To be fair, he has a point: lots of executive compensation is in the form of deferred share options. This can indeed lead to incentives regarding lower or higher share prices: you might want lower prices when you can buy them and higher ones, once they've vested. And there's no doubt that some earnings reports do correlate reasonably with such incentives. But it's a difficult trick to pull off frequently. Instead earnings calls like this tend to like to bury the bad news.