Nachhaltige Vorstandsvergütung - Entwicklung und neue Ansätze (PDF)

Masterarbeit aus dem Jahr 2011 im Fachbereich BWL - Unternehmensführung, Management, Organisation, Note: 2, Fachhochschule des bfi Wien GmbH, Sprache: Deutsch, Abstract: Management remuneration has become a public and political issue over the last
years of recession and one of the largest economic crisis all over the world. Since
decades there are scandals of managers cheating in their balances or laying off
thousands of employees to raise the price of the shares of their corporations to
earn a high bonus. How much managers should be allowed to earn and how performance
contracts should look like is as well a controversial topic that on the one
hand is more and more under public pressure and regulated by politicians, but on
the other hand not very well defined by law and corporate governance codices.
This thesis describes the problem of moral hazard with the theoretical background
of the principal-agent-theory and in praxis and then tries to answer the question if
there is any relationship of economic performance of a corporation and the remuneration
of its managers. Later on systems and tools of fixed and variable remuneration
will be described with a focus on stock options and the ways how they
can set wrong incentives. After that it will be shown how these tools can be used in
a sustainable way and how remuneration of managers could look like that provide
long term incentives for them and lead to a sustainable economic performance.
But not only economic sustainability will be discussed, but also social and ecological
aspects of remuneration contract incentives will be a topic of this thesis.
But after a lot of scientific background given in the thesis there will be a description
of some Austrian corporations that are listed on the stock market and how their
remuneration systems looks like and has changed over the last years. In this
chapter theory will be put into practice and it will be shown how those tools are
used in real life.
It will show how sensitive those kinds of contracts are and how many dangers
there are to set wrong incentives. Performance contracts are an important topic
because of that and there are many mistakes to be avoided. That's why consultants
work constantly to increase their quality but that's also the reason why they
are getting more and more complex.