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Global CEO Appointments: About the High Pay Centre Contents a Very Domestic Issue THE NEW CLOSED SHOP: GLOBALWHO’S DECIDING CEO APPOINTMENTS:ON PAY? THE MAKE UP OF REMUNERATION COMMITTEES A VERY DOMESTIC ISSUE High Pay Centre Global CEO appointments: About the High Pay Centre Contents A very domestic issue The High Pay Centre is an The High Pay Centre is resolutely independent non-party think tank independent and strictly non- 4 Foreword established to monitor pay at the partisan. It is increasingly clear that top of the income distribution and there has been a policy and market 5 Executive Summary set out a road map towards better failure in relation to pay at the top business and economic success. of companies and the structures 6 Introduction of business over a period of years We aim to produce high quality under all governments. It is now 7 North America: Staying home research and develop a greater essential to persuade all parties that understanding of top rewards, there is a better way. 9 Western Europe: Trickling across the pond company accountability and business performance. We will The High Pay Centre is grateful to its 12 China: From state to state communicate evidence for change supporters for funding this work. to policymakers, companies and 13 Japan: Decades on a ladder other interested parties to build a @highpaycentre consensus for business renewal. www.highpaycentre.org 14 Rest of Asia: More introspection 15 Eastern Europe: Putin’s boys This report was prepared for 15 Latin America: Impregnable borders the High Pay Centre by David Bolchover. David Bolchover is 16 Conclusion the author of Pay Check: Are Top Earners Really Worth It? and he sits 18 Appendix: Methodology and companies in the study on the advisory board of the High Pay Centre. 2 3 High Pay Centre Global CEO appointments: Foreword Executive summary A very domestic issue The existence of a global talent pool In interviews, chief executives say > Only 4 chief executives (CEOs) > Only 14 CEOs were poached for business leaders is part of the their jobs are about much more than out of 489 companies for which from another country while mythology that has grown up around money. They are keen on developing executive career histories were occupying a role beneath CEO. high executive pay. It is given as a company strategy, turning their publicly available (those for 11 11 of these are in Europe, one in one of the reasons for its sharp rate business into a world leader and CEOs, all Chinese, were not), were China, one in South Korea and one of increase in the past decade. bringing on good people. poached while CEOs of another in Australia. Cross-border poaching company in a foreign country. All from beneath the top level therefore Top bosses are prepared - at This report debunks the myth four companies (Peugeot Citroën, amounts to 2.9% of total CEO short notice - to head overseas about those internationally mobile Bayer, Holcim and International appointments. to a new assignment for a bigger executives. The statistics do not Airlines) are in Western Europe. package, runs the argument. They back up the idea that they are all Cross-border poaching of current > In North America, Japan, Latin must be incentivised to stay with flying round the world for new roles. CEOs therefore amounts to 0.8% America and Eastern Europe, not their employer or they will leave for The Fortune Global 500 biggest of total CEO appointments in the one CEO was appointed from pastures new. companies in the world show little Fortune Global 500. outside the country where the propensity to hire from outside their company is based. This argument has always own country. In fact, the global > Only one CEO was poached appeared a little self-serving, if not talent pool is more like a drop in the while CEO of another company in > 80% of CEO appointments in somewhat demeaning, to suggest ocean. another continent. In 2010, Bayer the world’s largest companies are that chief executives are motivated (a German-based company) internal promotions; 20% were only by money. Deborah Hargreaves, founding appointed Marijn Dekkers, a Dutch external appointments. director of the High Pay Centre national, when he was at the time > Just 32 (6.5%) current CEOs There are plenty of other reasons why CEO of Thermo Fisher Scientific in were poached from another someone would want to run a premier the United States. Cross-regional company while serving as a CEO. company other than just the rewards poaching of current CEOs therefore on offer. In fact, shareholders should amounts to 0.2% of total CEO > A mere 13 out of 500 CEOs are probably be wary of the person appointments. women, a proportion of 2.6%. 97.4% who was incentivised purely by the are therefore men. • bonus – that is what led us into the financial crisis. 4 5 High Pay Centre Global CEO appointments: Introduction Regional Analysis A very domestic North America: Staying home issue When Sir Martin Sorrell, the chief However, High Pay Centre research Not one current CEO of the 142 concerned could then revert to a executive (CEO) of the media on CEO appointments at the largest North American companies in system of internal promotion which company WPP, was asked in 2011 500 companies in the world (the the Fortune Global 500 was an seems to satisfy so many of their to justify his own pay package, he Fortune Global 500) reveals that the external hire from abroad. We can counterparts. asserted that his company was international market for CEOs is, in therefore conclude that companies forced to compete internationally for reality, extremely limited. Indeed, elsewhere in the world should The five CEOs who were recruited top executives. ““Look at what chief only a very insignificant proportion not pay too much attention to while heading another company are: executives of media companies are of CEOs of the largest companies in CEO salaries in North America. David Cote (Honeywell), recruited paid in other parts of the world,” he the world are recruited from another Companies in that region have no from TRW in 2002; James McNerney said. “We are a worldwide company; company in another country. evident interest in hiring executives (Boeing), who came from 3M in we are the leading company in our from abroad, even though they 2005; Robert Dutkowsky (Tech Data) industry. The comparison, whether In North America, not one CEO are generally lower paid and thus, who was recruited from the much you like it or not, is with other in the 142 companies surveyed presumably, easier to recruit. smaller Egenera in 2006; Richard companies in the world.”1 was hired in this way. Only in Anderson (Delta Air Lines) who Western Europe do cross-border Even within North America, only five was brought in from rival Northwest Jeffrey Rosen, the deputy chairman appointments have any statistical current CEOs (3.5%) were poached Airlines in 2007 (the two companies of an investment bank who chairs the significance. However, even there, while CEO of another company, and merged a few months after his company’s remuneration committee, only four existing CEOs (2.6% of the a further 13 (9%) were recruited appointment); and Hubert Joly (Best subsequently used similar arguments total in that region) were poached from beneath the top tier in another Buy), recruited from Carlson in 2012 to defend Sir Martin’s £12.93 million from abroad while acting as the company. The vast majority of to change the fortunes of the ailing pay package for 2011, a reported head of another company. • companies (87%) appear to consumer electronics retailer. Only 56% increase on the previous year. prefer to recruit their CEO from the one of the largest North American “Whenever WPP recruits a senior considerable pool of experienced companies therefore currently executive, we look at international executives who have proven boasts a CEO who was poached in norms,” he said.2 themselves within the organisation the last five years while serving as and understand its culture. the head of another company. Pay consultants, headhunters and others who seek to justify high pay Benchmarking CEO salaries even A further 13 CEOs were recruited routinely refer to this supposed among domestic rivals could from outside the company, but global market for executive talent, therefore be of limited value in North weren’t at that time leading another and to the dangers of a brain drain America, and in other regions where organisation. These include of allegedly precious individuals external hiring is low (such as Japan Mondelez International (formerly if compensation levels do not and some other Asian countries). Kraft Foods) CEO Irene Rosenfeld 1 BBC News website, reflect what they claim is the highly Ambitious internal candidates are “David Cameron and who returned in 2006 to the Nick Clegg criticse di- competitive nature of this market. If highly likely to accept the role of company she served for twenty rectors’ 50% pay rise”, this view holds sway, CEO packages CEO, and subsequently perform years after a brief interlude as head 28 October 2011 2 The Telegraph, “WPP throughout the world would have to to their utmost, even for a small of Frito-Lay, a division of Pepsico, chair hits back at UK equal those offered in the market increase on their current salary. and Meg Whitman, appointed institutional investors (Indeed, according to a 2012 over Sir Martin Sorrell’s where overall remuneration is as CEO of Hewlett-Packard in pay”, 12 May 2012 highest, the United States.3 PricewaterhouseCoopers survey, 2011, having resigned from a 3 For evidence that CEO senior executives in the United pay in the United States similar position at eBay four years is highest, see, for States would accept, on average, previously.
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