Paul Lachine

Bonus a riziko

CHICAGO – Evropský parlament schválil na svém červencovém zasedání pravidla vyplácení bonusů bankéřům, z nichž některá patří k nejpřísnějším na světě. Cílem je omezit riskování finančních institucí.

Nová pravidla vyžadují, aby se v hotovosti vyplácelo maximálně 30% bonusů, aby se výplata 40-60% bonusů odložila nejméně o tři roky a aby se nejméně 50% bonusů investovalo do „podmíněného kapitálu“, nové formy dluhu, kterou lze proměnit v majetek, když se finanční společnost ocitne v tísni. Nejvíce novátorským aspektem těchto nových pravidel je skutečnost, že se omezení netýkají pouze nejvyšších šéfů finančních institucí, nýbrž všech topmanažerů (ačkoliv definice topmanažera byla přenechána národním parlamentům).

Tento významný zásah do smluv mezi soukromými partnery se ospravedlňuje tím, že bonusy mohou mít systémový efekt. Vysoké platy v bankovním sektoru podle této argumentace odměňují úspěch, ale netrestají selhání. Když se situace vyvíjí špatně, mohou manažeři snadno přecházet z firmy do firmy a vyhýbat se jakémukoliv trestu. Tento systém odměňuje manažery za podstupování rizik i v případě, že jsou tato rizika nadměrná. Uvedené pokřivení je vnímáno jako jedna z hlavních příčin finanční krize z roku 2008.

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