Paul Lachine

Бонусный риск

ЧИКАГО. На своей июльской сессии европейский парламент одобрил некоторые из самых суровых норм в мире, касающихся бонусов, которые выплачиваются банкирам. Целью этого было обуздать желания финансовых учреждений брать на себя повышенные риски.

Новые нормы требуют, чтобы банкирам выплачивалось наличными не более 30% премиальных, чтобы выплата 40-60% была отложена, по крайней мере, на три года и чтобы хотя бы 50% были инвестированы в “долевой капитал”, новую форму заемного капитала, которая конвертируется в собственные средства, когда финансовая компания находится в затруднительном положении. Самым новаторским аспектом этих новых норм является то, что ограничения касаются не только главных исполнительных директоров финансовых учреждений, но и всех топ-менеджеров (хотя определение того, кто является топ-менеджером, делегируется национальным парламентам).

Сомнительным оправданием для такого большого вмешательства в частные соглашения является тот эффект, который могут оказать эти бонусы. Высокая оплата в банковском секторе, как приводится в аргументах, является наградой в случае успеха, но не является наказанием в случае провала. Менеджеры могут легко переходить из фирмы в фирму, если дела обстоят неважно, избегая наказания. Эта система награждает менеджеров за принятие рисков, даже когда риск избыточен. Считается, что это отклонение является одной из самых главных причин финансового кризиса 2008 года.

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