Wynagrodzenia zarządów i rad nadzorczych w czasie spowolnienia gospodarczego. Analiza na przykładzie spółek z WIG20

Abstract

Research that is being proposed refers to finding the ways to relate the remunerations of managements and supervisory boards to the results achieved by the company. Evaluation of the managers work is very complicated because of the ambivalence of benchmarks that are being used to calculate their salaries. This subject is highlighted especially at the time of economic downturn, when even the amounts that are paid to the managements are shocking for the observers. This article, however, focuses on the aspect of defining the proper reference, which would determinate the premium part of the management salaries. With the appropriate legislative regulations, remunerations of managers were well highlighted and so, that topic was exhibited to the wide debate. A major role was played here by the standards imposed by the Financial Supervision Commission and the Stock Exchange itself. Similarly, on the central level, legislation regulates this issue. From that point, a very important documents are EU directives from the year 2004 and so-called „chimney law”. Literature describing the issue of rewarding the managers is proposing to use many different benchmarks for the evaluation of managers work. The scope includes the simple ones, like net profits achieved by the company and more complicated like those based on the residual value. In the analysis that was made in the article, the simple measures were taken under consideration, because of their clarity and ease of interpretation by the managers and the investors. Performed calculations presents relations between the remunerations and the company results understood as the volume of sales and the net profit for the whole fiscal year. The carried survey proved that in the vast majority of cases, the proposed benchmarks are not a good reference for the interpretation of the remuneration determination process. Also a disturbing discrepancy of changes in salaries and the company’s results was detected. Finally, the best and the worst companies was pointed, from the point of view of the management salary policy proposed at the beginning.