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惠普新年遭遇老問題
 作者: Eleanor Bloxham    時間: 2012年02月14日    來源: 財富中文網(wǎng)
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又是新的一年,惠普首席執(zhí)行官也換人了。雖然這家科技巨頭看起來有所改變,但它面臨的公司治理難題依然沒有改變。
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????這些就是薪酬方面的情況。然而,業(yè)績呢?真的有必要進行這樣的股票期權(quán)安排來吸引惠特曼出任首席執(zhí)行官,并激勵她做好本職工作嗎?除了能激勵她維持股價不再下跌,看不出這怎么能激勵她在本職工作上拿出什么不凡的表現(xiàn)來。

????時機就是一切。蘭恩的運氣也不差。蘭恩在惠普董事會任職(并作為董事長)、但尚未出任惠普執(zhí)行董事長前,惠普的股價跌了45%。但是,盡管他在董事會任職期間惠普業(yè)績糟糕,蘭恩成為執(zhí)行董事長時還是獲得了100萬股股票期權(quán),行權(quán)要求與惠特曼類似。這意味著什么?他受到的激勵是惠特曼的一半還多。對于一個執(zhí)行董事長,這樣的薪酬只能用高得離譜來形容。

????今年將再度對高管薪酬進行投票的一些股東將會考慮,【蘋果公司(Apple)2012年股東委托書上所顯示的】董事“薪酬話語權(quán)”計劃能否在未來解決這些弊病。

董事身兼數(shù)職,分身乏術(shù)

????惠普董事會的人員流動率一向很高,今年也不例外。選擇既有時間、又有能力做好董事會工作的人,對于任何一個董事會都非常重要。惠普的股東委托書稱:董事“兼任的上市公司董事會”數(shù)量應(yīng)有限制,以便董事能夠根據(jù)個人的具體情況、負責(zé)任地履行所有董事職責(zé)。”

????好的董事會應(yīng)遵循怎樣的普遍準則?現(xiàn)任首席執(zhí)行官最多只能兼任一項外部董事會職務(wù),已從全職高管職務(wù)退休的董事會成員最多也只能兼任4家董事會的職務(wù)。如果擔(dān)任董事會主席或首席獨立董事,或者如果董事經(jīng)營的公司或擔(dān)任董事會職務(wù)的公司需要特別關(guān)注,需要進一步減少兼任的董事會數(shù)量。

????無論怎么看,惠普也應(yīng)歸為“需要關(guān)注”之類。去年,惠普董事會沒有交出漂亮的業(yè)績,需要有經(jīng)董事會審查和批準的明確戰(zhàn)略。但考慮到惠普目前的戰(zhàn)略以及惠普需要董事會投入的關(guān)注,一些候選董事看來根本不符合要求。

????惠特曼在三家外部董事會任職,分別是寶潔(P&G)、租車服務(wù)公司Zipcar和移動本地商務(wù)服務(wù)公司Zaarly。惠普的一位發(fā)言人稱,所有這些“都是在她同意擔(dān)任惠普總裁兼首席執(zhí)行官之前……就已經(jīng)承擔(dān)的職務(wù)”。但事實上,惠特曼出任惠普首席執(zhí)行官一個月后才加入了Zaarly董事會。

????惠普發(fā)言人稱,惠特曼認為,她在外部董事會的任職是有價值的,并“計劃繼續(xù)承擔(dān)所有這些外部董事會職務(wù),只要不影響她在惠普的工作”。

????How much is this payday worth? Once the 40% hurdle is cleared, this bonanza will be worth $18 million. If the stock price rises to the average five-year price, it will be worth over $34 million.

????That's pay. But where's the performance? Was this stock option arrangement really necessary to entice Whitman to the CEO spot and motivate her to perform her job? Other than a motivation to not sink the stock again, how does it motivate her to make a real difference over that which she can control?

????Timing is everything -- and Lane has suffered similar good fortune. HP's stock price was down by 45% during Lane's tenure as a board member (and as chair) before he assumed the executive chair position. Yet despite HP's poor performance during his earlier tenure, he was awarded an option to purchase 1 million shares when he became executive chair, with similar vesting requirements as Whitman's. What does this mean? He'll get a haul that is more than half of Whitman's. Such pay can only be described as stratospheric for an executive chair.

????Some shareholders, who are voting again on executive pay this year, will be considering whether a director "say on pay" proposal (as appears on Apple's (AAPL) 2012 proxy) could address these concerns in future years.

A board that's spread too thin

????HP has had significant turnover on its board, and this year is no exception. For any board, selecting the right members with the time and talent to do the job well is critically important. Directors' "service on other boards of public companies should be limited to a number that permits them, given their individual circumstances, to perform responsibly all director duties," the HP proxy says.

????What are the general guidelines good boards follow? At most, sitting CEOs should sit on one outside board and board members who have retired from full time executive duties should sit on a maximum of four boards. If the director is the chair or lead independent director, or if the director runs a company or sits on the board of a company that needs particular attention, they should sit on even fewer boards.

????HP would, by most any measure, fit in the "needs attention" category. HP's board did not turn in a stellar performance last year and the company is in need of a clearly articulated strategy that the board has adequately vetted and approved. But taking into account the stated HP policy and the attention HP needs from its board, some members up for election don't appear to qualify.

????Whitman sits on three outside boards -- P&G (PG), Zipcar (ZIP), and Zaarly -- all of which "she committed to serve on … before she agreed to become HP's president and CEO," according to an HP spokesperson. But Whitman didn't actually join Zaarly's board until over a month after her tenure as CEO had already begun.

????Whitman finds her outside board service to be of value and "plans to honor all of her outside board commitments as long as they do not interfere with her obligations to lead HP," HP's spokesperson says.







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最佳評論

@關(guān)子臨: 自信也許會壓倒聰明,演技的好壞也許會壓倒腦力的強弱,好領(lǐng)導(dǎo)就是循循善誘的人,不獨裁,而有見地,能讓人心悅誠服。    參加討論>>
@DuoDuopa:彼得原理,是美國學(xué)者勞倫斯彼得在對組織中人員晉升的相關(guān)現(xiàn)象研究后得出的一個結(jié)論:在各種組織中,由于習(xí)慣于對在某個等級上稱職的人員進行晉升提拔,因而雇員總是趨向于晉升到其不稱職的地位。    參加討論>>
@Bruce的森林:正念,應(yīng)該可以解釋為專注當(dāng)下的事情,而不去想過去這件事是怎么做的,這件事將來會怎樣。一方面,這種理念可以幫助員工排除雜念,把注意力集中在工作本身,減少壓力,提高創(chuàng)造力。另一方面,這不失為提高員工工作效率的好方法。可能后者是各大BOSS們更看重的吧。    參加討論>>


Copyright ? 2012財富出版社有限公司。 版權(quán)所有,未經(jīng)書面許可,任何機構(gòu)不得全部或部分轉(zhuǎn)載。
《財富》(中文版)及網(wǎng)站內(nèi)容的版權(quán)屬于時代公司(Time Inc.),并經(jīng)過時代公司許可由香港中詢有限公司出版和發(fā)布。
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