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External Partners Alumni Search Submit Return to home Search Search About About Olin Home Why Olin Equity, Diversity & Inclusion Leadership & Strategy News & Media Events Contact Us Programs Programs Home Explore Our Programs BS in Business Administration MBAs Specialized Master's Doctoral Executive Education Dual Degrees Faculty & Research Faculty & Research Home Faculty Directory Research Research Centers Olin Brookings Commission Olin Award Student Resources Student Resources Home Career Services Center for Experiential Learning Entrepreneurship Academic Calendars Student Organizations For Current Students For Military Veterans Admissions Admissions Home Scholarships & Aid Attend Program Events Visit Olin Ask a Student Student Profiles Request Information Refer a Candidate External Partners Alumni Gopalan, Horn, Milbourn score CNN commentary based on Shell news, HBR article December 18, 2018 By Guest Blogger 2 minute read WashU Olin's Radhakrishnan Gopalan, John Horn, and Todd Milbourn Home News Gopalan, Horn, Milbourn score CNN commentary based on Shell news, HBR article At a time when governments are struggling to find broad and economically workable responses to climate change, Royal Dutch Shell announced in early December that it would tie executive compensation to short-term carbon emissions targets in 2020. Whether this was a purely altruistic move aimed at corporate social responsibility or a response to investor pressure, it&＃8217;s more likely to affect Shell&＃8217;s greenhouse gas emissions than any press release or quarterly earnings statement. This is an excerpt from a CNN Business commentary written by Olin&＃8217;s Radhakrishnan Gopalan, John Horn, and Todd Milbourn, applying their research and conclusions from a Harvard Business Review article to a current news story. As we explained in a&＃160;Harvard Business Review&＃160;article, data from almost 1,000 firms strongly indicate that, on average, CEOs and other senior executives manage to the targets set in their compensation packages. The CNN op-ed by Gopalan, Horn, Milbourne. The upside: Compensation incentives work. The downside: If designed incorrectly, these pay-for-performance contracts can incentivize perverse behavior. The research shows that, more often than not, executives manage up to the target and stop, and some purposefully adjust costs in order to meet the performance goal. However, companies can take steps to minimize the downside risk. They can use multiple metrics; increase payouts at a constant rate and adjust for risk; reward performance relative to competitors; and include nonfinancial targets. Shell is implementing two of these four with its new pay-for-performance scheme: multiple metrics and nonfinancial targets. Read the full op-ed from the Olin professors on CNN Business&＃8217;s website. Gopalan&＃160;is professor of finance at the Olin Business School and academic director of the IIT-Bombay-Washington University Executive MBA program.&＃160;Horn&＃160;is a professor of practice in economics.&＃160;Milbourn&＃160;is vice dean and Hubert C. & Dorothy R. Moog Professor of Finance. About the Author Guest Blogger From time to time we have professors, students, staff, alumni, or friends who are not regular contributors, but want to share something with the community. Be sure to look at the bottom of the post to see the author. Contact Us For assistance in finding faculty experts, please contact Washington University Public Affairs. Monday&＃8211;Friday, 8:30 to 5 p.m. Sara Savat, Senior News Director, Business and Social [email protected] &＃160; Kurt Greenbaum,Communications [email protected] Twitter: WUSTLnews Share article Apply Now Visit Us Request Info One Brookings Drive, St. Louis, MO 63130-4899 [email protected] 314-935-7301 News & Media Events Faculty Directory WashU Center for Career Engagement Washington University home Olin Links Sitemap Privacy Policies Title IX Accessibility ©2024 Washington University in St. Louis