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1、外文翻译原文TatalFlawinPayforPerformanceMaterialSource:TheWorldAuthor:BenW.HeinemanManycorporateboards,respondingtoshareholderandpublicpressure,aredesigningpay-for-performanceplanstoholdCEOsaccountable.Butthereisoftenacrucialflawinsuchschemes:Theydon’tpayforp
2、erformancewithintegrity.Theomission—evidentfromcompensationcommitteereportsintopcompanies’proxystatements—isstriking.Corporations,afterall,faceunceasingpressurestomakethenumbersbybendingtherules,andanintegritymisscanhavecatastrophicconsequences,includin
3、gindictments,fines,dismissals,andcollapseofmarketcapitalization.Furthermore,performancewithintegritycreatesthefundamentaltrust—insideandoutsidethecompany—onwhichcorporatepowerisbased.AboardshouldexplicitlybaseadefinedportionoftheCEO’scashcompensationand
4、equitygrantsonhisorhersuccessinhandlingthefoundationaltaskoffusinghighperformancewithhighintegrityatalllevelsofthecompany.Whydon’tboardsdothat?Theymaybeuncertainaboutthemeaningofintegrityandhowtoassessitsintegrationintofinancialperformance.Stepone,then,
5、indesigningpayforperformancewithintegrityisusingthefollowingdefinition:Integrityisauniformcorporateculturewiththreeelements—robustadherencetoformalrules;adoptionofethicalstandardsthatareinthecompany’slong-termenlightenedself-interest;andemployeecommitme
6、nttohonesty,candor,fairness,trustworthiness,andreliability.SteptwoisfortheboardtoassesswhethertheCEOhasinfusedhighperformancewithhighintegrity.Theboardcandothatbyansweringthefollowingquestions,usinghardanalyticsaswellastheboardmembers’ownjudgment.•Hasth
7、eCEOestablishedcompany-wideperformance-with-integrityprinciplesforwhichthefirm’sleadersareresponsibleandaccountable?Examplesoftheseincludedemonstratingcommittedandconsistentintegrityleadership;managingperformancewithintegrityasabusinessprocess;usingearl
8、y-warningsystemstostayaheadofglobaltrends;providingtimely,risk-assessedtraining;andgivingemployeesavoice.•HavetheCEOandtopmanagersimplementedtheseprinciplesthroughrobustpractices?Ifleadersdon’tinvesttime,effort,andresourcesinembe
