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1、TheFatalFlawinPayforPerformanceManycorporateboards,respondingtoshareholderandpublicpressure,aredesigningpay-for-performanceplanstoholdCEOsaccountable.Butthereisoftenacrucialflawinsuchschemes:Theydon^tpayforperformancewithintegrity・Theomission一evidentfromcompensationcommitteereportsintopcomp
2、aniesproxystatements一isstriking.Corporations,afterall,faceunceasingpressurestomakethenumbersbybendingtherules,andanintegritymisscanhavecatastrophicconsequences,includingindictments,fines,dismissals,andcollapseofmarketcapitalization.Furthermore,performancewithintegritycreatesthefundamentaltr
3、ust一insideandoutsidethecompany一onwhichcorporatepowerisbased.AboardshouldexplicitlybaseadefinedportionoftheCEO'scashcompensationandequitygrantsonhisorhersuccessinhandlingthefoundationaltaskoffusinghighperformancewithhighintegrityatalllevelsofthecompany.Whydon'tboardsdothat?Theymaybeuncertain
4、aboutthemeaningofintegrityandhowtoassessitsintegrationintofinancialperformance.Stepone,then,indesigningpayforperformancewithintegrityisusingthefollowingdefinition:Integrityisauniformcorporateculturewiththreeelements一robustadherencetoformalrules;adoptionofethicalstandardsthatareinthecompanyl
5、ong-termenlightenedself-interest;andemployeecommitmenttohonesty,candor,fairness,trustworthiness,andreliability.SteptwoisfortheboardtoassesswhethertheCEOhasinfusedhighperformancewithhighintegrity.Theboardcandothatbyansweringthefollowingquestions,usinghardanalyticsaswellastheboardmembers5ownj
6、udgment.HastheCEOestablishedcompany-wideperformance-with-integrityprinciplesforwhichthefimTsleadersareresponsibleandaccountable?Examplesoftheseincludedemonstratingcommittedandconsistentintegrityleadership;managingperformancewithintegrityasabusinessprocess;usingearly-wainingsystemstostayahea
7、dofglobaltrends;providingtimely,risk-assessedtraining;andgivingemployeesavoice.HavetheCEOandtopmanagersimplementedtheseprinciplesthroughrobustpractices?Ifleadersdon5tinvesttime,effort,andresourcesinembeddingkeyintegritypracticesinbusinessprocesses,"tonea
