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GSもMSも長期の業績評価に

日経2009/05/27朝刊7面「アメリカ 再生への道 高額報酬 高まる批判」より。

こないだのアメリカのバブルでは、金融業界に勤める労働者が高額報酬を受け取って、勝ち逃げしていることが批判されています。契約としてそれが正しくとも、短期的に利益をあげればよいという姿勢は、金融業界にとってもよろしくない。お金を預けてもらえなくなるから。

ということで、ゴールドマンサックスもモルガンスタンレーも報酬体系を見直しているそうな。

  • ゴールドマンサックス
    • 従業員は長期の業績で評価し、報酬は現金と株式による後払いを組み合わせる
  • モルガンスタンレー
    • クローバック(回収)という制度を導入。報酬の一部は支払いを3年後に繰り延べ、その間に損失を出した従業員は繰り延べ部分の報酬を受け取れない

さすが経済の専門かだけあって、「インセンティブ」をうまくりようした制度。

ただ、「長期」というのが何年なのかというのは難しい。モルガンスタンレーは3年と置いていますが、バブルが3年以上続くとやっぱり「バブルの勝ち逃げ」が出来てしまう。そして前回のバブルは3年以上続いていたんじゃ無かろうか。だけど5年というレベルになると、国債のレベルのスケールの話をしている。

一番のネックは、こういう投資銀行にお金をあずける人(年金含む)が本当に長期的な成果を要求するのかということ。明らかに必要な増税の議論は先に延ばすわ、長期的には体に悪いと分かっているたばこはやめられないわと、ウォール街でなくても人間というのは目先の満足によりがち。

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