Einde inhoudsopgave
De bezoldiging van bestuurders van beursgenoteerde vennootschappen (IVOR nr. 113) 2018/33
33 De Amerikaanse bestuurder acht winstdeling niet nodig
mr. E.C.H.J. Lokin, datum 01-04-2018
- Datum
01-04-2018
- Auteur
mr. E.C.H.J. Lokin
- JCDI
JCDI:ADS371377:1
- Vakgebied(en)
Ondernemingsrecht / Corporate governance
Voetnoten
Voetnoten
“We asked still another question bearing upon corporate management: “Has the corporate form brought about a change in the relations and interests of the managing heads affecting their efficiency and enterprise, leading to increase ... decrease ... no change ... ?” The answers were almost entirely “no change.” Not one marked “decrease,” a very few marked “increase.” These answers of course represent a certain bias. The persons who made them, executives themselves, were naturally disposed to think and say they were doing their utmost. Yet with every allowance for this bias it is striking that not a single answer suggested that a system of compensation based on a percentage of earnings might result in increased effort and enterprise.” Taussig & Barker 1925, p. 29.
Taussig & Barker 1925, p. 29/30.
Landry 1995, p. 101.
Uit het onderzoek van Taussig en Barker komt tevens naar voren dat de Amerikaanse bestuurders zelf ten tijde van het onderzoek geen noodzaak zien in het introduceren van tantièmes om zodoende bestuurders te motiveren zich in te spannen ten behoeve van het succes van de onderneming.1
“We note here that not only is a system like that of the European tantièmes very rare, but that our business heads themselves believe the present corporate methods, including the payment of fixed salaries for management, to have changed in no way the managers’ interest in the success of business.”2
Ook bij de schaarse ondernemingen die wel gebruikmaakten van een vorm van variabele beloning blijken bonussen geen belangrijke rol te spelen in het motiveren van bestuurders.
“[…] managers saw the bonus plan mainly as a way for the corporation to adjust their salaries to prevailing business conditions. They did not see it as a stimulus to cooperative thinking or to extra diligence.”3