Paul Lachine

Il rischio dei bonus

CHICAGO – Durante la sessione di luglio, il Parlamento Europeo ha approvato una serie di regolamenti, tra i più severi al mondo, sui bonus elargiti ai banchieri con l’obiettivo di limitare i rischi operativi da parte degli istituti finanziari.

In base alle nuove norme, il 30% dei bonus dovrà essere pagato in contanti, la somma corrispondente al 40-60% dovrà essere dilazionata perlomeno in tre anni, mentre almeno il 50% dovrà essere investito in “capitale contingente”, una nuova forma di debito che prevede la conversione in azioni nei momenti di difficoltà delle aziende. L’aspetto più innovativo di queste nuove regole è che le restrizioni non vengono applicate solo ai direttori generali degli istituti finanziari, bensì anche a tutti i top manager (sebbene la definizione di top manager dipenda dai contesti parlamentari nazionali).

La presunta giustificazione per questa significativa interferenza nell’attività privata è la conseguenza sistemica che questi bonus possono avere. Gli stipendi elevati del settore bancario, così viene argomentata la questione, premiano i successi ma non penalizzano i fallimenti. I manager bancari sono, infatti, liberi di cambiare azienda nei momenti di difficoltà, evitando in tal modo qualsiasi forma di punizione. Il sistema premia i manager per correre dei rischi anche quando il rischio è eccessivo, il che è sintomo di un’alterazione percepita come una delle principali cause della crisi finanziaria del 2008.

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