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Paying CEOs for What Performance?

America's boards of directors are transfixed on a myth, says Michael Dorff, a professor at Southwestern Law School in Los Angeles.They think they are paying their chief executives for performance. They're not."If oil goes to $150 a barrel, is the CEO of Chevron a genius?" he asks. "When oil then falls from $150 to $100, does that make the CEO of Chevron an idiot?"How about when a raging bull market sends stocks of the nation's biggest companies soaring--or when an economic crash sends them spiraling--should CEOs be rewarded or punished for that?How about when a CEO borrows billions--because the Federal Reserve is flooding the world with cheap dollars--and uses those funds for stock repurchase plans, or to pay higher dividends? Is that why CEOs are supposedly worth the millions that their shareholders end up paying them?Mr. Dorff, who has been studying CEO pay for more than 10 years, has come to a simple conclusion: This thing we've come to think of as "performance pay" should be abolis...

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