Word: compensationitis
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“It’s not a fun thing to have compensation listed publicly,” Meyer says. “Nobody here at HMC likes to have their compensation in the paper.”
COMPENSATION UNDER FIRE
The debate has focused attention on the bonuses earned by HMC’s fund managers, who have seen their compensation rise as the endowment continues to yield staggering returns.
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...