✉️ (Reminder) Invitation | CEO Compensation: Evidence From the Field (12 October 2021)

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CEO Compensation: Evidence From the Field

Online seminar
Tuesday, 12 October 2021

16:00 - 17:00 BST | 17:00 - 18:00 CEST
11:00 - 12:00 EDT | 08:00 - 09:00 PDT

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Summary Findings | Practitioner Report | Full Academic Paper

Organisers

Alex Edmans (London Business School, CCG and ECGI)
Tom Gosling (London Business School, CCG)

Please note that this event will not be recorded therefore attendance is encouraged.

The study, 'CEO Compensation: Evidence From the Field', (Edmans, Gosling, and Jenter, June 2021) surveyed more than 200 directors and 150 investors in FTSE-listed companies. It reveals the dynamics around remuneration of CEOs, including the objectives and constraints facing board directors and professional investors in devising executive pay, as well as the factors determining CEO remuneration.

Key to the findings are the underlying differences in opinion between directors and investors which may be a root cause for disagreements on pay packages. Investors typically focus on the detail in incentive plans and levels of pay, whereas boards are more focused on getting the right person, and, if they are good, keeping them through competitive pay awards and tailored remuneration packages.

There may also be more consensus on some aspects than thought. Directors are concerned that investors prevent them from tailoring contracts and prefer short-term returns, yet many investors would like directors to tailor and make incentives more long-term. Both investors and some directors support paying the CEO like a long-term owner, i.e. with restricted shares rather than bonuses and long-term incentive plans, which suggests a path forward.

The study findings will be presented by the authors during this online seminar, which includes a discussion with a Director and an Investor who participated in the survey.

Tuesday, 12 October 2021 | 16:00 BST (17:00 CEST)

Welcome and Introduction
Moderator: Tom Gosling, Executive Fellow, CCG, London Business School and former Partner at PwC

Paper Presentation: CEO Compensation: Evidence From the Field
Alex Edmans, Dirk Jenter, Tom Gosling

Presented by: Alex Edmans, Professor of Finance, London Business School, Academic Director, CCG and ECGI Fellow

Discussion and Q&A
Deanna Oppenheimer, Chair, Hargreaves Lansdown and Founder, CameoWorks
Habib Subjally, Senior Portfolio Manager and Head of Global Equities,
RBC Global Asset Management

Closing Remarks
Moderator: Tom Gosling, Executive Fellow, CCG, London Business School and former Partner at PwC

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CEO Compensation: Evidence From the Field (June 30, 2021). European Corporate Governance Institute Finance Working Paper No. 771/2021

Alex Edmans, Professor of Finance, London Business School, Academic Director, CCG and ECGI Fellow; Tom Gosling, Executive Fellow, London Business School CCG and former Partner at PwC; and Dirk Jenter, Professor of Finance, London School of Economics.

The ECGI is a global research network and international scientific non-profit association providing a forum for debate and dialogue between academics, legislators and practitioners, focusing on major corporate governance and stewardship issues.

London Business School's Centre for Corporate Governance uses rigorous research to influence the practice of corporate governance. It provides a platform for two-way debate and the sharing of ideas between academics and practitioners.