CHAPTER 7

The Future of Executive Compensation

The reality is that executive pay is already heavily regulated on both sides of the Atlantic . . . . Our strong recommendation is to resist calls for further government regulation, and indeed governments should re-examine the efficacy of policies already in place.

—Martin Conyon, Nuno Fernandes, Miguel Ferreira, Pedro Matos, and Kevin Murphy

The history of executive compensation has been a complex gumbo of corporate and government actions that have changed the magnitudes and composition of pay over the last 80 years. For a variety of reasons from corporate greed to unintended consequences of government regulations, the system went from bureaucratic (according to Jensen and Murphy), through outrageous ...

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