论高管“问题薪酬”的董事问责

如遇高管薪酬,董事就可能基于互惠和群体思维等情景以及单纯接触效应和框定效应下的生物本能,无意识地"董董相护",高管"寻租"如愿以偿,自应对董事问责。理性回路下的注意路径不能对情感回路下的"董董相护"对症下药,实际上放纵了高管"问题薪酬"。以诚信路径予以涵摄,则可以不枉不纵。是否构成"董董相护",需借助于高管薪酬的合理性进行推论。基于高管薪酬合理性边界的模糊性,拿捏高管薪酬的合理性,需以企业价值最大化为指针,借助高管薪酬的标准、水平和结构的合理性,厘定相应的参照系。

Directors' Accountability for Fishy Executive Compensation

While determining executive compensation,directors tend to bear an unconscious sense of"like for like"and a reciprocal "group idea,"and the consequence is that chief officers may have an ideal remuneration,of course,for which directors are liable.The problem cannot be well solved by way of resorting to rationale which may ignore fishy executive compensation while good faith can serve as recipe for success.Whether there is "director for director"should be presumed from legitimacy of chief officers'remuneration.Since legitimacy is a vague word,it should be determined by reference of the firm's maximum value along with the test,level and structure of the executive compensation.