Abstract
Prevailing executive pay practices rest on fallacious assumptions about performance attribution, the nature of alignment, and the psychology of incentives, and have numerous unintended consequences that are value-destructive particularly for long term and diversified shareholders. The focus of boards, shareholders and stakeholders on technicalities within pay structures denies oxygen to more fundamental questions about the intended function and operation of remuneration. A commercial, evidence-based approach should view executive remuneration as just one among many components of talent management with pay arrangements differing according to individual and organisational circumstances.
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