Executive pay is a high-profile topic which almost everyone has an opinion about, and many believe the entire system is broken. But despite being well-intentioned, many suggested reforms may not be targeting the elements of pay that are most critical for shareholder value and society.

LONDON -- It is often said that we live in a culture of instant gratification -- and this is especially true of financial markets. The debt crisis was a spectacular example. Upfront profits blinded over-confident investors to long-term risk -- with disastrous consequences. Since the crash, lack of confidence has given rise to a different type of short-termism.

Leading up to the release, much of the news coverage talked about an upcoming "climate declaration." Yes, this is a core part of the discussion, but the Pope is clearly concerned with environmental conditions overall.

Similar to other businesses, the motivation for hospital excessive short-termism is to meet annual operating margin targets and preserve bond ratings, but the value forgone affects society, not just shareholders, and has slowed and even distorted the evolution of hospitals themselves.

It's really only one story, told over and over again: Aggressive growth goals, with executives under pressure to do whatever is necessary to meet the targets.