... Mr. Monks is targeting CEO pay in a big way. In his new book, Corpocracy, he blames weak boards, inefficient government agencies such as the Securities and Exchange Commission (a “structure in shambles,” he argues) and the Department of Labor (“whose regulative approach could be taken out of a Joseph Heller book”) and, of course, CEOs themselves.For those interested in corporate governance the book should be worth a read, check it out.
“The illusion,” Mr. Monks writes tartly, “is that we have a system of checks and balances that oversees executive compensation and allows market forces to flow through fairly to the paycheck. The reality is that CEOs in essence pay themselves and do so in ways that need not be disclosed or approved by anyone.”
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