Little did I know that, so soon into my tenure, I’d have a sobering case study to put these questions to the test. I’d often ask my students: are we making sure that executive pay gives managers reason to invest in the long-term development of their workforce and their communities? Or are we paying executives to pursue short-term stock-price spikes rather than long-term growth?
J AND JSTOCK HOW TO
Before I was appointed to the SEC, I was a law professor who spent most of my time thinking about how to give corporate managers incentives to create sustainable long-term value. As Neera mentioned, I’m a recovering researcher. Today, I’d like to share a few thoughts about corporate stock buybacks-and some research produced by my staff that raises significant new questions about this activity. And let me add my own standard caveat, which is that I fully expect someday to convince my colleagues that I am, as usual, completely correct in everything I say and do. I also want to thank my friend Andy Green, who in addition to being Managing Director of Economic Policy here at CAP, has been a critical source of wisdom for me since my swearing in at the Commission back in January.īefore I begin, let me start with the standard disclaimer that the views I’m about to express are my own and do not reflect the views of the Commission, my fellow Commissioners, or the SEC’s Staff. So it’s a real honor to be with you here today. And I share your commitment to making sure our markets are safe and efficient-and fair for all Americans. I’ve long admired all that you and everyone here at the Center for American Progress do to promote a progressive economic agenda. Thank you so much, Neera, for that very kind introduction.
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