A Final Note
To conclude this case, we
use a comment from Robert A.G. Monks, one of your authors:
"This is a great opera
with many themes! I find that Grasso illumines with
almost unique clarity the structural elements that account
for a compensation system out of control.
||Asymmetry of interest,
knowledge and attention between the recipient and
those responsible for setting pay.
||Ultimate payers are
diverse, invisible, fractionated to the point there
is no one who FEELS the money is coming out of their
Availability of power in the payee
||Power to hire
experts lawyers, pay consultants
who all have ambitions for future work
||Power in the NYSE
situation over the payers through regulatory
||Control over the
choreography of meetings the corporate
secretary and counsel work for the MAN.
||Utter misuse of comparables
nobody actually knows what is being paid
schemes which are never presented in their totality"