"There is a great gain to tying CEO performance to the long-term. . ."

“There is a great gain to tying CEO performance to the long-term value of the enterprise. There is a lot of problem with letting them game it and have a lot of discretion of when they sell. They need rules that require them to hold on to the shares.

Shareholder value has too many incentives to game it—ultimately the objective of linking the performance to the long-term wealth. . . with an eternal metric is absolutely critical.”