This article, originally prepared as a Research Paper for Australian institutional investors (Australian Investment Managers' Association Research Paper #1/96), outlines a range of issues in contemporary debate on director and executive compensation, with particular focus on the importance of...

The problem of executive compensation was an underlying theme in international corporate scandals epitomized by Enron in the US, Parmalat and Vivendi in Europe, and One.Tel in Australia. There has been a wide array of regulatory responses to these scandals across jurisdictions, with varying...

The problem of executive compensation was an underlying theme in international corporate scandals epitomized by Enron in the US, Parmalat and Vivendi in Europe, and One.Tel in Australia. There has been a wide array of regulatory responses to these scandals across jurisdictions, with varying...

In recent years, companies have begun to voluntarily disclose alternative measures of CEO compensation. These figures differ — sometimes significantly — from those reported in the summary compensation tables of the annual proxy. The motivation to report this information, however, is not...

Performance pay, at least as usually understand, is no good idea for non-executive directors. They have to supervise and control or in some situations even to fire and replace the executive managers. This means that their performance as supervisors is totally different from the performance of...

Shareholder and public dissatisfaction with executive compensation has led to calls for an annual shareholder advisory vote on a firm's compensation pratices and policies, so-called "say on pay." Proposed federal legislation would mandate "say on pay" generally for US public companies. This...

The corporate governance debate has focused recently on executive compensation. While defenders of the status quo assert that CEO compensation - and corporate governance generally - is efficient, critics contend that boards have been captured by powerful CEOs who demand excessive pay...

Performance pay, at least as usually understood, is no good idea for non-executive directors. They have to supervise and control or in some situations even to fire and replace the executive managers. This means that their performance as supervisors is totally different from the performance of...

In this study, I summarize the current state of executive compensation, discuss measurement and incentive issues, document recent trends in executive pay in both U.S. and international firms, and analyze the evolution of executive pay over the past century. Most recent analyses of executive...

The competitive target pay policy sets a target amount of total compensation within a specified range of the amount paid to executive peers. If such a policy were widely adopted by compensation committees, we would observe a negative cross-sectional association between the stock price...