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Compensation consultants and CEO pay |
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| Institution: | 1. School of Management & Governance and Institute for Innovation & Governance Studies, University of Twente, P.O. Box 217, 7500 AE Enschede, The Netherlands;2. School of Accounting, Financial Services and Law, Edinburgh Napier University, Craiglockhart Campus, Edinburgh EH14 1DJ, Scotland, United Kingdom;1. University of Evry, France;2. ESSCA School of Management, France |
| Abstract: | The study examines the practice of employing multiple compensation consultants. Examining data of a sample of UK companies over the period 2003–2006 we find that CEOs receive higher equity-based pay when firms employ more than one compensation consultant. An increase in the number of compensation consultants is also associated with an increase in CEO equity-based pay, whereas no decline in CEO pay takes place when firms reduce the number of pay consultants. We also observe that the market shares of compensation consultant are positively related to CEO equity-based pay. |
| Keywords: | Executive compensation CEO pay Compensation consultant Corporate governance |
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