联邦监管机构重点聚焦金融机构薪酬制度外文翻译.docx
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联邦监管机构重点聚焦金融机构薪酬制度外文翻译.docx
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联邦监管机构重点聚焦金融机构薪酬制度外文翻译
FederalRegulators’SpotlightFocuses
OnFinancialInstitutionPayPractices
ByBarbara-AnnGustaferroandDavidB.Miller
Asresearchers,policyanalystsandmembersofthebankingindustrycontinuetodebatetheactualextenttowhichbankcompensationpracticesledtothefinancialcrisis,federalbankingregulatorshavemovedforwardwitheffortstorequirebankingorganizationstoreconsiderand,inmanycases,revisetheirincentivecompensationpaydesignandpractices.
ThepushbytheFedanditscounterpartfinancialregulatorstoaddressbankpaycomesaslittlesurprise.Inearly2009,mediareportsoflargebonusesbeingpaidtobankerswhoseemployershadreceivedbailoutfundsundertheTroubledAssetsReliefProgram(TARP)ignitedapublicfuroroverexecutivecompensationatfinancialinstitutions.TheFederalReserveanditscounterpartfinancialregulatoryagenciescameunderafirestormofcriticismforhavingallowedrunawaybonusstructuresinthefinancialindustrytofuelheedlessrisktakingwhichultimatelyresultedintheeconomicmeltdown
Evenifbankpayisfoundnottohaveplayedasignificantroleintheeconomiccrisis,theFedappearsdeterminedtoavoidbeingaccusedofinactiononthissubject.Itissupportedinitseffortsbysomefinancialeconomistswhoseeincreasedgovernmentoversightoffinancialinstitutioncompensationasessential,pointingtocertainfactorsthatmakebanksparticularlysusceptibletoimprudentrisktaking
Becausebanksmakemoneybyhavingtheirdepositsflowtothoseinneedofcapital—andbythesametoken,don’tmakemoneyiftheydon’t—theytend
totakeonahigherproportionofdebtrelativetotheirequity.Althoughitisnormallythecasethatshareholderswillenjoytheupsideofrisktakingwhiledebtholderswillbearmostofthedownside,inthecaseoffinancialinstitutions,debtholderswillbedisproportionatelyvulnerablerelativetoshareholders
.Government-provideddepositinsurancemakesbanks’creditorslesslikelytodemandthatbanksholdasmuchcapitalastheywouldabsentsuchinsurance.
Themoralhazardof“toobigtofail”:
Largeorsophisticatedfinancialinstitutionsmaybeparticularlywillingtotakeondangerouslevelsofrisk,inthehopesofbiggerpayoffs,becausetheybelievethat,intheworst-casescenario,thegovernmentwillhavenochoicebuttosavethebankfromcollapseinordertoavoidthegreaterconsequentialharmtotheeconomyatlarge.Bankersandtheirshareholdersstandtoreaptheupsideofrisktaking,withthedownsidebeingbornebytaxpayers.Thiscreatesthepeculiarincentiveforfinancialinstitutionsdeliberatelytomakethemselveslargeandcomplexinordertoassurethemselvesofthissafetynet.
WellbeforetheadoptionoftheDodd-FrankAct2inJuly2010,theFedhadalreadylauncheditsowninitiativetorequirefinancialinstitutionstoreexamine,andwhereappropriate,revisetheircompensationpracticeswithregardtoriskandrisktaking.InOctober2009,theFedissuedProposedGuidance3onthissubject,followedinJune2010byFinalGuidance4,thestatedpurposeofwhichis“tohelpensurethatincentivecompensationarrangementsofbankingorganizationsdonotencourageimprudentrisktakingandareconsistentwiththesafetyandsoundnessofthoseorganizations.”
FinalGuidanceAffectsFullArrayofBankingOrganizations
IncontrasttotheProposedGuidance,whichwasissuedbytheFedaloneanddealtsolelywithcompensationpaidbyinstitutionsunderitssupervision,theFinalGuidance,whichwasissuedjointlybytheFed,theOfficeoftheComptrolleroftheCurrency,theFederalDepositInsuranceCorporationandtheOfficeofThriftSupervision(collectively,the“Agencies”),appliestothewiderangeofbankingorganizationscollectivelysupervisedbythoseagencies,includingUSbankholdingcompanies,nationalbanks,statememberandnonmemberbanks,savingsassociations,savingsandloanholdingcompanies,andtheUSoperationsofforeignbanks.
IncontrasttotheProposedGuidance,whichwasissuedbytheFedaloneanddealtsolelywithcompensationpaidbyinstitutionsunderitssupervision,theFinal
Guidance,whichwasissuedjointlybytheFed,theOfficeoftheComptrolleroftheCurrency,theFederalDepositInsuranceCorporationandtheOfficeofThriftSupervision(collectively,the“Agencies”),appliestothewiderangeofbankingorganizationscollectivelysupervisedbythoseagencies,includingUSbankholdingcompanies,nationalbanks,statememberandnonmemberbanks,savingsassociations,savingsandloanholdingcompanies,andtheUSoperationsofforeignbanks.
AlthoughtheFinalGuidanceaffectsafargreaternumberofinstitutionsthantheProposedGuidance,manyofthoseinstitutions—smallercommunitybanksandthrifts—willescapetheburdensplacedonlargebankingorganizations(LBOs),fromwhommuchmorewillbeexpectedintermsofsystematic,formalizedpolicies,proceduresandsystemsdesignedtoidentifyandavoidimprudentrisktakinginincentivecompensationpractices
FinalGuidanceRetains“Principles-Based”toFinancialInstitutionIncentivePay
TheProposedGuidancehadbeenorganizedaroundseveralcoreprincipleswhichwereintendedtoassureabalanceofriskandfinancialresults,andsupportfromcorporategovernanceandotherstructurestohelpmaintainthatbalance.AtthattimetheFedexpresslydidnotattempttoproscribeorendorsespecificincentivecompensationprogramsorstrategiesorimposespecificpaycapsorotherrestrictions.Inoptingforaprinciples-based,ratherthancategorical,approach,theFednonethelessinvitedpubliccommentastowhetheramoreformulaicapproachtoincentivecompensationdesignmightbeappropriate—forinstance,mandatorydeferralsofacertainpercentageofpay,orarequirement
thatacertainpercentageofpaybeintheformofequityawards
Havingreceivedthosecomments,theAgencieshaveretainedthesameprinciples-basedapproachforaddressingrisk-managementinincentivecompensationdesignandadministrationintheFinalGuidance.TheAgenciesexpresslydeclinedinvitationsfromcertaincommenters,ortofollowtheapproachtakenunderTARP,toimposedollarlimitationsortobanoutrightcertaincompensationpractices,includingeventhose,suchasgoldenhandshakesandgoldenparachutes,popularlytargetedasabusiveorexcessive.Indoingso,theAgenciesexpressedconcernthata“onesizefitsall”solutionthatfailedtoaccountfordifferencesinbusinessactivities,risksandemployeesgroupsacrossanorganization,couldleadtotheimprudentrisktakingtheguidancewasmeanttodiscourage.Atthesametime,theFinalGuidancerequiresabankingorganizationthatbelievesitneedsanyofthesepracticesforrecruitmentorretentiontoconsidertheirpotentialforexcessiverisktaking.
Likewise,whetherduetotheAgencies’excessivecaution,fearthatanyexceptionwouldbeexploitedorotherreason,theAgenciesrefusedtherequestofcertaincommenterstotreatsomeemployeegroups—forinstance,tellers,administrativeassistants,employeeswhoprocessbutdonotoriginatetransactions—asexemptbydefinitionfromtheuniverseofemployeesconsideredtobesubjecttotheguidance.TheFinalGuidanceappliesto“coveredemployees,”whichincludeanyemployee,seniorexecutiveorotherwise,whoindividuallyoraspartofagroup,hastheabilitytoexposethebankingorganizationtomaterialamountsofrisk.Anemployee(orgroupofemployees)willbedeemedtohavethatabilityiftheemployee’s(orgroup’s)activitieseitherarematerialtotheorganization,orarematerialtoabusinesslineoroperatingunitthatisitselfmaterialtotheorganization.Theunwillingnessoffederalfinancialregulatorstoexemptfrompossiblescrutinyincentivecompensationpaidtoanyemployeegroup,regardlessofitssizeortypeofroleintheorganization,hasbeenvexingtomanybanks,whichremainskepticalthatthelevelofriskposedbythosepayarrangementsjustifiestheintrusionandcomplianceburdenstowhichtheyarebeingsubjected.5
AlthoughtheAgencieshaveretainedtheflexibleprinciples-basedapproachoftheProposedGuidanceintheFinalGuidance,theguidancealsomakesplainthatsuchflexibilitydoesnotextendtoanydeviationfromthoseprinciples.Bankingorganizationshavebeenandremainconcernedthatcompliancewiththeguidancewillplacethematacompetitivedisadvantagerelativetootherentitiesinthefinancialservicesindustry,domesticallyandinternationally,thatarenotsubjecttothesamerestrictions.ButtheAgenciesfirmlyrejectedtherequestmadebycertaincommentersthatbankingorganizationsbepermittedtoadoptcompensationarrangementsthatmaybeinconsistentwithsafetyandsoundnesswheresucharrangementis,inthebankingorganization’sjudgment,necessarytorecruitorretainexecutivetalent.Instead,theAgenciessaythattheyintendtocontinueworkingwiththeirdomesticandinternationalcounterpartsforsoundincentivecompensationpracticesacrossthefinancialservicesindustry,andfurthernotethattheFinalGuidanceisconsistentwithPrinciplesforSoundCompensationPractices6andtherelatedImplementationStandards7publishedbytheFinancialStabilityBoardin2009.
TheProposedGuidancehadenunciatedthreeprinciplesaimedatcurbingexcessiverisktakinginincentivecompensationbymakingriskandriskoutcomesacentralfocusofincentivecompensationdesignandadministration:
•Incentivepayshouldappropriatelybalanceriskandreward,
•Effectivecontrolsandriskmanagementshouldsupportandreinforcebalancedincentivecompensationprograms,and
•Strongcorporategovernanceshouldbolsterincentivecompensation.
Thesesamethreeprinc
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