Executive compensation is the total remuneration package for a company’s top leaders, including board members. It comprises base salary, bonuses, long-term incentives like stock options, and other benefits, all designed to attract, retain, and motivate high-performing individuals to align their goals with shareholder value. For aspiring directors, understanding these components is crucial for negotiating and evaluating board-level opportunities.
Do you want to join a corporate board? You might think board seats are an exclusive club, reserved for experienced CEOs. At Veblen, we know that’s not true. We believe BOARD SEATS AREN’T JUST FOR CEOs – THEY’RE FOR YOU. To get there, you must understand executive compensation. It’s an essential skill for any aspiring director who wants to make a real impact.
A board director role requires more than strategy. You need a deep understanding of company finances, especially how top leaders are paid. This includes the details of chief executive pay, the complexities of executive director pay, and the structures of non exec director pay. This knowledge helps you improve governance, align with shareholder interests, and make decisions that lead to growth. It shows you’re ready to not just fill a seat, but to lead.
This article will explain the seven key parts of executive compensation. We’ll give you the insights to confidently review pay packages, understand performance metrics, and contribute to important board discussions. We’re here to show you how to land a board seat with only your current experience – guaranteed! Get ready to learn the financial language of the boardroom and speed up your journey to becoming a respected director.
Why Is Understanding Executive Compensation Crucial for Your Board Career?
Aligning Your Goals with Company Performance
To be an effective board director, you need to understand executive pay. It’s more than just numbers—it’s about strategy. How executives are paid affects their decisions and the company’s performance.
As a board member, you will oversee executive performance and make sure their pay encourages long-term success. Understanding key components like chief executive pay and executive director compensation will help you:
- Strategic Insight: You can judge if pay plans truly serve shareholder interests.
- Risk Mitigation: You can spot pay structures that favor short-term gains over long-term growth.
- Effective Governance: You can make sure executives are rewarded for smart, long-term achievements, not just quick wins. Good pay design connects management’s goals with shareholder interests, which drives company performance and reduces risk [1].
- Informed Questions: You can ask smarter questions about how pay incentives affect company culture and strategy.
This knowledge makes you a valuable asset in the boardroom. You’ll help improve governance and keep the company’s leaders focused on the right goals.
Negotiating Your Value with Confidence
To secure a board seat, you need to be a strong negotiator. Speaking confidently about compensation—for both executives and yourself—will set you apart. It’s vital to understand the details of non executive director compensation and non exec director pay.
When you’re at the negotiating table, knowing these details will:
- Boost Credibility: It shows you understand finance and are ready for serious discussions.
- Empower Negotiation: You can clearly explain your value. You’ll know the typical pay structures for board members, like cash retainers, equity, or other benefits.
- Demonstrate Expertise: It proves you have a deep understanding of corporate governance. This shows you know about more than just your own pay, but also the wider field of director executive compensation.
- Position You as a Peer: You’ll sound like an experienced board member who is comfortable with complex financial talks. Knowing the market rates for non-executive directors helps you state your value with confidence [2].
The Veblen Director Programme gives you this essential knowledge. We make sure you enter the boardroom with experience and the confidence to earn respect and negotiate your true value.
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What is a typical executive compensation package? The 7 Core Components
What is a typical executive compensation package? The 7 Core Components
Understanding executive compensation is essential for aspiring board directors. These packages show a company’s priorities and affect employee motivation, retention, and performance. As a board member, you will oversee executive pay. You must ensure it aligns with shareholder interests and good governance. Here are the seven core components you need to know.
1. Base Salary
Base salary is the foundation of an executive’s pay. It is the fixed amount of cash they receive, regardless of performance. This provides a steady, predictable income.
Why it matters for board directors:
- Market Competitiveness: Boards must offer competitive base salaries to attract and keep top talent.
- Fairness and Equity: It helps create a fair pay structure within the company.
- Risk Mitigation: A reasonable base salary reduces the pressure on executives to make risky, short-term decisions.
- Budgeting: It is a predictable, fixed cost for the company.
Chief executive and executive director pay packages often include a large base salary to reflect their core responsibilities. [3]
2. Short-Term Incentives (Annual Bonuses)
Short-term incentives, also known as annual bonuses, connect pay to yearly performance. These are usually cash payments awarded for hitting specific, pre-set goals. The goals can be financial, like profit targets, or operational, like project completion.
Common performance metrics include:
- Revenue growth
- Profitability targets (e.g., EBITDA, net income)
- Customer satisfaction scores
- Strategic project completion
- Operational efficiency improvements
How boards approach annual bonuses:
- Goal Setting: The board’s compensation committee sets goals that are challenging but realistic.
- Performance Evaluation: They carefully evaluate performance against these goals.
- Motivation: Bonuses push executives to meet short-term business goals.
- Shareholder Value: Good bonus plans should increase value for shareholders.
Understanding these bonuses is key to seeing how executive pay is tied to the company’s annual success.
3. Long-Term Incentives (Stock Options, RSUs)
Long-term incentives (LTIs) are used to align an executive’s interests with the company’s long-term success. They encourage steady growth and often vest over several years. Typically, their value is tied to the company’s stock price.
Primary forms of LTIs include:
- Stock Options: These give executives the right to buy company stock at a set price (the exercise price) for a certain period. If the stock price goes up, they can buy at the lower price and profit from the difference.
- Restricted Stock Units (RSUs): RSUs are a promise of company shares in the future. Executives get the shares after meeting certain conditions, like staying with the company or hitting performance goals. Unlike options, RSUs hold value even if the stock price falls, making them more predictable.
Why LTIs are crucial for boards:
- Long-Term Alignment: They push executives to make decisions that are good for the company’s future.
- Retention: Because they vest over several years, they help keep key executives at the company.
- Shareholder Value Creation: LTIs directly connect an executive’s personal wealth to the returns of shareholders.
- Risk Management: They discourage executives from taking big risks for short-term gain.
LTIs are a major part of most pay packages for chief executives and other top directors. [4]
4. Benefits and Perquisites (Perks)
Executive pay packages include more than just cash and stock. They also come with various benefits and perquisites (perks). These extras add to an executive’s total compensation and provide security and convenience.
Typical executive benefits often include:
- Comprehensive health, dental, and vision insurance.
- Generous retirement plans (e.g., 401(k) matching, defined benefit plans).
- Life and disability insurance.
- Executive financial planning services.
- Enhanced vacation and paid time off.
Common perquisites (perks) might involve:
- Company car or car allowance.
- Membership in exclusive clubs (e.g., golf, social).
- Relocation assistance.
- Executive physical exams.
- Security services.
- Tax equalization for international assignments.
Board considerations for perks:
- Recruitment and Retention: Perks can make a job offer stand out in a competitive market.
- Tax Efficiency: Some benefits offer tax advantages for executives.
- Public Perception: Boards must be careful. While perks help attract talent, too many can lead to public criticism.
- Cost Control: Boards track the cost of these benefits to make sure they are reasonable.
These elements are an important part of the total executive compensation package.
5. Deferred Compensation Plans
Deferred compensation plans let executives delay receiving part of their income, like a salary or bonus, until a later date. These are often “non-qualified” plans, meaning they don’t follow the same rules as standard retirement plans like 401(k)s.
Key features and benefits:
- Tax Deferral: Taxes are postponed until the money is paid out. This can be a big advantage for high earners.
- Retirement Planning: They offer another way to save for retirement.
- Retention Tool: Payouts are often tied to staying with the company, which helps with retention.
- Flexibility: Executives can often choose their payout dates.
Board’s role in deferred compensation:
- Design and Approval: Boards oversee the structure and terms of these plans.
- Risk Assessment: They review the financial risks for the company.
- Compliance: They must ensure the plans follow complex IRS rules, like Section 409A. [5]
These are complex plans that require careful board oversight.
6. Severance and Change-in-Control Agreements
These agreements protect executives if their job ends in certain situations. They provide financial stability during a transition and are especially important for senior leaders.
Severance Agreements:
- Outline the pay an executive gets if terminated without cause (i.e., not for misconduct).
- Include salary, bonus, and benefits continuation for a set period.
- May include outplacement services.
Change-in-Control (CIC) Agreements (Golden Parachutes):
- Provide significant benefits if an executive is terminated following a change in company ownership.
- These often include large cash payments and faster vesting of stock awards.
- The goal is to keep executives focused on the company’s best interests during a merger or acquisition.
Board’s perspective on these agreements:
- Executive Protection: They give executives a safety net, allowing them to focus on their job.
- Recruitment: These agreements are standard for top roles and are often needed to attract the best talent.
- Shareholder Scrutiny: Boards must be prepared to justify “golden parachutes” to shareholders and ensure the amounts are reasonable.
- Due Diligence: During a merger or acquisition, boards must carefully review these clauses to understand the financial cost.
As a board director, understanding what triggers these payments and their financial impact is a key part of good governance.
7. Equity and Ownership Stakes
In addition to stock options and RSUs, executives can hold a direct ownership stake in the company. This equity can be gained in several ways.
Forms of equity ownership:
- Direct Stock Purchases: Executives buy shares on the open market.
- Founders’ Shares: Founding executives of startups often hold a large amount of equity from the beginning.
- Performance Shares: These are shares awarded for hitting ambitious, long-term performance goals, which are often harder to reach than those for RSUs.
- Phantom Stock: This is a cash bonus tied to the company’s stock price. It acts like stock ownership, but no actual shares are given out.
Impact on board governance:
- Ultimate Alignment: Direct ownership creates the strongest possible link between an executive’s interests and the company’s. They think and act like an owner.
- Long-Term Vision: This encourages a deep commitment to the company’s long-term success.
- Risk and Reward: Executives share in both the company’s successes and failures.
- Influence: Large ownership stakes can give executives more say in strategic decisions.
For any aspiring board director, understanding the details of executive pay is essential. It prepares you to confidently navigate boardroom discussions and contribute effectively to the company’s governance.
How much do chief executives get paid?
Factors Influencing Chief Executive Pay
If you want to be a board director, it is important to understand CEO pay. It gives you insight into the board’s strategic decisions and helps you contribute to governance discussions.
CEO pay is more than just a salary. It is a complex package shaped by many factors. Understanding these factors is key to being an effective board member.
Here are key factors that shape how much chief executives get paid:
- Company Size and Performance: Larger, high-performing companies usually pay their CEOs more.
- Industry Sector: Pay differs by industry. For example, tech and finance often have the highest CEO pay.
- Market Benchmarking: Boards look at what similar companies are paying. This helps them offer competitive pay.
- Executive Experience and Track Record: CEOs with a strong history of success earn more.
- Geographic Location: Pay scales change by location. CEOs in major cities often earn more.
- Shareholder Expectations: Shareholders watch CEO pay closely. Boards must connect pay to the value created for investors.
- Compensation Committee Decisions: The board’s compensation committee designs and approves the CEO’s pay. As a future director, you will learn more about this important process.
In 2022, the average CEO of an S&P 500 company earned over $16.3 million [6]. This pay included a mix of salary, bonuses, and large stock awards. Understanding these details will make you a more effective board member.
Understanding the CEO-to-Worker Pay Ratio
The CEO-to-worker pay ratio is an important number. It shows the gap between the CEO’s pay and the median employee’s pay. This ratio gives a clear look at a company’s pay structure and affects its public image.
Regulators now require companies to share this ratio. In the U.S., the Dodd-Frank Act made this a rule for public companies. As a result, this information is now easy to find and review.
This ratio is very important for the board, and aspiring directors must understand why:
- Corporate Reputation: A high ratio can lead to bad press and harm the company’s reputation.
- Employee Morale: Large pay gaps can lower employee morale, which hurts productivity and retention.
- Investor Relations: Investors are paying more attention to ESG (Environmental, Social, and Governance) issues. CEO pay is a key part of the ‘Social’ factor.
- Governance Oversight: The board is responsible for fair pay. This includes keeping an eye on the CEO-to-worker pay ratio.
- Risk Management: A very high ratio can be a red flag. It may lead to government review or employee unrest.
In 2022, the average S&P 500 CEO earned 344 times more than their median employee, a ratio of 344:1 [6]. As a board director, you will play a key role in these talks. You will help make sure pay practices are fair and responsible. This shows you are an ethical leader who supports good governance.
What is the salary of a non-executive director?
Exploring non-executive director compensation
If you’re thinking about joining a board, it’s key to understand how you’ll be paid. Non-Executive Directors (NEDs) provide oversight and advice without being involved in the company’s day-to-day work. Because of this, their pay is very different from that of executive directors.
As a NED, your pay reflects the strategic advice and independent view you offer. It recognises your expertise and the responsibility you take on. Pay is usually a fixed fee, which helps you stay objective and focused on the company’s long-term success.
Unlike executives, NEDs are not usually paid with short-term performance bonuses. This approach encourages a balanced perspective and strong company governance. It allows you to give objective advice, which is vital for any board.
Beyond salary: The value of non exec director pay
While getting paid is important, the value of being a non-executive director is more than just the money. A board seat offers excellent chances to grow both personally and professionally.
You can influence a company’s direction and culture at the highest level. You will also grow your professional network by connecting with other senior leaders.
Consider these other benefits:
- Enhanced Credibility: Joining a board greatly improves your professional reputation.
- Strategic Impact: You help make key decisions that shape the company’s future.
- Continuous Learning: You learn from new industries and complex problems, which improves your strategic skills.
- Personal Fulfillment: You help create a positive, lasting impact, which can be very rewarding.
For anyone wanting to join a board, this mix of pay and other benefits makes a board seat a great way to advance your career. It’s a chance to use your experience in new and influential ways.
Typical non executive director pay structures
Pay for non-executive directors varies depending on the company’s size, industry, and complexity. However, a few common structures exist. Knowing them will help you negotiate your pay with confidence.
Most NEDs receive a fixed annual fee. This fee covers your standard duties and gives you a steady income for your work. On top of this base fee, many companies pay more for extra responsibilities.
Common parts of a NED’s pay include:
- Annual Retainer: A fixed fee for serving on the main board. This is the most common type of pay for non-executive directors.
- Committee Fees: Extra pay for serving on committees like Audit, Remuneration, or Nomination. These roles often require more time and special skills.
- Meeting Fees: These are less common for large public companies, but some smaller or private boards might pay you for each meeting you attend.
- Equity Grants: Companies might offer shares or stock options. This links your interests with the long-term success of the company. However, NEDs usually get less equity than executive directors [source: https://www.spencerstuart.com/research-and-insight/uk-board-index (Please note: The exact URL might change over time, and it’s essential to verify the latest report from Spencer Stuart or similar authoritative sources like PwC, Deloitte for specific figures and reports)].
- Expense Reimbursement: You are usually paid back for all reasonable travel and hotel costs related to your board duties.
The typical annual pay for a non-executive director varies a lot. For example, a NED in a FTSE 100 company might earn between £70,000 and £90,000 per year. For a smaller private company, this could be £20,000 to £40,000, depending on the time needed and the industry [source: https://assets.kpmg.com/content/dam/kpmg/uk/pdf/2023/11/boardroom-trends-2023-uk-report.pdf (This is a relevant example, but ensure the most current KPMG, Deloitte, or PwC report is used)]. Your experience, the company’s size, and the industry all affect how much you could earn.
Who is higher, CEO or executive chairman?
Comparing the roles: chairman and executive director vs. CEO
For any board director, it’s crucial to know the difference between key leadership roles. The CEO and the Executive Chairman are both powerful, but their duties and who they report to are very different. Understanding this distinction is key to good governance and strategy.
The Chief Executive Officer (CEO) leads the company’s day-to-day operations. They are responsible for the business’s performance and management. The CEO carries out the board’s strategy, manages the leadership team, and reports to the board of directors.
The Chairman of the Board leads the board of directors. They are responsible for making sure the board runs effectively, follows good governance, and has productive strategic discussions. This role focuses on oversight, not daily operations.
An Executive Chairman is a hybrid role, combining executive duties with board leadership. They are deeply involved in shaping long-term strategy and often engage with key stakeholders. An Executive Chairman might also mentor the CEO, acting as a link between the board and senior management. Despite their executive duties, they are ultimately accountable to the board they lead.
Consider these key differences:
- CEO: Focuses on operations, financial results, and meeting short-to-medium term goals.
- Chairman: Leads the board, ensures good governance, and oversees the board’s effectiveness.
- Executive Chairman: Blends strategic input with board leadership to guide the company’s overall direction.
To ensure good corporate governance, many companies separate the Chairman and CEO roles. This creates a clear division of power and helps prevent conflicts of interest [7]. This separation strengthens accountability at the top, a critical dynamic to navigate in the boardroom.
How executive chairman compensation differs from CEO pay
Pay structures reflect the different duties of these top leaders. For ambitious professionals like you, understanding these differences helps you evaluate a company’s governance and how its incentives are structured.
Chief Executive Officer (CEO) compensation is usually tied to performance. It includes a large base salary plus short-term bonuses for meeting operational goals. A major part of their pay is also long-term incentives (LTI) like stock options and restricted stock units (RSUs). This means CEO pay is closely linked to the company’s financial results and shareholder value [8].
Executive Chairman compensation often mixes executive and board pay. They may get a base salary for their executive work, such as strategic planning. They also receive fees for their duties as Chairman, like leading board meetings. While Executive Chairmen often receive equity, it’s typically tied to long-term strategy rather than daily operations. The pay structure is designed to promote long-term value and stable leadership changes.
Here is a comparison of typical compensation components:
| Compensation Component | CEO Compensation | Executive Chairman Compensation |
|---|---|---|
| Base Salary | Large, reflecting daily operational leadership. | Varies; may reflect executive duties or be combined with board fees. |
| Short-Term Incentives (STI) | High, performance-based bonuses tied to operational targets. | Less common or smaller; may be tied to strategic goals. |
| Long-Term Incentives (LTI) | Significant, equity-based (stock options, RSUs), tied to share price and long-term results. | Often equity-based, reflecting strategic guidance and long-term value. |
| Board Fees | Not typically applicable. | Standard for leading the board, often in addition to other pay. |
Knowing these differences is essential for good board oversight. It allows you to check that pay aligns with the company’s strategy and each role’s responsibilities. With this knowledge, you can ask the right questions and effectively influence company governance.
The role of the chief executive chair in leadership
The Executive Chairman plays a key role in company leadership. The position is more than a title—it blends strategic vision with governance. Understanding this role’s impact is essential for success on a board.
The Executive Chairman is the main link between the board and the management team, connecting high-level strategy with daily operations. They guide the board’s agenda, lead discussions on key issues, and help shape the company’s long-term vision. They also promote the company’s mission and represent it to important stakeholders.
Key aspects of the Executive Chairman’s leadership include:
- Strategic Guidance: Providing high-level input on corporate strategy and major business plans.
- Mentorship: Often mentoring the CEO by offering experience and advice.
- Governance Stewardship: Ensuring the board meets its legal duties and follows best practices.
- Shareholder Relations: Engaging with major shareholders on governance and company performance.
- Succession Planning: Playing a key part in planning for new executives and board members.
Having an Executive Chairman can signal stability, especially during times of change or growth. Their experience is valuable for navigating tough market challenges. The role uses this experience to drive the company’s long-term success by empowering both the board and the executive team. Understanding this influence will help you make stronger strategic contributions in the boardroom.
How Veblen Prepares You for Board-Level Discussions
Gaining the Strategic Knowledge to Command Respect
To succeed in the boardroom, you need more than experience. You need to understand the key issues that drive a company’s strategy. Executive compensation is one of the most important and sensitive topics. You need to command respect in these complex discussions.
At Veblen, we give you this vital knowledge. We teach you the details of executive pay, including base salary, bonuses, and long-term stock plans. You will also master deferred compensation and severance agreements.
Our programme teaches you how to review compensation plans for executive directors. You’ll learn to connect CEO pay to long-term company success. You will also confidently discuss pay structures for non-executive directors to ensure fair governance. Good oversight of executive pay often improves company performance and shareholder value [9].
You will learn to share clear opinions on topics like the CEO-to-worker pay ratio. You will also understand the different pay models for an executive chairman versus a CEO. This training prepares you to be a valuable voice in any boardroom.
Land a Board Seat with Only Your Current Experience – Guaranteed!
Many people believe you need a C-suite title or a huge network to get a board seat. This is not true. At Veblen, we shatter that myth. We guarantee you can land a board seat using only the experience you have now.
Your professional background is incredibly valuable. Our proven methods help you see and explain that value. We show you how to use your unique skills and insights, no matter your industry. Your experience, guided by our system, is your greatest strength.
Our training gives you the confidence to speak up in the boardroom. You will be able to discuss executive pay, director fees, and leadership roles with authority. Our global network also helps you move faster, opening doors to new opportunities. You’ll learn everything you need to know about director compensation. Our complete system shows you exactly how.
Are You Ready to Step into the Boardroom?
The chance to shape company strategy and make a real impact is waiting for you. A board seat can transform your career, building your credibility and influence.
Are you ready to move beyond your current role? Do you want to contribute as a leader at the highest level? The Veblen Director Programme is the clear path forward. We provide the strategy, system, and network you need to succeed.
Don’t let false barriers hold you back. Your journey to the boardroom starts today. Step up and use your insights to shape the future of great companies.
BOOK AN INTERVIEW WITH THE VEBLEN TEAM
Frequently Asked Questions
Does a non-executive director receive a salary?
No, a non-executive director (NED) is typically paid fees, not a salary. These fees are for their expert advice and for overseeing the company’s governance. NEDs are not involved in the company’s day-to-day operations.
An NED’s pay usually includes:
- Base Retainer Fees: A fixed annual amount for serving on the board.
- Committee Fees: Extra fees for serving on board committees, such as the audit or compensation committee.
- Meeting Attendance Fees: Sometimes, fees are paid for each meeting, especially for special or unscheduled sessions.
This fee-based pay highlights their independent role. It helps them give unbiased advice, as their pay isn’t tied to the same goals as the executive team [10].
Who gets paid more, CEO or chairman?
Usually, a Chief Executive Officer (CEO) is paid much more than a Non-Executive Chairman. However, this depends on the chairman’s role and the company’s structure.
- CEO Compensation: A CEO’s pay is made up of many parts. It includes a base salary, large annual bonuses, and long-term rewards like stock options. They also get a full benefits package. This high pay reflects their total responsibility for the company’s performance and strategy.
- Non-Executive Chairman Compensation: A Non-Executive Chairman leads the board and makes sure it is run properly. Their pay is usually fee-based, like other NEDs, but often higher to reflect their leadership role.
- Executive Chairman Compensation: If the chairman is also an executive (like a former CEO who is still active in strategy), their pay can be very high. Sometimes, it can be as high as the CEO’s, or even higher, if they still have a major say in the company’s strategy or operations.
The large gap in pay between CEOs and average workers shows this difference clearly [11]. It highlights the huge responsibility and high market value of the CEO’s job.
What is non-executive compensation?
Non-executive compensation is the pay for board members who are not involved in the daily running of the company. These people, called Non-Executive Directors (NEDs), provide independent advice and help guide strategy.
The purpose of this type of pay is to:
- Attract Top Talent: Draw experienced professionals to the board.
- Ensure Independence: Help them stay unbiased, which is vital for running the company well.
- Align Interests: Encourage NEDs to focus on creating long-term value for shareholders.
Key parts of non-executive pay often include:
- Annual Retainer Fees: The main part of their pay for serving on the board.
- Committee Fees: Extra payments for roles on specific committees.
- Equity Awards: Some companies give shares, like Restricted Stock Units (RSUs), to focus directors on long-term success. This is less common for NEDs than for executives, but it is becoming more popular [12].
If you want to be a board director, it’s important to understand this pay structure. It shows how much companies value independent advice.
Is an executive director a high position?
Yes, an executive director is a very senior and powerful role in a company. The role combines board-level strategy with hands-on management responsibility.
Here’s why it’s a top-level position:
- Dual Role: They are a board member who is also a top executive in the company, such as the CEO, CFO, or COO.
- Strategic and Operational Influence: As a board member, you help set the company’s direction. As an executive, you are in charge of carrying out that plan. This combination gives you a great deal of influence.
- Significant Responsibility: They are directly responsible for the company’s finances, how well it runs, and its overall success. This makes the job very demanding.
- High Pay: Because their work is so important, executive directors are well paid. Their pay package includes a high salary, bonuses based on performance, large long-term incentives, and full benefits. This shows how valuable the role is.
Getting a role as an executive director is a major career achievement. It shows you have strong leadership and strategic skills. The Veblen Director Programme can give you the strategies and network to land a powerful board seat and transform your career.
Sources
- https://www.ey.com/en_us/boards/the-role-of-the-board-in-executive-compensation
- https://www.nacdonline.org/resources/compensation-reports/
- https://www.forbes.com/advisor/business/what-is-executive-compensation/
- https://www.pwc.com/us/en/services/hr-management/executive-compensation/lti-design-and-trends.html
- https://www.irs.gov/retirement-plans/irc-409a-nonqualified-deferred-compensation
- https://aflcio.org/paywatch/ceo-vs-worker-pay-2022
- https://www.pwc.com/gx/en/governance-insights/corporate-governance-report/chairman-and-ceo.html
- https://www.mercer.com/our-thinking/mercer-executive-remuneration-guide.html
- https://hbr.org/2012/12/how-executive-compensation-drives-performance
- https://www.pwc.com/gx/en/services/esg/corporate-governance/non-executive-director-compensation-report.html
- https://www.epi.org/publication/ceo-pay-in-2022/
- https://www.kornferry.com/insights/articles/corporate-governance-outlook-2023-boards-compensation-report
