Time Horizons and Technology Investments (1992) / Chapter Skim
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Executive Summary
Executive Summary
Pages 1-5
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corporations. The committee solicited, received, and discussed both written and oral background and insights, but since the study, by design, explored an undeveloped and poorly understood issue, the findings and recommendations in this report draw relatively more on the experience and insights of the committee members and relatively less on earlier empirical or theoretical work.
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imply that no single actor can unilaterally lengthen investment time horizons. The federal government, boards of directors, and company management all need to act if U.S.
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The committee recommends that corporate boards have nominating committees operating independently of the CEO in choosing new board members and that these nominating committees, in technology-driven companies, give more weight to technological skill as well as business experience in selecting new board members. The committee recommends that corporations move to increase the financial stake that their directors have in the corporation and that a significant part of directors' compensation be paid in stock or stock options.
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The r~ntinn.s should not be exercisable tor several The committee recommends that bonuses paid to managers with scope and authority over long-term performance be based not just on the previous year's performance, but on multiple years' accom plishments. The committee recommends that companies actively reconsider the way they use investment decision-making tools such as discounted cash flow analysis, especially with regard to decisions involving new or continuing investments in technology development and deployment.
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The committee recommends that the federal government invest in improving the efficiency and timeliness of its regulatory, patent, and licensing procedures. With regard to government investments, the government creates complementary assets publicly provided infrastructures or services that permit support, or work in conjunction with private investments in physical or human capital or R&D.
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