Merits of some proposed recommendations to regulate compensations
In an attempt to regulate the outrageous CEO compensations, various recommendations have been proposed. These recommendations if keenly applied would help control how much executives should receive as compensation. Nonetheless, they have not been as effectual as expected (LEADER, 2009). Despite this, they have various merits as will be discussed below.
One of these recommendations is the revision of the Glass-Steagall Act of 1993. This act prohibits bankers from sitting on their customers’ board of directors. Revision of this act would allow bankers to sit in such boards. The bankers would then be required to oversee the activities of the board. By so doing, the customers’ interests would be adequately represented. The bankers would also help regulate the amounts of compensation given to the executive. Similarly, another recommendation is the adoption of the German style of code termination. Adoption of this code would mean that workers of the company ...
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... involving the legislature would end up creating more problems than solutions (WAGNER, 2012). This is largely because it is never easy to set a standard guideline as to how much a CEO should receive. Companies that are doing fairly well prefer to pay their CEOs highly. Likewise, with the increasing technological advancements and innovations, companies seem to be performing much better than the previous years. Improvement in performance translates into increased CEO salaries and compensations. All in all, internal regulatory bodies should be created to ensure that these compensations are not too extreme (WAGNER, 2012).
Companies should come up with effective regulatory measures to ensure that compensations given to the executive do not continue to rise at alarming rates. Participation of shareholders and workers in decision making should also be considered.
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