"A bonus has both real and symbolic value," he said, explaining that besides their monetary value, bonuses symbolize both the willingness of partners to share the wealth with junior lawyers and the confidence of partners in the financial health of the firm.
A marketing communications consultant from Western Springs, Ill., outside Chicago, Mr. Marconi is the author of numerous books on advertising, including "Shock Marketing: Advertising, Influence and Family Values" (Bonus Books, 1997).
According to the Center for Economic and Business Research, a consultancy here, the global value of bonus payouts could fall 16percentto to £7.4 billion ($15.3 billion) for this year.
The proxy did mention that Mr. Cotsakos would receive a "a special enterprise value enhancement bonus" if new management were to take control of the company.
Given that the return of the total asset is not lognormal, we rely on a Fast Fourier Transform to compute the fair value of bonus and guarantee options.
To me, rather than being a "value add" ("bonus armor when you buy from us!"), it's a removal of functionality.
Though the cash value of bonuses was a record last year, the peak year for bonuses as a proportion of total pay was in 2008, when they accounted for 7.1% compared with 6% last year.
The report suggested paying at least half the value of bonuses in long-term incentives over three to five years and the other half in short-term bonuses paid over a three-year period, with not more than one-third in the first year.
The value of bonuses, salaries and benefits given to HSBC's top 5 executives and 19 directors in 2002 was $14.6 million, according to the bank's annual report.
