25.01.2019 - Studies

The Key to Skin in the Game


The executive compensation system is the central instrument for aligning the interests of managers and stakeholders. An ideal compensation system requires four features: stock ownership guidelines, a deferral of short-term compensation, long holding periods for share-based compensation and clawback provisions.

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Fazit

Ein Vorstandsvergütungssystem mit den hier diskutierten Eigenschaften fördert, dass das Management den Fokus auf eine nachhaltige wirtschaftliche Entwicklung des Unternehmens legt. Skin in the Game des Vorstands kommt nicht nur den Shareholdern, sondern ebenso den übrigen Stakeholder zugute. Dennoch darf nicht vergessen werden, dass Skin in the Game kein Garant für wirtschaftlichen Erfolg ist. Es stellt jedoch das beste Instrument dar, das Management langfristig finanziell zu incentivieren.

 


1 Oft wird ein Gegensatz zwischen „Stakeholder Value“ und „Shareholder Value“ konstruiert. Langfristig fallen beide Konzepte aber zusammen, denn ohne die Berücksichtigung der Interessen der „Stakeholder“ misslingt die Maximierung des Unternehmenswerts für die „Shareholder“.

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