原文標(biāo)題
Executive pain
Nothing to whinge about
Is London suffering because bosses there are paid too little?
高管的痛苦
沒什么可抱怨的
倫敦的高管們是否因?yàn)樾劫Y不高而不滿？

Pay for bosses in Britain falls far behind America. Tough luck
英國高管們的薪酬遠(yuǎn)遠(yuǎn)低于美國，運(yùn)氣不好

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BRITAIN’S BOSSES are in a funk. Last year, one-tenth of the CEOs running FTSE 350 companies stood down, more than double the tally for 2021.
英國高管們情緒低落。去年，富時350強(qiáng)公司的CEO中有十分之一離職，這一數(shù)字是 2021 年的兩倍多。

The number of listed companies in London has fallen by two-fifths since 2008. Some of the country’s most treasured companies, such as Arm, a chip designer, are defecting to Wall Street.
自2008年以來，倫敦上市公司數(shù)量減少了2/5。一些英國最珍視的公司，如芯片設(shè)計公司Arm，正在轉(zhuǎn)向華爾街。

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Many factors lie behind the malaise.
萎靡不振的背后有許多因素。

Could relatively paltry pay for those in charge be a big one? At first glance, yes.
管理層的相對低薪可能是其中一個重要原因嗎？乍一看，是的。

America’s top earners are vastly better rewarded than those in Britain.
美國高管們的薪酬比英國高管們高得多。

Take the extraordinary case of Laxman Narasimhan, who used to run Reckitt Benckiser, a London-listed consumer-goods giant.
以拉克斯曼·納拉辛漢為例，他曾是倫敦上市的消費(fèi)品巨頭“利潔時”的高管。

In that job, in 2021, he got by (somehow or other) while earning ￡4.7m ($6.5m), excluding his bonus.
2021年，他在該職位上的年薪為470萬英鎊（約合650萬美元），不包括獎金。

When he decamped last year to become the CEO of Starbucks he accepted a package, over $28m, that more than quadrupled his compensation.
去年他轉(zhuǎn)任星巴克CEO時，他接受了2800多萬美元的薪酬待遇，是上份工作的四倍多。

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That pay gap was not exceptional. Average rewards are far higher over the Atlantic.
這種薪酬差距并不罕見。大西洋彼岸的美國平均報酬要高得多。

Chiefs of S&P 500 companies enjoy compensation typically more generous than Mr Narasimhan’s: combine salary, bonus, stock awards and other perks and the median package is worth about $33m (￡26m).
標(biāo)準(zhǔn)普爾500強(qiáng)公司的首席執(zhí)行官的薪酬通常比納拉辛漢的薪酬更高：綜合工資、獎金、股票獎勵和其他福利，薪酬中位數(shù)約為3300萬美元（2600萬英鎊）。

That’s double the going rate of ￡13m for those running FTSE 100 firms, according to Refinitiv, a data provider.
根據(jù)數(shù)據(jù)提供商 Refinitiv 的數(shù)據(jù)，富時100指數(shù)公司高管們薪酬中位數(shù)為1300萬英鎊，美國高管是英國高管的兩倍。

Julia Hoggett, who runs the London Stock Exchange, suggests that means the City scrimps on pay. And if companies won’t dole out top pound, she argues, they harm London’s ability to attract global talent.
倫敦證券交易所的負(fù)責(zé)人朱莉婭·霍格特表示，這意味著倫敦在薪酬方面很吝嗇。她認(rèn)為，如果公司不支付高薪酬，那么倫敦吸引全球人才的能力將受損。

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The trouble with Ms Hoggett’s argument, however, is that the City brings in more foreign executives than are attracted to other stock exchanges.
然而，霍格特女士論點(diǎn)有問題的地方在于，倫敦金融城吸引的外國高管比其他股票交易所吸引的要多。

Around 45% of Britain’s largest businesses have a boss from overseas, whereas fewer than 10% of those in America are foreign, only 14% in France and 25% in Germany.
在英國最大的企業(yè)中，約有45%的高管來自海外，而在美國，只有不到10%的高管是外國人，在法國只有14%，德國有25%。

As for those, like Mr Narasimhan, who leave for big payouts, such cases are vanishingly rare.
至于像納拉辛漢這樣為了高額報酬而離職的人，這種情況非常罕見。

Of the FTSE 100 CEOs who stood down since the start of 2022, the vast majority either retired or moved to another job in Britain.
自2022年年初以來，在富時100指數(shù)公司的首席執(zhí)行官中，絕大多數(shù)人要么退休，要么在英國其他公司任職。

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It is likelier that American firms are overpaying, and perhaps needlessly.
更有可能的是，美國公司支付的薪酬過高，或許沒必要。

Evidence is patchy linking higher pay for CEOs with better company performance.
首席執(zhí)行官的薪酬越高，公司績效就越好，這一說法證據(jù)并不充分。

As You Sow, a shareholder advocacy group which produces an annual ranking of overpaid S&P 500 bosses, says the most overcompensated are also those who underperform the index.
股東權(quán)益團(tuán)體 You Sow 每年對標(biāo)準(zhǔn)普爾500強(qiáng)企業(yè)高管薪酬進(jìn)行排名，該團(tuán)體表示，薪酬過高的高管與業(yè)績不佳的高管，是同一群人。

Alexander Pepper, a professor of management at the London School of Economics, sees something similar in Britain.
倫敦經(jīng)濟(jì)學(xué)院管理學(xué)教授亞歷山大·佩珀在英國也發(fā)現(xiàn)了類似的情況。

He notes how pay for FTSE 100 bosses accelerated in the 1990s but that had little bearing on the success or otherwise of firms.
他指出，富時100指數(shù)公司高管們的薪酬在1990年代加速增長，但這對公司的成功與否影響不大。

Too much, evidently, is out of the control of the boss.
很明顯，有太多因素是高管無法控制的。

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America looks more like an outlier, therefore, not a standard-setter.
因此，美國看起來更像是一個異類，而不是一個標(biāo)準(zhǔn)制定者。

Few markets could anyway hope to keep pace with the large sums on offer on Wall Street, where companies are usually larger, harder to run and more at risk from lawsuits than in Britain.
很少有市場能夠與華爾街提供的大筆薪酬相媲美，與英國公司相比，美國的公司通常更大、更難經(jīng)營，而且更容易有訴訟風(fēng)險。

A better comparison, then, is with Europe. Brits do tend to out-earn their continental counterparts: in 2021, average CEO pay at the biggest companies in France reached the equivalent of $9.5m and in Germany $6.7m.
因此，更好的比較對象是歐洲。英國企業(yè)高管的收入確實(shí)高于歐洲大陸的企業(yè)高管：2021年，法國大型企業(yè)高管們的平均薪酬相當(dāng)于950萬美元，德國是670萬美元。

Given that gap, institutional investors in British stocks are reluctant to fatten compensation packages more.
鑒于這種差距，英國股票的機(jī)構(gòu)投資者不愿意進(jìn)一步提高薪酬待遇。

A survey by the London Business School suggests that over three-quarters of shareholders see corporate pay as already too high.
倫敦商學(xué)院的一項調(diào)查表明，3/4以上的股東認(rèn)為公司薪酬已過高。

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Investors will probably keep a lid on pay rises.
投資者很可能會限制薪資上漲。

Both Pearson and Unilever have suffered shareholder revolts over remuneration plans this year.
培生集團(tuán)和聯(lián)合利華今年都因薪酬計劃而遭到股東的反對。

And unlike in America, British law requires that shareholders approve pay packages: dissenting votes are thus more common.
與美國不同的是，英國法律要求股東批準(zhǔn)薪酬方案：因此反對票更為常見。

As British households come under ever more economic strain, any signs of excess by company bosses will also grow harder, politically, to justify.
隨著英國家庭面臨的經(jīng)濟(jì)壓力越來越大，任何公司高管的過度行為在政治上也會越來越難以自圓其說。

Expect more rebellions, not fewer.
預(yù)計因薪酬離職的情況會越來越多。

（恭喜讀完，本篇英語詞匯量671左右）
原文出自：2023年6月24日《The Economist》Britain版塊

精讀筆記來源于：自由英語之路

本文翻譯整理: Irene

本文編輯校對: Irene
僅供個人英語學(xué)習(xí)交流使用。

【補(bǔ)充資料】（來自于網(wǎng)絡(luò)）
富時指數(shù)FTSE（Financial Times Stock Exchange）是英國金融時報與倫敦證券交易所合作開發(fā)的一系列股票指數(shù)。FTSE指數(shù)是國際上廣泛使用的股票市場指數(shù)之一，用于衡量英國股市的整體表現(xiàn)。FTSE指數(shù)根據(jù)市值和行業(yè)分類對英國股票進(jìn)行加權(quán)，以反映不同行業(yè)和公司的相對表現(xiàn)。其中最著名的指數(shù)包括FTSE 100、FTSE 250。FTSE 100指數(shù)是FTSE系列中最重要的指數(shù)之一，包含了英國市值最大的100家上市公司。該指數(shù)涵蓋了各個行業(yè)，包括金融、能源、零售等。FTSE 250指數(shù)包含了英國市值排名101至350的公司，覆蓋了更多中小型企業(yè)。該指數(shù)通常被認(rèn)為較FTSE 100更具代表性，反映了英國經(jīng)濟(jì)的更廣泛方面。FTSE350是指是350個最大的公司的份額指數(shù)被列出在倫敦證券交易所。FTSE350指數(shù)看作為英國的經(jīng)濟(jì)的成功晴雨表。

【重點(diǎn)句子】（3個）
America’s top earners are vastly better rewarded than those in Britain.
美國高管們的薪酬比英國高管們高得多。

Evidence is patchy linking higher pay for CEOs with better company performance.
首席執(zhí)行官的薪酬越高，公司績效就越好，這一說法證據(jù)并不充分。

America looks more like an outlier, therefore, not a standard-setter.
因此，美國看起來更像是一個異類，而不是一個標(biāo)準(zhǔn)制定者。