetnecessarilyrestsonanassessmentofthebalanceofriskandrewardimpliedbythecompany’scompensationprogramdesignandincentives,takenasawhole.AswithmanySECrulesinthepost-SOXera,processwillbekey.Apredicateforanalyzingth

4、edisclosurequestionwillbeaninventoryandreviewoftheoperationofcompensationprogramsforallemployees,whichshouldbeundertakenpromptlyinlightoftheeffectivedateoftherules.Inlightofregulatoryandinvestorinterestarisingoutoftheturbulentclimateof2009,webelievethatafocusonthe

5、relationshipbetweencompensationandrisk-attheexecutiveandbroad-basedlevels—willcontinue.Becausethisrelationshipmaynotalwaysbeobvious,eventhoughitisimplicitinvirtuallyallsignificantcompensationdecisions,wesuggestbelowpracticalconsiderationsrelevanttocompensationcomm

6、itteedeliberationsaboutthesematters.CoreCompensationCommitteeResponsibilitiesandRiskCompensationcommitteeshavefourprincipalresponsibilitiesthatintersectwithrisk,asdiscussedbelow.(1)Determiningcompensationprogramdesign.Diversityofcompensationopportunitiesandmetrics

7、isthemosteffectivetooltocabinriskimpliedbyacompany’scompensationprogram.Abalancedmixofshort-6andlong-termelementstiescompensationtothecompany’sperformance,Whilereflectingtheperspectivethatnear-termactionsarenotonlyimportantinandofthemselves,butalsocanhavemateriall

8、ong-termconsequences.Acombinationofincentivestorewarddifferentaspectsofthecompany’sperformancealsoavoidsamyopicfocusonasingleaspectofperformanceattheexp