■本报见习记者 李 文

s the trainee reporter li wen

　　对于精英人才聚集的金融企业来说，一方面要用高薪吸引人才，另一方面要面对外界对于高薪的质疑与监督。想要在二者之间实现平衡，实属不易。其实，无论就薪酬水平还是复杂度而言，国外金融企业一直居于领先地位，其面临的问题以及解决的方式也极有代表性。他山之石，可以攻玉。国外的金融企业在薪酬决策、结构设计、股权激励、信息披露等方面一些思路和实践，值得我们借鉴。

For the elite talents gather for financial enterprises,On the one hand to attract talent by offering high salary,On the other hand to face the outside world for highly-paid questioned and supervision.Want to achieve balance between them,Is not easy.In fact,Whatever is in the level of salary or complexity,Foreign financial enterprise has always been occupies the leading status,The problems they faced, and the solution the way also is very representative.stones from other hills,May attack the jade.Foreign financial enterprises in salary decision/structure design/stock ownership incentive/Information disclosure some aspects of thinking and practice,Worth our using for reference.

　　记者了解到，国外券商在券商高管薪酬递延支付方面采用是“复合型”的方式，就是除了现金的递延支付之外，还有股票之类的，方式特别多，国内券商也是在逐步地借鉴国外的这些做法。德勤中国高管薪酬研究中心首席顾问王允娟向记者表示，瑞银证券在高管薪酬递延支付方面做的比较好，在金融危机以后，该公司率先提出了薪酬改革事项。

The reporter understands,Foreign securities trader in the securities trader executive pay deferred payment is the"compound"way,Cash is in addition to the deferred payment outside,There are stock and so on,Way much more special,Domestic securities trader is in step by step to use for reference foreign these practices.Deloitte China executive pay research center chief adviser WangYunJuan told reporters,Ubs securities in executive pay deferred payment aspects do better,After the financial crisis,The company takes the lead in putting forward the salary reform matters.

　薪酬追回机制范围扩大 salary recover mechanism expanded

　　据了解，瑞银证券的高管薪酬主要分为两个部分，即固定薪酬和奖金，这一点与国内的一些券商差不多。在奖金的部分中，40%为现金支付，按照“60%：20%：20%”的比例分3年递延发放。另外60%为股权支付，分别通过“业绩股票单位计划”和“高管持股计划”在3年和5年后逐步归属。

It is understood,Ubs securities executive pay is mainly divided into two parts,Namely fixed salary and bonus,This point and domestic some brokers almost.In the part of the prize money in,40% for cash payment,According to the"60%:20%:20%"The proportion of three years deferred issue.Another 60% to equity to pay,Respectively through the"Performance stock unit plan"and"Executive stock ownership plan"In three years and 5 years gradually ownership.

　　业内人士表示，从长远来看，股权支付使高管手中持有的大量股票能够伴随公司未来业绩变化不断波动，而递延支付则为未来薪酬兑现时公司根据业绩对其进行调增或扣减预留了空间，从而共同确保薪酬与真实业绩的长期关联。

The personage inside course of study says,In the long run,Equity to pay that executives hand held a large number of stock can accompany the future performance change constantly fluctuation,And deferred payment for the future when the cash compensation according to the performance of the adjustable augmented or deduction to reserve a space,Thus common ensure compensation and the real performance of the long-term association.

　　无论是现金还是股权形式的奖金，在兑现时瑞银都会根据公司业绩按照约定的机制进行调增或扣减，以杜绝发放违反初衷的激励出现。除此之外，一直普遍存在但少见实施的“薪酬追回条款”在瑞银也得到了较早执行。据悉，2011年由于盈利未达到预定标准，投资银行的CEO不得不返还50%的高管持股计划下的股票奖励。

Whether in the form of cash or stock bonus,In cash when ubs will according to company performance, in accordance with the contract, the mechanism of adjustable augmented or deduction,To put an end to issue in violation of the purpose of the incentive appear.In addition,Has been widespread but rare implementation"salary recover clause"In ubs also had earlier executive.It is reported,In 2011, due to not to the expected profit standard,The investment bank's CEO had to return to 50% of the executive stock ownership plan of stock bonus.

　　薪酬追回机制在今年被更多企业执行。

salary recover mechanism in this year is more enterprise executive.

　　摩根大通银行首席执行官杰米·戴蒙6月份在出席一个国会听证会时在他的证词中表示，对该银行此前披露的20亿美元交易巨亏负有责任的资深银行高管将可能被摩根大通追回部分薪酬。戴蒙表示，根据摩根大通的政策规章，奖励给高管的股票和红利将能够被该银行追回。他表示这一规定此前从未被引用过。

Jpmorgan chase bank chief executive officer jamie Damon in June at a congressional hearing in his testimony said,To the bank after the disclosure of $2 billion trade giant wronged responsible senior bank executive may be Morgan chase recover part of the compensation.Damon said,According to jpmorgan chase's policies,Awarded to executive stock and bonus will be able to recover the bank.He says it is a regulation had never been cited.

　　今年4月份，花旗集团股东们投票反对一项承诺支付数千万美元给首席执行官潘伟迪及其他董事的薪酬方案。潘伟迪去年的薪酬总计1500万美元，包括170万美元的工资，530万美元的现金奖金，延迟支付的400万美元股票，以及延迟支付的400万美元现金。他还将收到数百万美元的绩效奖金，该绩效方案已遭到批评。花旗集团表示，在达拉斯召开的年度股东大会上，约55%的股东对该方案投了反对票或弃权票，这项投票结果并无约束力。花旗集团成为美国第一家在“薪酬话语权”投票中遭遇大多数不赞成的大银行。据悉，也是标准普尔500指数(S&P 500)成份股企业中仅第12家未能通过该投票的企业。

In April this year,Citigroup shareholders voted against a promise to pay the tens of millions of dollars to the chief executive PanWeiDi and other directors salary plan.PanWeiDi last year's salary to a total of us $15 million,Including a salary of $1.7 million,5.3 million dollars in cash bonus,Delay to pay $4 million shares,And delay to pay $4 million in cash.He also will receive millions of dollars worth of performance bonus,This performance scheme has been criticized.Citigroup said,In Dallas held its annual meeting,About 55% of the shareholders voted against the plan or abstention vote,The vote is not binding upon both parties.Citigroup became the first one in"Compensation right"Vote encounter most did not approve of the big Banks.It is reported,Is the standard &poor's 500 index(s&P 500)Component in the enterprise only 12th house failed to pass a vote of the enterprise.

　　几乎在同一时间段，在股东压力下，巴克莱首席执行官(CEO)鲍勃·戴蒙德主动放弃2011年奖金的一半。

Almost in the same period,In the shareholders under pressure,Barclays chief executive(CEO)Bob diamond, the initiative to give up half of the prize in 2011.

欧洲银行收紧薪酬制度 European Banks to tighten salary system

　　近期，国外金融市场上，迫于监管当局和投资者的压力，欧洲银行纷纷收紧薪酬制度。

recent,Foreign financial market,Regulators and investors under the pressure,European Banks are tightening salary system.

　　有外媒报道称，作为瑞士资产规模最大的银行，UBS正在考虑一系列举措，包括参照固定薪酬或银行净利润设置高管奖金上限，将递延薪酬的发放时间延长到5年，以及将绝对薪酬水平与同行企业平均值挂钩。

Have the media reports say,As switzerland's biggest bank asset scale,UBs is considering a series of measures,Including reference fixed salary or bank net profit set limit executive bonuses,Will be deferred compensation distribution time extension to 5 years,And the absolute salary level and peer enterprises average hook.

　　近日，德银新管理层公布削减开支及巩固资本计划，包括重新检讨薪酬架构，以便2015年前节省45亿欧元。该行寻求2015年前提升税后股本回报至至少12%；其上半年税后股本回报为7.4%。新方案将增加裁员规模，多于原定1900人的目标。花旗集团方面，董事会预期将在今年秋天决定如何调整明年的薪酬安排从而获得投资者的广泛支持。

recently,German silver new management announced cut costs and consolidate capital plan,Including reviewing salary structure,2015 years ago in order to save 4.5 billion euros.The bank for 2015 years ago ascension after-tax return on equity to at least 12%;In the first half of the after-tax return on equity is 7.4%.The new scheme will increase the size of layoffs,More than 1900 people for the goal.Citigroup aspects,The board of directors in this year is expected to fall to decide how to adjust next year's salary arrangement so as to gain investors broad support.

　　欧洲和美国的投资者正变得越来越主动，他们反对向利润和股东回报下滑的银行的高管支付巨额薪酬。他们呼吁对奖金和激励计划附加更严格的绩效条件。

European and American investors is becoming more and more active,They opposed to profit and shareholder returns decline bank executives pay huge pay.They called for additional bonus and incentive plan more strict performance condition.

政策补位是前提 Who is the precondition for policy

　　虽然一些薪酬结构设计的思路在国际上较为通行，但国内券商能否借鉴仍取决于诸多因素。以金融业为例，由于股权激励监管较为严格，而且在政策上，金融企业做股权激励还缺乏一些支持，业内人士认为，金融企业很难充分使用股权激励这一中长期激励机制，不得不继续依赖的现金薪酬进行。

Although some salary structure design train of thought in the world more traffic,But the domestic securities trader can reference still depends on many factors.In the financial industry as an example,Due to the stock ownership incentive regulation more strictly,And in policy,The financial enterprise do equity incentive is the lack of some support,The personage inside course of study thinks,The financial enterprise hard to make full use of equity incentive the long-term incentive mechanism,Have to continue to rely on cash compensation to.

　　同时从目前的递延支付实践来看，据悉，企业普遍还是参照《商业银行稳健薪酬监管指引》等监管政策，在时间上满足了递延支付条款，但业内人士表示，这种做法在兑现时很难看到根据业绩进行调增或扣减的实际操作，因此只要熬到相应时间，无功无过的高管也可领取原递延的绩效薪酬，从某种程度来讲，割裂了薪酬支付与公司业绩的联系。其次，国内的一些特殊情况也增加了高管薪酬的复杂度。

At the same time, from the current deferred payment practice to see,It is reported,Enterprise common or reference[Commercial Banks robust salary regulatory guidelines]Regulatory policy, such as,In time to meet the deferred payment terms,But the personage inside course of study says,This kind of practice in cash when it is difficult to see according to performance tuning augmented or deduction of the actual operation,so as long as have the corresponding time,Reactive without transgression executives also can get the original deferred performance salary,In some extent,,split the salary payment and company performance contact.secondly,Domestic some special circumstances also increased the complexity of the executive pay.

　　在本次的《证券公司治理准则(试行)》征求意见稿中，并没有将股权激励纳入其中。德勤此前的一项研究显示，我国的上市员工持股计划的配套政策需要进一步完善，需要多部委机构的协调，以更加有力推进员工持股计划操作与实施。

In the[securities corporate governance standards(trial)]In the draft,And not included in the stock ownership incentive.Deloitte a previous study shows,Our country appear on the market employee shareholding plan supporting policies need further improvement,Need more ministries and commissions mechanism of coordination,With a more powerful propulsion employee stock ownership plan operation and implementation.