翰威特：以股权为基础的薪酬制度

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1、1 w H 翰威特 Equity-based Pay 以股权为基础的薪酬制度以股权为基础的薪酬制度 2 w H 翰威特 Date of Grant 授予授予时间时间 Date of Exercise 工龄工龄 0 2 4 6 8 10 12 14 16 Gain upon maturation of award 奖励到期时的利得 What Do We Mean by “Equity-Based” Pay? 什么是什么是“以“以股权为基础”的薪酬制度股权为基础”的薪酬制度? Any form of pay arrangement aligned with, or paying out in, s

2、tock 任何以股票形式支付或与股票相关联的薪酬形式任何以股票形式支付或与股票相关联的薪酬形式 The basic payout opportunity works as follows: 最基本的支付形式如下图所示最基本的支付形式如下图所示: : 3 w H 翰威特 7B04812/06jpECTSoh.PPT/01-C -024 06/2000Hewitt AssociatesThe Big Picture总体图总体图Perquisites特殊待遇特殊待遇Qualified and Supplemental Benefits应有福利和补充福利应有福利和补充福利Long-Term Incen

3、tives (Options, etc.)长期奖励计划长期奖励计划 (期权期权, 等等等等)Annual Bonus年度奖金年度奖金Base Salary基本工资基本工资Total Compensation全面薪酬全面薪酬The Entire Pay Picture 整体薪酬图整体薪酬图 4 w H 翰威特 7B04812/06jpECTSoh.PPT/01-C-024 06/2000Hewitt Associates1990-1999 Key Trends in the U.S.1Top Corporate Officers22Average of CEO, CFO, and Law1991

4、Base Salary33%Bonus27%Long-Term Incentives28%Benefits9%Perquisites3%1995Base Salary33%Bonus27%Long-Term Incentives27%Benefits11%Perquisites2%1999Base Salary28%Long-Term Incentives39%Benefits10%Perquisites2%Bonus21%1Average Revenues $2B/Median Revenues $2BThe Entire Pay Picture 整体薪酬图整体薪酬图 5 w H 翰威特 T

5、he Entire Pay Picture 整体薪酬图整体薪酬图 7B04812/06jpECTSoh.PP T/01-C-024 06/2000Hewitt Associates1990-1999 年的美国主趋势年的美国主趋势1 1企业高级行政长官企业高级行政长官22 CEO, CFO的平均数的平均数1991基本工资33%奖金27%奖金计划28%福利9%特殊待遇3%1995基本工资33%奖金27%长期奖金计划27%福利11%特殊待遇2%1999基本工资28%长期奖金计划39%福利10%特殊待遇2%奖金21%1平均收入平均收入 $2B/中位收入中位收入 $2B6 w H 翰威特 Trend T

6、oward Greater Equity Participation for Employees 员工持股已成为全球的趋势 Increasing number of companies have embraced broad-based employee ownership 越来越多的公司实施了广泛的员工持股计划越来越多的公司实施了广泛的员工持股计划 Nonmanagement employees collectively own between 6% and 10% of total corporate equity 非管理层员工总计持有公司全部股票的6%到10% Estimated 3,0

7、00 companies have instituted broad-based option plans since 1989 从1989年开始，大约3,000家公司实施了广泛的员工持股计划 Shares set aside for options at all public companies valued at $600B compared with $60B in 1985 现在所有的上市公司用于股票期权的股票价值已上升到6,000亿美元，而1985年只有600亿美元 41% of large U.S. employers give stock options to at least

8、half of their workforce 41%的美国大型企业向一半以上的员工授予股票期权 7 w H 翰威特 Why Consider Equity-based Pay? 为什么考虑以股权为基础薪酬制度？为什么考虑以股权为基础薪酬制度？ Alignment of shareholders and employees incentive opportunities 统一股东和员工的奖励机会 Forges tighter bond between executives and other employees, as all can be put on a common incentive

9、platform 将管理层和其他员工的薪酬制度紧密结合，使公司所有员工的激励机制趋于统一 Motivate broad group of employees to work toward common goalinspires teamwork 鼓励广大员工向共同的目标前进 - 鼓励团队协作精神 Incentive payouts are a win-win situationpayments occur in direct relation to company performance 激励机制处于“双赢” 状况 - 报酬与企业业绩直接挂钩 Minimizes cash outflow, a

10、s payments are made in equity 由于实施了股权薪酬制度，可以最大限度地减少现金支付 8 w H 翰威特 Financial Reasons for Providing Equity-based Pay 提供以股权为基础薪酬形式的财务因素提供以股权为基础薪酬形式的财务因素 Study by Hewitt Associates and the J.L. Kellogg Graduate School of Management (Northwestern University) (1998): 翰威特公司和西北大学J.L. Kellogg研究生管理学院联合进行的调查 表

11、明(1998年): Companies that instituted employee ownership programs experienced an average annual Return On Assets of 2.6 percentage points greater than industry averages each year of the 4-year study period 对实施了员工持股计划的公司进行跟踪调查的四年当中，其资产回报率比同行业平均水平高出2.6个百分点 Cumulative Total Shareholder Return over 4 year

12、s also 6.9 percentage points greater than comparison group averages 四年中股东回报率要比其他公司高出6.9个百分点 82% of companies reported that ownership program had a significant positive impact on business results 有82%的公司认为，员工持股计划会对经营业绩产生积极影响 Significant correlation between companies reporting positive impact and effe

13、ctive sharing and use of business information 分享公司经营信息并加以有效利用与以股权为基础的薪酬计划紧密关联，而这一薪酬计划会对经营业绩产生积极影响 9 w H 翰威特 Financial Reasons for Providing Equity-based Pay 提供以股权为基础薪酬形式的财务因素提供以股权为基础薪酬形式的财务因素 Joseph Blasi 1996 study: Joseph Blasi1996年调查指出: Significantly higher growth in 10-year average financial per

14、formance where employees own more than 5% market value 当员工所持股票超过市值的5%时，企业的财政业绩明显高于此前10年的平均增长水平 Not true where stock concentrated among top 5 officers 最高级别的五位管理人员持有全部股票的公司未达到这一增长水平 American Capital Strategies: 美国的资本战略: Stock price index of public companies with at least 10% employee ownership outperf

15、ormed broad-based stock indices 员工持股占10%以上的上市公司的股指比全员持股公司的股指要好 In 19921995: 80.19% versus 48.69% for the Dow and 44.87% for S&P 500 在1992-1995年之间，实施员工持股计划的公司和同业公司未实施持股计划的公司相比，道琼斯指数为80.19%:48.69%，S&P500指数为80.19%:44.87%。 10 w H 翰威特 Financial Reasons for Providing Equity-based Pay 提供以股权为基础薪酬形式的财务因素提供以股

16、权为基础薪酬形式的财务因素 According to Fortune Magazines 100 Best Companies survey, of those companies that are publicly traded 财富杂志对世界前100名上市交易公司的调查表明: 60% have implemented broad-based stock option plans; 60%的企业已经实施了广泛的股票期权计划 42% offer options to every employee; and 42%为所有员工提供股票期权 80% of employees at these com

17、panies own company stock 这些公司约有80%的员工拥有公司的股票 11 w H 翰威特 Long-term Incentive Plan Design 设计长期奖励计划设计长期奖励计划 12 w H 翰威特 Overview 概况概况 What are long-term incentives? 什么是长期奖励? “Variable compensation earned over a period of more than 12 months 12个月以上的可变薪酬 Historically, they have taken many forms: 曾在历史上表现出的

18、形式: Nonqualified stock options (NQSOs) 非资格评定的股票期权(“NQSOs) Incentive stock options (ISOs) (circa 1982) 激励性的股票期权(“ISOs)(大约在1982年) Stock appreciation rights (SARs) (circa 1973) 股票增值权(“股票增值权”)(大约在1973年) Performance plans (circa 1975) 绩效计划(大约在1975年) 13 w H 翰威特 Overview 概况概况 Restricted stock (circa 1983)

19、受限股票(大约在1983年) Who gets it? 什么人得到这种奖励呢? Could be as broad as annual incentives and beyond (e.g., stock options) or limited to just officers (e.g., performance shares/units) 可以象所有员工得到年终奖一样广泛，甚至更多(例如，股票期权)或者只限于主管(例如，绩效股份) Almost all major industrials have some long-term incentive plan 几乎在所有的主要产业中，都实行了

20、长期奖励计划 14 w H 翰威特 10%32%4%44%22%12%55%36%15%45%76%26%79%28%0%10%20%30%40%50%60%70%80%90%Phantom Stock虚拟股票Restricted Stock受限股票Performance Shares绩效股票Performance Units绩效单位SARs 股票增值权ISOs 奖励股票期权NQSOs非资格评定的股票期权1989 Prevalence1999 PrevalencePrevalence 普遍性普遍性/ /相关值相关值 Almost all major industrials have some

21、long-term incentive plan 几乎在所有的主要产业中，都实行了长期奖励计划 Prevalence: 普遍性: 15 w H 翰威特 $0$40$80Date of grantDate of exerciseDate of sale Ordinary Income at Date of Exercise 行权时的一般收入 Purchase price 购买价格 Capital gain at date of sale 出售时的资本利得 Description of Stock Options 股票股票期权期权 NQSOs 非资格评定的股票期权 Stock optionrigh

22、t to buy stock at a fixed price over a specified period of time 股票期权 - 在规定的时间段内，以固定价格购买股票的权利 授予日 行权日 出售日 16 w H 翰威特 Description of Stock Options 股票股票期权期权 Eligibility levels 资格水平 Average (percentage of exempt) 21.0% 平均(专业水平的百分比) 21.0% Median (percentage of exempt) 9.6% 中位(专业水平的百分比) 9.6% 17 w H 翰威特 De

23、scription of Stock Options 股票股票期权期权 Many companies go much deeper 许多公司做得更加深入 “All-employee option plans “全体员工”的期权计划 Hi-tech, start-ups, IPOs 高科技、创业公司、IPOs公司 Recent data suggests that well over 6 million U.S. employees have received stock options (up from 2.5 million in 1992) 最新数据显示，现已有超过600万的美国员工持有公

24、司股权(从1992年的250万不断上升) 18 w H 翰威特 Description of Stock Options 股票股票期权期权 Grant frequency 授予频率 Annual 89% 每年 89% Other 11% 其它 11% Maximum exercise period: 91%10 years 最长行权期限: 91%10年 Annualized size of awards 年度奖励规模 90%699% + of salary 工资的90%699% Calculated as: 按如下公式计算: Fair market value price number of

25、options/frequency Base salary 市场公平价值所持股票的数目/频率 基本工资 19 w H 翰威特 Description of Stock Options 股票股票期权期权 Vesting 等候期 Uniform percent per year 64% (每年)按比例 64% 25% 33% 33.3% 45% 50% 9% 20% or less 13% Other restrictions/performance vesting 3% 其它受限股票和绩效股票的等候 3% Cliff vesting 22% 一次付清期 22% 20 w H 翰威特 Descri

26、ption of Restricted Stock 受限受限股票股票 Stock issued to an executive in connection with performance of services to company 授予高级管理人员的，与公司业绩挂钩的股票 Shares issued at no cost to executive 授予时高级管理人员不支付股票的费用 Ownership of stock subject to restrictions 股票的所有权是“受限的” Stock usually vests upon continued employment for

27、 certain period (typically 35 years) 股票“等候”通常要求员工为公司服务满3至5年 Unvested shares are forfeited upon termination of employment during restriction period 当员工在股票受限期内离开公司时，未到期的股票将被没收 21 w H 翰威特 $0$40$80Date of grantDate restrictions LapseDate of sale Ordinary income at date restrictions lapse Capital gain at

28、 date of sale Description of Restricted Stock 受限受限股票股票 Restricted Stock 受限股票 限制解除日时的一般收入 出售时的资本利得 授予日 限制解除日 转让日 22 w H 翰威特 Description of Restricted Stock 受限受限股票股票 Eligibility 适用对象 Average (percentage of exempt) 11.9% 平均(专业水平的百分比) 11.9% Median (percentage of exempt) 2.0% 中位(专业水平的百分比) 2.0% 23 w H 翰威特

29、 Description of Restricted Stock 受限受限股票股票 Grant frequency 授予频率 Annual 27% 每年 27% 35 years 5% 3-5年 5% 1 time only 37% 仅有1次 37% Size of awards10%81% + of salary 奖励规模 - 工资的10%-81%+工资 24 w H 翰威特 Description of Restricted Stock 受限受限股票股票 Length of restriction period 限制期 Cliff vesting most common; average

30、4 years 一次付清是最普遍的：平均为4年 Incremental vesting; 25 years 可延长等候期的受限股：25年 Dividends typically paid during restriction period 在股票受限期内仍享有红利 Termination of employment 雇佣关系终止 Death/disability/retirementfull vesting 死亡/丧失劳动能力/退休 - 全部按等候期规定进行 Other terminationscomplete forfeiture 其它原因 - 全部没收 25 w H 翰威特 70%20%1

31、0%Stock Options 股票期权股票期权Performance Plans 绩效计划绩效计划Restricted Stock 受限股票受限股票Key Trends 主要趋势主要趋势 Among Fortune 100 Companies: 财富100强企业之中: Long-term incentive economic values have grown about 20% per year over the last 10 years 在过去10年中，长期激励价值以每年20%的速度递增 More emphasis on stock options; clearly largest s

32、ingle piece of total compensation pie 更注重股票期权; 占全面薪酬的绝大部分 Top Corporate Officers1999 高级管理人员 - 1999 26 w H 翰威特 Sales Size销售规模销售规模Average Long-Term Vehicles平均长期方案平均长期方案Under $1.0 billion低于$10亿1.3$1.0$2.4 billion$10 - $24亿1.6$2.5$4.9 billion$25 - $49亿2.0$5.0$9.9 billion$50 - $99亿2.1Over $10.0 billion超过

33、$100亿2.3Key Trends 主要趋势主要趋势 Most companies offer multiple long-term vehicles 更多公司提供多种长期激励计划 Number of plans varies by sales size: 方案数量按销售规模而定: The most common combination is stock option awards in combination with performance-based awards and/or restricted stock awards 股票期权奖励同以绩效为基础的奖励或限制股票奖励相结合是最佳的

34、组合方式 27 w H 翰威特 Key Trends 主要趋势主要趋势 Dilution issues 股权稀释问题 Growth in use of stock options and other share-based plans has resulted in big dilution levels 股票期权和其他以股票为基础的计划的广泛应用导致了股权稀释度增加 10%12% “overhang 1 is now typical 10%12%的 “剩余股票率”1 如今十分普遍 Many companies are approaching 20% overhang 很多公司采用20%的“剩

35、余股票率”的做法 Boards are challenging these dilution levels asking, How much does it take to instill a shareholder value orientation? 董事会对稀释问题提出质疑：“到底需要多少才能灌输股东价值导向？ Management is struggling to address competitive pay needs with levels of share usage 管理层试图用股票占有层次来阐述具有竞争性的工资的需求 1 Overhang = Outstanding une

36、xercised options + shares reserved for future grant Shares outstanding 1剩余股票率 = 已发行但未行权的期权 + 用于将来授予而置留的股票 已发行股票 28 w H 翰威特 Stock OptionsPerformance Cash PlansRestricted Stock股票期权绩效现金计划受限股票Shareholder value focus注重股东价值High高Moderate中Moderate中Executive ownership高级管理人员所有权Moderate 中Low低High高Recognition a

37、wards专门贡献奖High高Low低High高Long-term Incentive Considerations 长期奖励计划需要考虑的因素长期奖励计划需要考虑的因素 Compensation objectives 薪酬目标： 29 w H 翰威特 Stock OptionsPerformance Cash Plans Restricted Stock股票期权绩效现金方案受限股票Compensation risk薪酬风险High高Moderate中Low低Pay for performance绩效奖励Moderate中High高Low低Retention留任员工Moderate中High高High高Stock ownership股票所有权High高Low低High高Cash flow现金流量Negative/neutral负/中位Positive正Negative/neutral负/中位Long-term Incentive Considerations 长期奖励计划需要考虑的因素长期奖励计划需要考虑的因素 Impact on executives: 对高级管理人员的影响: