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Incentives in a Downturn

 
Stephen Woodhouse of Deloitte considers the extent to which tax is still a relevant issue in remuneration planning
 
Remuneration issues have been prominent in the discussions of the 'credit crunch'. The 'bonus culture' has been highlighted as encouraging undue risk while the furore over the pension entitlements of Sir Fred Goodwin continues to occupy front page column inches. Shareholders continue to be active in challenging the conclusions of remuneration reports as demonstrated at Shell and in other remuneration committees.
 
At the same time the value of many benefits held by executives has diminished substantially as a result of falling stock prices.
The Impact of Tax
 
At such times tax can seem an...
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