CEO compensation Essay Example for Free

CEO compensation Essay Recently CEO compensation packages have high rocketed making many people question the validity of their compensation. Many questions have been risen to find out if CEO compensation if excessive. Through this paper we will discuss why we feel CEOs in America are grossly overpaid. We will start off by talking about the ethics on the matter and then the pay-performance connection within organizations. We will also touch on the real wages of employees and how America compares to international companies. We will finish our argument with some recommendations that we feel will help make organizations as a whole better. High Pay, Low Performance Financial Crisis It is shown in several studies that high CEO pay is linked to low company performance. In the article, â€Å"Chief Executive Compensation: An Empirical Study of Fat Cat CEOs,† by Kuo and Wang they describe the connection between CEO compensation and the financial crisis in 2008. As stated in the article, â€Å"the incentives built into the compensation plans of many financial firms are one of the fundamental causes of the financial crisis and surprisingly receives little public attention†. They go on to say, â€Å"Top executives of large banks or investment banks have encouraged the excessive risk-taking by top managers, leading to the financial crisis. † Kuo and Wang also explain how the incentives of executives are link to the short-term performance of securities that are traded. This sort of behavior is not in the stakeholders’ best interest. The CEOs in this case are clearly not interested in what is best for the company, but merely looking out for themselves. Instead of focusing on long-term competitive advantages and achievements, the CEOs are looking to make a quick buck for themselves. Another resource we used was that of Lucian Bebchuk and Jesse Fried. They have a very similar take on the topic, by also stating that trading securities was the beginning to the financial breakdown in American in the late 2000s. â€Å"During the extended bull market of the 1990s, executives’ compensation at public companiescompanies whose shares are traded on stock exchangesoared to unexpected levels† (Bebchuk and Fried, 2004, pg. 1). As you can see there is a strong connection between firms that trade securities and the breakdown of the market. Growing Trends The overcompensation of CEOs in America is nothing new, according to our research this trend dates back to the 1970s. â€Å"The review on CEO compensation by Frydman and Jenter (2010) shows that there was a dramatic increase in the compensation levels from the mid-1970s to the early 2000s in the U. S. Especially in the 1990s, the annual growth rates were more than 10% by the end of the decade† After researching the topic, we were surprised to find out just how much CEO pay has increased in a very little time-span, â€Å"Between 1992 and 2000, the average real pay of chief executive officers of SP 500 firms more than quadrupled, climbing from $3. million to $14. 7 million† (Bebchuk and Fried, 2004, pg. 1).   Star Athletes It has been said that CEOs are comparable to star athletes; therefore, they deserve the substantial increase in their pay. However, the majority of the CEOs that are contributing to this big picture problem are not working for their â€Å"team†. If CEOs were taking these risky investments to better the company, that is one thing, however, the link directly pointing to incentives tells a different story. Defenders of CEO compensation are also forgetting that along with the large compensation packages there is a great deal of retirement funds, 401ks, and stock retained within the company. The large payment of athletes could be contributed to the fact that they are not getting post-retirement benefits, like those of large corporation CEOs (Bebchuk, Fried, 2004 pg. 20-21). Employee’s Living Wages One of the biggest concerns with the increase of CEO compensation is the steadily decreasing real wages of employees. Compensation of CEOs far outweighs that of employee pay. In 1991, the average large-company CEO received approximately 140 times the pay of an average worker; in 2003, the ration was about 500:1† (Bebchuk and Fried, 2004, pg. 1). CEO Compensation and Virtue Ethics Another way to look at CEO compensation is to see if it agrees with virtue ethics. There is Aristotelian virtue oriented approach to ethics and was applied to business by Robert Solomon. In this, Solomon a rgues that business is primarily a practice, in which a community of individuals engages in a cooperative endeavor to deliver goods and services for the good of society. In this practice certain virtues such as integrity, moral courage, and justice are essential to the practice of business. Also, in virtue ethics justice implies that executive pay should be more modest across the board, regardless of company profitability. (Kolb, 2006, pg. 101-115) CEO compensation is not â€Å"fair† top 25 CEOs had an average annual pay of $32. 7 million, which is more than 900 times the annual salary of the typical US worker. In an era which many companies are cutting costs by laying off employees, such compensation seems to be unjust. Solomon argues that workers may not be loyal to someone they perceive as being unfair. At some level, trust and loyalty are needed for a company to prosper. Without these, this company will be left with a group of resentful, unhappy employees. Even if the CEO’s employees are â€Å"satisfied† with their minimum wage salary this satisfaction does not make the CEO’s actions any less just since he or she could afford to pay their employees more. At this point the CEO is taking advantage of his or her workers and being selfish. Companies give bonuses to CEOs even as employees and managers are being laid off. An example is one CEO and chairman of the board made $8. 9 million in 2003, which was the same year his company lost $463 million and he slashed the workforce by 20 percent, or 6,000 workers. Doing things like this can poison a corporation and completely divide a company. Instead of CEO’s comparing compensation packages to to other employees of their companies, CEO’s are comparing their compensation packages to the other CEO’s, which is not a standard for just compensation, since the issue of inequality often arises within a particular corporation. The success of a company is a team effort and not just all done by the CEO. Without the lower level employees a company will not be able to be successful. CEOs do have greater responsibility, but corporations are too large and unwieldy to be governed by just one individual. By spreading the CEO’s compensation package it could allow for employee raises and benefits which could help motivate employees and make them happier. Executives can be paid well without being paid excessively. A CEO is not some isolated individual seeking his or her own ends independently of other members of the corporate community; he or she is part of a whole. Therefore CEOs should not be paid like they are an individual who does everything on their own. A CEO’s role is defined by the corporation and the corporation has an overall purpose to benefit society. CEOs taking less in their compensation packages and spreading them throughout employees can actually help society. Our economy is down and needs to be improved. In order to improve it we need people to start spending money. However, in order to spend more money people need to make more money. If CEOs distributed some of their compensation packages to their fellow employees they could have more money to spend and help increase the level of our economy. International Compensation When comparing CEO compensation in the United States to other major countries the statistics are quite glaring. A study done by consulting firm Towers Perrin estimated pay as of April 1, 1999, in industrial companies with approximately $500 million in sales. CEOs in the United States earn over $1,350,000 compared to Japanese, $485,000, German $530,000, French, $570,000, and UK, $665,000 (Balsam, 2002, pg 277). Rules for governing executive compensation vary from across the globe. In companies such as Germany and Finland it is illegal to to use stock option to compensate executives until 1998, unlike the United States, which stock options are a major part of their compensation package (Balsam, 2002, pg 277). It was noted that in 1997, Disney’s Michael Eisner single handedly out earned the aggregate paychecks of the top 500 CEO’s in the UK. CEOs in the United States earn 45 percent higher cash compensation and 190 percent higher total compensation. Also median base salary is 30 percent higher in the United States while United States median bonuses are more than triple of that in the UK as well (Balsam, 2002, pg. 288). When comparing corporations in Canada with the United States there is a marked difference between the two countries in both the level and structure of CEO compensation. During the 1993-1995 period Canadian CEOs earn lower pay, with the median CEO earning $560,000 in US dollars compared to $2. 5 million for corporations in the SP 500. Salary made up a higher proportion and bonuses and options a lower proportion of the compensation package for Canadian corporations. Overall, the relationship of pay to performance is weaker in Canada than in the United States. Despite the drastic differences in CEO compensation between the United States and other countries there are several reasons for these differences which stem from being cultural, some regulatory, and others due to taxation. In many countries it is taboo to earn the amount of money that American executives make. Some countries have their own laws and regulations that make stock options less valuable and limit the overall compensation of CEOs. Lastly, restraints and taxes can affect compensation. An example is that few Japanese and German corporations were able to issue stock options. Japan is limited to owning only 10 percent of their stock, which is a large amount but much less than companies in the United States (Balsam, 2002, pg 280). Overall, the United States drastically pays CEOs higher compensation than the rest of the world, on average. It is easy to see how wide the gap actually is when seeing the statistics. Several reasons contribute to the difference in CEO compensation. However, with the success of international companies and paying CEOs less compensation, we in the United States can infer that CEO compensation in the United States is too high. Recommendations After taking a closer look into the argument and debate of CEO compensation we believe there are several ways to lessen the gap between CEOs and employees. One idea we had was to link bonuses to the company stock prices. This way, CEO pay will be more based on yearly performance of their company. Another suggestion we had was to offer more modest compensation packages, and to spread the wealth CEOs no longer make throughout employees to add to their salaries, benefits, and improving employee working conditions. Out last recommendation was for board of directors to make more restrictions on CEO pay, such as limiting stock options. Conclusion After all of our research we strongly believe that salaries of CEOs are incredibly excessive. CEOs whose performance did not match up, to the steadily decreasing real wages of employees

Cold War Rhetoric of the Lysenko Era Essay -- Politics Communism Commu

The Cold War Rhetoric of the Lysenko Era During the Cold War, the Soviet Union forced its biologists to support the theory of the inheritance of acquired characteristics, which opposed the conventional theory of genetics accepted by the scientists in America and most of the world. This theory that environmentally induced changes to an organism’s physical or biochemical traits could be passed on to its offspring was the main tenet in Lamarck’s work during the early 1800s. It was accepted by most biologists during Lamarck’s time, until the work of Darwin on evolution by natural selection in the mid-1800s and the discovery of Mendel’s work on heredity in the early 1900s lead most biologists to discount Lamarck’s theory. However, in 1948, the Soviet Union officially supported the paradigm of the inheritance of acquired characteristics, which they called the â€Å"Michurin teaching† (Lysenko 33). Michurin was a Russian scientist who worked during the late-1800s to improve and create new varieties of plants and introduce them to areas of severe climate in Russia (Bakharev 6). His principle that â€Å"we cannot wait for favours from Nature† and that instead, â€Å"we must wrest them from her,† was based on his interpretation that Marxist dialectical materialism taught â€Å"how to actively influence Nature and how to change it† (Bakharev 6-8). The revival of his theories in the mid-1900s was tied to the fate of Trofim Denisovich Lysenko. Lysenko gradually gained power until he became the president of the Lenin All-Union Academy of Agricultural Sciences (LAAAS) in 1941 (U.S. Department of Commerce 2). His address to the 1948 session of LAAAS marked the beginning of the Soviet state’s official support of the Michurin teaching and it’s suppression o... ... Soviet Science.† Russian History 21.1(1994): 49-53. Russia Academy of Science Bibliographies. Langson Lib., U of California, Irvine. 27 May 2004 Soyfer, Valery N. Lysenko and the Tragedy of Soviet Science. Trans. Leo Gruliow and Rebecca Gruliow. New Brunswick, N.J.: Rutgers University Press, 1994. Soyfer, Valery N. â€Å"New light on the Lysenko era.† Nature 339 (8 June 1989). Russia Academy of Science Bibliographies. Langson Lib., U of California, Irvine. 27 May 2004 United States. Dept. of Commerce. Office of Technical Services. Lysenko, Michurinism, and Soviet biology. Washington, 1960. Zirkle, Conway. Death of a Science in Russia; the fate of genetics as described in Pravda and elsewhere. Philadelphia: University of Pennsylvania Press, 1949.

Legal Compliance with Un Directives

Beyond Bricks : A report on a new proposed business plan in the field of renewable energy 2013 Strategy Builders Consulting Inc. 2/5/2013 Introduction Sustainable development and renewable energy are among the most talked about topics at the moment. Renewable energy is the concept that the think tanks are throwing their weight behind, and the same is true for the European Union (EU, henceforth) The business model that we are going to propose, deals with promoting renewable energy resources, and has a lot of other elements to it, which are all in compliance with the vision that the EU has in place.The existing real estate agency in question is functional in both the residential as well industrial sectors. As a result of your operations, you have a strong and commendable network in place, which can be utilised in furthering our recommended business model. According to the ‘Energy 20:20’ vision of the EU, every new building must comply with renewable energy standards, set b y regulations. The existing and old buildings will also have to modify their installations to meet the new requirements.Considering that improving energy efficiency is high on importance for the EU, and for the entire developed world, we anticipate that the authorities are going to be fairly stringent on the issue of compliance of the said regulations. In approximately 7-9 years from today, it is going to be mandatory for buildings to meet the new set of criteria. Since we are still some distance away from the 2020 milestone, there is a fair chance of exploiting the time and reaping benefits. The Concept We propose to set up a model, wherein we facilitate installation as well as replacement of efficient and renewable energy components.We will have to tie up with providers of renewable energy sources and provide their services and products to our customers, who buy property from us. This service will also include our previous customers who would be looking to replace their current el ectricity system with renewable energy. In addition to promoting and facilitating use of renewable energy, we also propose to set up a carbon capture and storage unit and mechanism for our industrial installations. We will form alliances with small scale providers of these mechanisms and provide their services and goods to our customers.In addition to the task of acting as an intermediary, we also propose to employ and train a team of technicians, who will provide maintenance and after sales services to the customers. For this maintenance team, we will hire young, unemployed people from lower sections of the economy, who will be trained by our energy providing partners, and this initiative will hence, help in improving their societal placement. We also propose to tie up with an energy efficiency certification agency, so that our customers can easily obtain certifications.Rationale behind the concept The Commission says that EU must embrace renewable sources, not only to slow the cli mate changes but also because the EU's reliance on imported gas that is set to increase from 57% currently to 84% by 2030, and on imported oil from 82% to 93%. Hence the EU sets the goal of 1. Increasing renewable energy's share of the market to 20% by 2020, from around 8. 5% today. 2. Energy consumption is to be cut by 20% by 2020 through improved energy efficiency compared to 1990 levels. 3.Green house gas emissions are to be cut by 20% by 2020 compared with 1990 levels. The commission says states aid can legitimately be used to promote emissions cuts and increase take-up of renewables, so long as it does not breach EU competition rules. The commission has come up with new proposals for the EU to co-finance national and local schemes to promote energy-efficient housing. The EU will help member states install double glazing, wall insulation and solar panels in housing, especially targeting low-income households. The customersThe target group of customers for this business will be o ur own existing and new customers. Evidently, since renewable sources of energy are more expensive when compared to their non renewable counterparts, there might be an initial reluctance from the customers, to shell additional Euros. To educate them about the benefits of cleaner energy, their carbon footprint, as well as the impending EU regulations, we propose to have an â€Å"Energy Consultant†, who will lay out plans, a cost-benefit analysis and answer any questions that the customers might have.The existing customers will actually be a more vital part of this proposed business model, because they will be the ones who will be replacing their existing electricity systems into renewable sources, and they will form a bigger proportion of the revenue pool, because their numbers will exceed the number of new buildings coming up. The new business concept will have to be communicated to the existing customers using our contact database, and then the consultant/s will be functiona l in bringing them onboard with the new ideas.Scope of the Model: Target Market France’s real estate environment is in perpetual change from the classical renting to owner/occupant system and the trend is visible from the 1960’s to date whereby 45% of the people rented v/s 42 % owned to 38 % (renting) and 57% (ownership). The renting environment is currently made of 54 % of private sector housing and 46 % of social housing. Furthermore, out of the 9. 8 million private sector residences for rental purposes, 4. 5 million are HLM (habitation a loyer modere) or project housing.With these housing projects housing most of the poor populations, the costs of energy by legacy providers such as EDF is high and hence the costs of electricity and heating is an additional burden. The available housing is also relatively old (40%) of private rental properties built before 1948 and the needs for upgrading these properties to comply with EU regulation is tremendous. 60% of the rental property is also located in metropolis of 100000+ inhabitants with most of the rural housing being privately owned.The remote locations have lesser choices in terms of energy providers as the small scale providers are only present on part of the territory. The lack of competition drives prices high and slows the implementation of cleaner energy. As for the low income housing projects, most of them were built between 1950-1970 (50%) and due to high density and low maintenance, they require even more urgent upgrades to both comply with regulation and help the government in its housing policy making.By pairing up with smaller scale energy providers across the board from wind power harvesters like Planete Oui to solar energy providers like Direct Energy, we are creating a partnership with smaller scale EU based energy producers (as opposed to EDF) and we are encouraging competition, hence lowering costs for customers. Besides, this partnership can lead to training of young unemployed pe ople in the housing projects in electrical engineering/maintenance, hence contributing to fight unemployment. Besides, he youth know their neighborhood needs better and by outsourcing routine maintenance, the energy providers can save a lot in terms of travel costs for their maintenance teams. The Suppliers: Our role in this business model will be that of a facilitator, a middle-man of sorts. We will bring about the connection between renewable energy providers and willing buyers. We will focus on producers of wind power and solar power. We wish to focus on the smaller players in the market, because not only will in promote them, it will potentially increase competition in the energy market in France, where EDF is the largest supplier now.It will also be easier logistically for us to tie up with smaller producers. Our alliance will be based on a commission based system, where we will receive a commission based on the business volume from the producers, as we will be functional in en hancing their reach, network and business. Minimum Compliance Requirements: The states are obliged to comply with the above methodology in order to achieve cost-optimal levels. The level of these requirements is reviewed every 5  years.When setting requirements, Member States may differentiate between new and existing buildings and between different categories of buildings. New buildings  shall comply with these requirements and undergo a feasibility study before construction starts, looking at the installation of renewable energy supply systems, heat pumps, district or block heating or cooling systems and cogeneration systems. When undergoing major renovation,  existing buildings  shall have their energy performance upgraded so that they also satisfy the minimum requirements.When new, replaced or upgraded technical building systems such as heating systems, hot water systems, air-conditioning systems and large ventilation systems are installed, they shall also comply with th e energy performance requirements. Building elements that form part of the building envelope and have a significant impact on the energy performance of that envelope (for example, window frames) shall also meet the minimum energy performance requirements when they are replaced or retrofitted, with a view to achieving cost-optimal levels. Calculating energy performance:At the national or regional level, the buildings are evaluated by a methodology for calculating the energy performance which takes into account certain elements, specifically: * The thermal characteristics of a building (thermal capacity, insulation, etc. ); * heating insulation and hot water supply; * the air-conditioning installation; * the built-in lighting installation * Indoor climatic conditions The Finance Our research and analysis shows us that the initial start-up investment in the business will be â‚ ¬ 5 million. Out of this sum, we already have â‚ ¬ 1 million at our disposal.Out of the rest, we propose to send an application to the EU, with a request for funding under the EEPR or European Energy Programme for Recovery. We expect the EU to fund between 20% – 50% ( 1 mn – 2. 5 mn Euros ) of our project, and the rest will be sourced from angel investors and bank loans. The EEPR funds projects in three main areas of the energy sector: †¢Gas and electricity infrastructures †¢Off-shore wind energy †¢Carbon capture and storage This Regulation also establishes a financial instrument the aim of which is to support initiatives related to energy efficiency and renewable energy.The programme finances interconnection projects with a number of objectives, out of which, our business model complies with the following objectives: * Diversification of sources of energy and supplies * Optimisation of the capacity of the energy network and the integration of the internal energy market * Developmentof the network * Connection of renewable energy sources In addition to the se objectives, our model also includes carbon capture and storage, and this should facilitate the funding of our project, because it ticks a lot of check boxes on the EU list.Our project is aligned with the 2020 vision of the EU, The new concept goes beyond the classical real estate agent business, as it promotes clean energy use, it promotes SMEs, and it also increases employment among unemployed youth also. Appendix: Objective: Nearly zero-energy buildings By 31  December 2020, all new buildings shall be nearly zero-energy consumption buildings. New buildings occupied and owned by public authorities shall comply with the same criteria by 31  December 2018.The Commission encourages increasing the numbers of this type of building by putting in place  national plans, which include: * The Member State’s application in practice of the definition of nearly zero-energy buildings; * The intermediate targets for improving the energy performance of new buildings by 2015; * The information on the policies and financial measures adopted to encourage improving the energy performance of buildings. Financial incentives and market barriers Member States shall draw up a list of the existing and potential instruments used to promote improvements in the energy performance of buildings.This list is to be updated every three years. References http://news. bbc. co. uk/2/hi/europe/7765094. stm http://europa. eu/legislation_summaries/energy/energy_efficiency/en0021_en. htm http://eur-lex. europa. eu/LexUriServ/LexUriServ. do? uri=OJ:L:2010:153:0013:0035:EN:PDF http://europa. eu/legislation_summaries/environment/sustainable_development/l28075_en. htm http://ec. europa. eu/clima/policies/g-gas/index_en. htm http://en. wikipedia. org/wiki/%C3%89lectricit%C3%A9_de_France http://europa. eu/legislation_summaries/energy/energy_efficiency/l27021_en. htm http://www. territoires. gouv. fr/spip. php? article1173

The Pond Is Healthy Or Unclean Essay - 1699 Words

Introduction ~ Throughout the course of about a week,the 9th grade class at CEEC took samples of the pond at UNCC for an experiment to determine whether or not if the pond is in a safe or in a harmful environment and if the pond is healthy or unclean. University of North Carolina-Charlotte and its health is an important factor to the survival of the animals around it. North Carolina is a southern US state with landscape ranging from the atlantic ocean to the appalachian mountains. Charlotte is the state largest city it is home to the NFL’s Carolina Panthers and the Nascar Hall of Fame UNCC’s campus has a early college program named the Charlotte Engineering Early College, with a pond located to the left of CEEC.This pond is the home to many animals such as fish, ducks, tadpoles, canadian geese, turtles, and cattail, and is a source of water for the university. In order to be able to use this water, the pond health must be healthy. However, what makes a pond really healt hy? 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