Word: compensationitis
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
Meyer, who designed HMC’s compensation system, believes it is sound. On top of a base salary around $400,000, the incentive-based system provides managers with bonuses when they outperform their benchmarks.
But the criticism became a thorn in the side of University President Lawrence H. Summers and other top Harvard administrators. D. Ronald Daniel, then Harvard’s treasurer, and Donella M. Rapier, vice president for alumni affairs and development, both wrote letters defending the University’s compensation...
Nonetheless, after public pressure and the announcement of annual salaries that soared to record highs after a successful year, Harvard capped maximum compensation for fund managers in March 2004.
Meyer’s decision was partially motivated by public scrutiny over the compensation that he and other top Harvard managers have raked in—sums that range from $5.8 million to $25.4 million.
“Nobody at HMC likes the idea that the world knows what our compensation is,” Meyer says. “It affects the way your friends see you, the way your children are treated at school.”