Executive Remuneration in the EU: The Context for Reform
分析了欧盟各国在高管薪酬结构、最佳实践采纳及披露方面的显著差异，指出这些差异与股权集中或分散的治理模式相关，并建议欧盟改革应谨慎，仅聚焦于披露要求。
This paper shows how clear divergences arise across the EU in how executive remuneration is structured. Sharp differences also occur in the adoption of best practices in pay-setting and in the disclosure of executive pay. These divergences are broadly in line, as agency theory predicts, with blockholding and dispersed-ownership governance profiles. While the EU has recently adopted two important 2004 recommendations on executive pay, the paper argues that EU-led reforms should be undertaken with care. Harmonization should be limited and only address disclosure. Disclosure is central to the adoption of effective incentive contracts in that it can manage the particular agency costs of executive pay, across dispersed and blockholding systems, without intervening in governance choices and structures. Any other interventions in the pay process carry the risk of distorting competition and interfering with the dynamics of different ownership structures and economic contexts.