Paul Lachine

Cómo pagar a un banquero

CAMBRIDGE – La Junta de Gobernadores de la Reserva Federal de los Estados Unidos aprobó recientemente una norma conforme a la cual los supervisores de bancos, los guardianes de la seguridad y la solvencia del sistema financiero, examinarían las estructuras de retribución de los ejecutivos bancarios. Las autoridades de otros países están examinando la posibilidad de aprobar –o están aprobando– programas similares, pero, ¿qué estructuras deben procurar fomentar los reglamentadores?

Ahora se acepta de forma generalizada que es importante recompensar a los banqueros por los resultados a largo plazo. Recompensar a los banqueros por los resultados a corto plazo, aunque posteriormente dichos resultados se inviertan, produce incentivos para que corran riesgos excesivos.

Pero vincular las compensaciones a los ejecutivos con los resultados a largo plazo no es una respuesta completa al imperativo que afrontan las empresas y los reglamentadores. La cuestión sigue siendo ésta: ¿resultados a largo plazo para quién?

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