Wednesday, February 11, 2009

賓架花紅慘變政治武器

薪高糧準一向是打工仔的願望,但公司生意一落千丈,兼且不知道份工能否保得住,遑論加人工?畢馬威(KPMG)訪問了892名英國僱主後亦發現,36%僱主計劃在第一季向員工開刀,削減人手,夠膽逆市加人手的只有27%。至於薪酬就更加悲哀,估計平均加幅僅2.6%,較08年的3.5%足足不見了近一個百分點,而每8個僱主中,更有1個話無意做薪酬檢討工作,從好的方面看,或許代表繼續凍薪,不用擔心會減薪吧!

不過,銀行業的花紅制度反而受到政府關注,畢竟政府做股東,只要觸及納稅人神經的,都會成為政客關注的地方,像美國總統奧巴馬話要控制這些高層的薪酬,年薪上限50萬美元(約390萬港元),其他獎勵要以發行股份支付,就是一個絕佳例子。英國首相白高敦更不客氣地話:「做錯嘢不會有回報!」

表面看,市民定必高興拍掌,因為那些害人不淺的賓架終於受到制裁,但最恐怖的後果是,政府這隻有形之手正不斷阻擋市場自然調整能力,兼且未有針對問題核心去解決。面對這種場面,連《金融時報》的Lex專欄也要出聲,話當銀行業屬於私人企業時,花紅確實過高,而銀行今日被政府入股後,納稅人也有份,花紅金額就顯得更加高,故在公眾對金融市場如此討厭情況下,政客更易話賓架有份工已經屬萬幸,不要再想花紅了。

誠然,按照紐約州那份華爾街大行花紅報告看,08年花紅總額有184億美元(約1,435.2億港元),比07年跌44%,但仍屬1985年統計以來,第六大的花紅金額。需注意這些花紅還包括中下層員工分享的,以平均數計,每人實得11.2萬美元(約87.3萬港元),反映並非人人分得巨額厚利。

其實,金融海嘯的兇手並非所有金融業員工,有些低層員工根本無法左右大局,可惜公司削肉,甚至被吞併時,卻慘成犧牲品,職位不保的畫面隨處可見,故應重新檢討這種花紅制度,而非一刀切去設定一個人人一樣的金額,因釐定準則欠奉外,亦失去工作積極性,更大問題是長遠如何吸納人才,亦頓成疑問,想恢復元氣也不易。

Lex更認為,這種硬性制度亦會令銀行的成本結構缺乏彈性,故提出建議,索性取消花紅制度,只保留獎勵計劃,但需將獎勵與股東利益掛鈎外,亦要避免參與風險過高的投資,不要再重蹈覆轍。禤中怡亦認為世上沒有一套完美的獎勵計劃,但企業管理層和董事局應自行制定合理制度,投資者自然會決定是否投信心的一票。過去有上市公司虧損,但仍發巨額董事袍金,你見到這種情況,還會投資嗎?

最令人憂慮的是,政府干預一次後,未來就會不斷伸手找東找西來管理,銀行董事會根本難以控制經營運作,最樂觀的,希望不會出現雙頭馬車,否則銀行在管理上肯定產生更多問題,故此滙豐控股(005)和渣打(2888)怎也不接受政府注資,亦有其道理。

(2月11日刊於《am730》)

10 Comments:

At 10:42 AM, Blogger Jacky Wong said...

呢個唔係干預定唔干預既問題,政府真金白銀擺錢入去,就好有責任保障納稅人既錢用得其所。若果你自己開公司,請個人做經理,你都唔會由得佢亂花錢。特別依家政府放錢入銀行度唔係一個正常既投資,而係有特別既經濟目的(成功與否另作別論),咁又點能夠話任市場作主呢?別忘記,若由市場作主,跟本很多銀行已經倒閉。

 
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