Akcijų opcionai kaip privataus kapitalo investuotojo ir bendrovės vadovų interesų derinimo priemonė

LTStraipsnyje apžvelgiami akcijų opcionų, kaip bendrovių vadovų motyvavimo priemonės privataus kapitalo sandoriuose, teisiniai aspektai. Pateikiama su akcijomis siejamo atlyginimo samprata, pagrindimas, detaliau analizuojamos akcijų opcionų, kaip tokio atlyginimo rūšies, efektyvumo ir apmokestinimo problemos. [Iš leidinio]Reikšminiai žodžiai: Akcijų opcionai; Privatus kapitalas; Atlyginimas; Motyvacija; Stock options; Private equity; Compensation; Motivation.

ENIncentivisation of the target management is one of the main characteristics of a private equity transaction. Proper legal framework of such incentivisation is important for development of the private equity industry. The use of equity-based compensation as a motivational tool has been shown to increase company performance; to align the interests of shareholders and managers; to allow for the manager's tax saving; to serve as a convenient form of consideration for cashlow companies, as well as to help to select, monitor and retain managers. Equity-based compensation is more efficient where it is performance-contingent. Efficiency of performance targets increases if they are generalised, multiple, sustained, relative to peer performance, exclude uncontrolled investment and windfall gains, and, where necessary, divisional. The article is limited in its scope to the analysis of share options as a type of equity-based compensation. The options may be issued with an exercise price equal to, below or above the market value of the issuer's stock on the date of the grant (referred to as at-the-money, in-the-money and out-of-the-money options, respectively). At-the-money and in-the money options weaken the link between option pay and managerial performance. However, out-of-themoney options may carry negative incentives due to psychological concerns.The current taxation of equity-based compensation under Lithuanian law, especially after the 2009 tax reform, has been found to be unclear and not conducive to the private equity market. The article is concerned with summarizing the main points and arguments to be addressed when building a legal regime of taxing equity-based compensation that could be optimum for the private equity industry. Equitybased compensation should be taxed as capital gains, provided it is non-transferable. All the tax should be payable at the sale of underlying shares, when the seller receives funds to pay the tax. [From the publication]