From the FINANCIAL TIMES:
Warren Buffett, the billionaire US investor and chairman of Berkshire Hathaway, has criticised the pay policies of top US companies for recklessly rewarding the success of their executives but failing to punish poor performance.
The 80-year-old billionaire, known as the Sage of Omaha, called the boards of leading companies “negligent” for continuing to design remuneration packages that did not penalise corporate failure to the same degree as they rewarded success.
Speaking at the end of a four-day visit to India, Mr Buffett said the financial incentive structures for executives at top companies, particularly in financial services, needed to be overhauled in the wake of the global financial crisis…
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