Le dirigeant est-il l’architecte de sa rémunération? Structure de contrôle du conseil d’administration et mobilisation du capital social

(VF)Dans cet article, nous suggérons que les dirigeants disposent de deux leviers d’influence pour obtenir un design de rémunération plus avantageux : leur capital social et la structure de leur conseil d’administration. L’effet de ces deux sources d’influence sur le design de rémunération des dirigeants est testé sur un échantillon composé des dirigeants des entreprises du CAC40 sur une période de 6 années. Nos résultats mettent en évidence l’impact significatif de ces deux leviers sur certaines composantes de la rémunération. L’alignement des intérêts des dirigeants et des actionnaires est dès lors potentiellement fragilisé.(VA)In this study, we suggest that CEOs may draw on two sources of influence in order to obtain an advantageous compensation structure: social capital and board structure. The impact of these two sources of influence is empirically tested using a sample of CEOs of firms belonging to the CAC40 stock index over a sixyear period. Our results highlight the significant impact of social capital and board structure on some components of CEO compensation (salary, bonus and stock-options). As a result, shareholders’ and managers’ interest alignment is potentially weakened.rémunération des dirigeants;conseil d'administration;capital social;CEO compensation; board structure;social capital.

Observational study of adherence to European clinical practice guidelines for the management of acute coronary syndrome in revascularized versus non-revascularized patients – the CONNECT Study

SummaryBackgroundThe CONNECT study compared clinician adherence to guideline-recommended secondary prevention therapies prescribed at discharge for patients hospitalized for acute coronary syndrome (ACS) in those managed initially with percutaneous coronary intervention (PCI; revascularized) and those who did not undergo revascularization.MethodsPatients aged greater than or equal to 18 years, hospitalized for a documented ST-segment elevation or non-ST-segment elevation ACS, were enrolled consecutively over 1 month at 238 sites in France.ResultsCompared with revascularized patients (n=870), non-revascularized patients (n=706) were significantly older, and a greater proportion were women, had high-blood pressure, type-2 diabetes or a history of atherothrombotic or cardiac disease, but a smaller proportion had a history of coronary angioplasty. On discharge, non-revascularized patients were prescribed beta-blockers, aspirin, statins, angiotensin-converting enzyme inhibitors or adenosine diphosphate receptor antagonists less frequently than revascularized patients. An adherence score greater than or equal to 80% (at least four of the five recommended agents prescribed at discharge) was found in 96.7% of revascularized patients and 74.4% of non-revascularized patients (P<0.001).ConclusionsDespite a similar or even higher level of cardiovascular risk, non-revascularized ACS patients were prescribed guideline-recommended secondary prevention therapy less frequently than revascularized patients

An Essential Role for Interleukin 10 in the Function of Regulatory T Cells That Inhibit Intestinal Inflammation

A T helper cell type 1–mediated colitis develops in severe combined immunodeficient mice after transfer of CD45RBhigh CD4+ T cells and can be prevented by cotransfer of the CD45RBlow subset. The immune-suppressive activities of the CD45RBlow T cell population can be reversed in vivo by administration of an anti-transforming growth factor β antibody. Here we show that interleukin (IL)-10 is an essential mediator of the regulatory functions of the CD45RBlow population. This population isolated from IL-10–deficient (IL-10−/−) mice was unable to protect from colitis and when transferred alone to immune-deficient recipients induced colitis. Treatment with an anti–murine IL-10 receptor monoclonal antibody abrogated inhibition of colitis mediated by wild-type (WT) CD45RBlow CD4+ cells, suggesting that IL-10 was necessary for the effector function of the regulatory T cell population. Inhibition of colitis by WT regulatory T cells was not dependent on IL-10 production by progeny of the CD45RBhigh CD4+ cells, as CD45RBlow CD4+ cells from WT mice were able to inhibit colitis induced by IL-10−/− CD45RBhigh CD4+ cells. These findings provide the first clear evidence that IL-10 plays a nonredundant role in the functioning of regulatory T cells that control inflammatory responses towards intestinal antigens

A Formal Framework for Modeling and Prediction of Aircraft Operability using SysML

Aircraft operability characterizes the ability of anaircraft to meet operational requirements in terms of reliability, availability, risks and costs. Airlines policy must cope with operational decision-making and maintenance planning to handle the impacts of any event that generates a maintenance demand during operations. Aircraft operability is therefore considereda major requirement by each airline. The subject reaches a complexity level that deserves investigations in a Model-Based System Engineering (MBSE) approach enabling abstractions, as well as simulation and formal verification of models. In this paper, aircraft operability is modeled using Finite State Machines(FSM) supported by SysML. Simulation and model checking techniques are used to evaluate the impact of an event on airline operations using operability Key Performance Indicators (KPIs)such as reliability, availability and cost. The modeling frameworkis demonstrated on a case study of air-conditioning pack. This kind of operability analysis helps to project the potential impactof aircraft design on airline operations early in the aircraft development

Operability projection of major aircraft components during early aircraft design

Aircraft operational performance is a key factor to achieve airline profitability and meet passenger expectations. It is determined by the ‘operability’ of major aircraft components along with the operational context in which the aircraft operates. Operability is the ability of a system to meet its operational requirements in terms of reliability, availability and costs. This paper proposes a approach to take into account the type of technology employed in a major aircraft component to perform operability projections. An operability model is developed using Bayesian networks that helps project the influence of different input parameters on the operational performance of the major aircraft components. An approach combining engineering and in-service data is used to instantiate the different parameters and train the Bayesian network model. The trained model can be used by system designers to perform operability projections of different design solutions through Bayesian inference and make trade-off studies from an operability point of view. Clustering of the data using unsupervised learning is also addressed in this paper to identify the best combinations of input parameters that can produce the desirable operational performance

Memory/effector (CD45RBlo) CD4 T cells are controlled directly by IL-10 and cause IL-22–dependent intestinal pathology

Interleukin-10 acts directly on CD45RBlo but not CD45RBhi cells to control colitis upon transfer into Rag1-deficient recipients