Shareholder Value-orientierte Vergütungskomponenten für Führungskräfte

Summary

Shareholder value has become a common measure for long-term corporate success. Value based management is the key to success. Compensation systems have to be compatible with value based management objectives. Traditionally corporate compensation systems in continental Europe have focussed on mostly fixed salary and benefit components and have not contributed to long-term corporate objectives. Since shareholder value has become a common measure also for European companies, compensation systems have to be changed to more flexibility and a higher degree of orientation toward long term value based management. Stock options, phantom stocks and other financial instruments are appropriate methods to ensure compatibility between compensation components and corporate objectives. The following articles describes and analyses these different instruments in terms of their character as an incentive.