Return to Our Team

Aubrey E. Bout

Managing Partner | Boston 617-467-5920


Aubrey E. Bout is a Managing Partner in the Boston office of Pay Governance. Aubrey actively consults on all aspects of executive compensation. He has a strong track record of helping boards and management teams develop executive pay programs that are aligned with company business strategy, performance and risk appetite. Aubrey has worked with numerous global companies over his 25 year career helping them address complex issues while increasing shareholder value. He works across many industries and geographies and extensively works with leading financial services, life sciences, professional/ business services and technology companies.

Previous Experience

Aubrey formerly served as New England Practice Leader, Executive Compensation for Willis Towers Watson. Prior to that, Aubrey was VP of Human Resources & Customer Satisfaction for Covad Communications, a Silicon Valley headquartered technology company focused on broadband expansion, where he was responsible for developing and executing the company’s overall HR strategy and significantly improving the customer experience and retention.

Additional Information

Aubrey has written numerous articles in HR journals such as People & Strategy, Rotman International Journal of Pension Management, Workspan, WorldatWork Journal, The Corporate Board and various industry trade magazines. He has co-authored several chapters in the two Pay Governance books on executive compensation. He is also a frequent speaker on executive compensation and human resource matters.


Aubrey holds a B.S. in Engineering from Cornell University and a M.S. in Engineering and Management from the University of Southern California.

Other Posts by

Compensation Considerations for Company Spin-off Transactions

The past 5 years have seen a significant number of companies spinning off one or more businesses into separate, free-standing companies. S&P’s Capital IQ reports a total of 86 full or partial spin-offs that began trading on a major U.S. exchange from mid-2011 through mid-2016 — an average of 17 per year. Continue reading

S&P 500 CEO Compensation Increase Trends

CEO pay continues to be a widely debated topic in the media, within the government, and in the boardroom among investors and proxy advisors. As the U.S. was in the heart of the financial crisis in 2008 – 2009, CEO total direct compensation (TDC = base salary + actual bonus paid + value of long-term incentives) dropped for two consecutive years. As the U.S. stock market sharply rebounded and the economy started to slowly grow again, CEO pay also rebounded. Large pay increases occurred in 2010, primarily in the form of larger long-term incentive (LTI) grants. Since then, year-over-year increases have been fairly moderate – in the 2% to 6% range for the period 2011-2015. Continue reading

Trends in S&P 500 CEO Compensation

Executive pay continues to be a hotly debated topic in the boardroom among investors and proxy advisors, and it routinely makes headlines in the media. As the U.S. was in the heart of the financial crisis in 2008 – 2009, CEO total direct compensation (TDC = base salary + actual bonus paid + grant value of long-term incentives) dropped for two consecutive years. Continue reading

Does a Say on Pay Failure Affect Future Share Price Performance?

As companies approach the upcoming proxy season, Say on Pay (SOP) once again becomes top of mind for Compensation Committees and corporate management. Over the past 4 years since SOP proposals became mandatory under Dodd-Frank, shareholders have continued to show overwhelming support for executive pay packages despite continued criticism by media and other outlets. Continue reading

Balancing Operating/Financial Metrics-Chapter 11 Summary

One of the key functions of an incentive plan is to align participants with the interests of shareholders; such a pay objective has become especially relevant in the post-Say on Pay world’s focus on good compensation governance. Continue reading

Federal Reserve Issues Report on Incentive Compensation Practices

In 2010, the federal banking agencies1 adopted final guidance originally proposed by the Federal Reserve on incentive compensation design (“Sound Incentive Compensation Policies”).  This guidance is based upon a principles-based approach governing banking organizations’ incentive compensation arrangements and related processes, … Continue reading

Download a free copy of our new eBook!
Simply provide your e-mail address and a link will automatically be sent to you.
Request a paperback version of the book. Input your address in the message field.